The journey through electricity markets continues with a focus on intra-day and balancing market mechanisms, to close the gap between schedules obtained after the clearing of day-ahead markets and the real-time operation of the power system. This entails


  • the general process of converging from day-ahead market clearing to physical operation of the power system
  • the intra-day market itself
  • the definition of imbalances
  • balancing markets and their operation
  • settlement principles e.g. one-price and two-price settlements

The module is composed of a set of video lectures. The module introduction gives an overview of the theme and topics to be covered. The lecture slides are also made available.


Module 3 - Module introduction

Module 3 - From market outcomes to physical operation

Module 3 - Intra-day markets

Module 3 - Balancing market and imbalance definition

Module 3 - Balancing market operation and clearing

Module 3 - One-price vs. two-price settlement