Evolution of Electricity markets in Europe

9 WEEK Online Course

EU Electricity Network Codes & the Clean Energy Package

Enter the world of electricity markets in Europe

‘Evolution of electricity markets in Europe’ is an 8-week online course in collaboration with the European Commission, ACER, and ENTSOE. Each week has reading activities, quizzes, forum discussions, and a live class to wrap up the week. Participants interact with each other, with the course instructors, and with expert panellists.

The implementation of EU Electricity Network Codes and the Clean Energy Package is changing electricity markets in Europe. During this training, we provide a platform for experts to share experiences, and for non-experts to get up to speed with the evolution of electricity markets in Europe. 

Course director
Tim Schittekatte
Course director
Ellen Beckstedde
  • Dates
    17 Sep 2024 - 16 Nov 2024
  • Level
  • Type
  • Workload
    4-8 hours/week
  • Register by
    03 Sep 2024

European Commission, ACER and ENTSO-E invited Florence School of Regulation to organise this training. Electricity markets are undergoing many changes, and it is not easy to keep up. With this training we want to make it easier for stakeholders to engage in the ongoing electricity market integration process.

This training is the successor of 3 editions of the ”EU Electricity Network Codes” course and builds on 3 editions of the “Clean Energy Package” course. In 2023, we will be running the fourth edition of the “Evolution of Electricity Markets” course after successful editions in the previous years.

In this training we provide insights on how European electricity markets have evolved from the onset of liberalisation until where we are today. Alongside the evolution of electricity markets, this online training is evolving as well:

  • The first generation of EU electricity network codes remains an important cornerstone of this training since it has been shaping the European electricity markets as we know them today. 
  • We also cover the debate around the second generation of network codes following the adoption of the Clean Energy Package (CEP). We discuss how the CEP enhances the link between electricity markets and consumers, whether individually as prosumers, or via intermediaries such as aggregators, energy communities or other.  
  • Moreover, we will look at the current energy crisis and discuss causes and responses from short-term interventions to medium- and long-term changes to the electricity market design. 

In the first three weeks of the course, we cover topics that are mainly related to the transmission level. In the fourth weeks, we move on to topics increasingly related to the distribution level. We also include a legal week shedding light onto the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

An open-access book serves as background reading material together with some of the most recent stakeholder reports and academic papers.  


Welcome live class: 19 September 2023 – 2-3pm CEST

Week 1: The basics of electricity markets in Europe (20 September – 26 September 2023)

This week provides an overview of the fundamental micro-economics that are at the basis of how power markets function in Europe and other parts of the world where the power sector has been liberalized. We further explain why there is not one power market but a sequence of power markets in place, how the different market segments function, and who is operating those markets.

The course material starts by explaining the concept of marginal pricing, which has been in the spotlight since the onset of the European energy crisis. We also explain the rationale behind having a sequence of markets as is currently in place in Europe. This sequence starts with electricity being traded years ahead in long-term markets, the reference day-ahead market, intraday markets, and finally near real-time trade in balancing markets producing an imbalance price. We discuss the central role of the power exchange, which has been renamed as the Nominated Electricity Market Operators (NEMO) for quite some years now, in operating the day-ahead and intraday markets. In this week, we also briefly highlight the impact of the ongoing market reform on the existing market design.

Topics: Nominated Electricity Market Operators, Marginal Pricing, Auctions, Continuous Trading, Gate Closure Time, Sequence of Power Markets, Day-ahead Market, Intraday Markets, Balancing Energy Market, Balancing Reserves, Imbalance Price, Long-term Markets, Redispatch

Live class: 26 September 2023 – 2-3pm CEST


Week 2: How to trade electricity across borders? (27 September – 3 October 2023)

This week covers two large topics that are at the core of training electricity across country borders. First, we look at the European experience with the allocation of the rights to trade across borders, which has led us to “market coupling” as we know it today. Second, we discuss how to calculate border trade constraints. In other words, how do we decide how much we can trade across a particular border in each hour?

The course material covers the topics of historical privileges to trade across borders, market-based allocation of transmission rights and the evolution from explicit to implicit auctions (a synonym for ‘market-coupling’) in the day-ahead time frame. The week also touches upon relevant developments in the timeframes before and after day-ahead. Furthermore, it explains why it is important to focus on border trade constraints, why trade constraints on virtual borders are calculated and who is best placed to carry out such calculations. It introduces the concept of flow-based market coupling and covers the topics of regional collaboration among TSOs and data exchange. Open issues when it comes to border trade constraints and their calculation, such as the configuration of bidding zones, are also discussed.

Live class: 3 October 2023 – 2-3pm CEST

Topics: Market Coupling Operator Function, EUPHEMIA, XBID, Joint Allocation Office, Financial Transmission Rights, Bidding Zones, Flow-based Market Coupling, Nodal pricing, Capacity Calculation Regions, Common Grid Model, Remaining Available Margin


Week 3: How to combine electricity trade with system security to keep the lights on? (4 October-10 October 2023)

This week covers two large topics. We explore in more detail how system balancing is organised in Europe, and we explain why it is important to pay attention to the detailed technicalities of system operation and connection requirements.

The course material discusses how the responsibility to keep the lights on is shared between system operators and introduce the concepts of frequency containment, frequency restoration and reserve replacement. It explains balancing responsible parties and imbalance settlement, and cover the topics of balancing capacity tenders, balancing energy markets, and the related issue of scarcity pricing in balancing markets. Cross-border balancing markets and the European platforms for the exchange of balancing energy are other important topics of this week, as are open issues in the field of congestion management in balancing markets. The material also explores if and how regional system operation is organised regionally. The last part of this week are the EU connection network codes (RfG NC and DC NC) and their ongoing implementation, including the special case of energy storage.

Live class: 10 October 2023 – 2-3pm CEST

Topics: Balance Responsible Party, Balancing Service Provider, Frequency Containment Reserves, Frequency Restoration Reserves, Replacement Reserves, Gate Closure Time, Imbalance Netting, Load-Frequency Control Area, European platforms, Regional Coordination Centre, Critical Grid Situation, Power-Generating Modules, Power Park Module, Rate of Change of Frequency, Significant Grid User.


Week 4: Trading electricity at lower voltage levels and the role of the consumer (11 October – 17 October 2023)

This week covers two large topics. First, we explore how best to integrate distribution network constraints into (wholesale) electricity markets. Second, we discuss the new deal that has been offered to consumers through recent legislative packages and initiatives from the Clean Energy Package to the Green Deal.

The course material consists of recent academic papers and stakeholder contributions. Related to the integration of distribution network constraints into (wholesale) electricity markets, we will discuss several tools that are currently under discussion to manage distribution network constraints and improve the coordination between TSOs and DSOs. Examples are (enhanced) network tariff design, distribution locational marginal pricing, smart connection agreements, and flexibility markets. Related to the role of the consumer, we discuss innovative practices in the retailing of electricity that affect the evolution of the supplier. Other topics that will be covered are active consumers, self-consumption, energy communities, new entrants in electricity markets, independent aggregators, peer-to-peer trading, and new consumer rights.

Live class: 17 October 2023 – 2-3pm CEST

Topics: Network Tariffs, DSO, Flexibility Mechanisms, Flexibility Markets, DLMP, Retail Markets, New Paradigm, Consumers, Peer-to-peer, New Entrants, Aggregators, Communities, Energy Communities, Citizen Energy Communities, Renewable Energy Communities, Self-consumption, Active Customers, Dynamic Pricing, EU Green Deal


Week 5: REMIT (18 October – 24 October 2023)

Live expert panel: 24 October – 2-3pm CET


Week 6: Buffer week to work on Mastery Challenges

25 October – 8 November 2023

Week 7 & 8: Mastery Challenges

Mastery Challenge 1: From short-term interventions to medium or long-term changes to the electricity market design after the crisis

Live expert panel: 9 November 2023 – 2-3pm CET

Mastery Challenge 2: The future of capacity remuneration mechanisms

Live expert panel: 14 November 2023 – 2-3pm CET

Mastery Challenge 3: Demand-side flexibility

Live expert panel: 16 November 2023 – 2-3pm CET


The course is given in English and developed for: 

  • Broad target group of Adult learners 
  • Electricity markets experts and beginners 
  • Everyone affected by the electricity market integration in Europe, including: TSOs, NRAs, Governments, European Associations, Utilities, New Energy players, Stakeholders. 

The participants can take the course on 3 different levels: 

  • 1) Investigator: Learn to speak the language of the electricity markets in Europe and to understand the content of relevant legislation) 
  • 2) Advocate: Learn to discuss and debate the European electricity markets with colleagues and field specialists 
  • 3) Master: Learn to discuss, analyse and attempt to solve/improve a European level real life case  

The amount of time required to take this course depends on the aimed course level as well as the level of expertise in the subject prior to joining the course. For example: 

  • Novice to Investigator: 4-6 hours/week 
  • Novice to Advocate: 6-8 hours/week 
  • Novice to Master: 8-10 hours/week 
  • Expert (Advocate level understanding of the topic) to Master: 5 hours/week 
Learning outcomes
  • Analyse the impact of EU Electricity Network Codes and the Clean Energy Package on the electricity market, infrastructure, and the overall regulatory framework.
  • Critically assess the challenges and opportunities arising from the implementation of EU Electricity Network Codes.
  • Develop strategies for effective compliance with EU Electricity Network Codes, including monitoring, reporting, and coordination mechanisms.
  • Identify the potential benefits of harmonising and coordinating electricity markets across the EU
  • Formulate recommendations for policymakers, regulators, and industry stakeholders to enhance the effectiveness and efficiency of the existing electricity market design.

At the end of the course, the participants can earn a Certificate of Attendance, a Certificate of Completion or a Certificate of Excellence, depending of their performance and engagement throughout the course.

FSR Annual Scholarships

Each year, the Florence School of Regulation – Energy and Climate (FSR Energy & Climate) awards scholarships for a wide variety of training courses targeting a broad audience of professionals and academics.

Applications will be assessed by a Selection Committee of FSR members on a yearly basis. The successful candidates will be informed after February 2024 and will be provided with all relevant information on how to enroll in the online course or residential training of their choice.

Send your application by 28 January 2024.

Find more information here

Fees & Cancellation policy
  • General fee: 1100 €
  • Students (with a certificate of current studies**): 440 €
  • Four free seats for Star Donors
  • Two free seats for Major Donors
  • One free seat for Associate Donors


Special offer for group enrolments: 10% discount from 5 participants from the same organisation

Contact: fsr.secretariat@eui.eu 

Cancellation policy 

Paid registration fee is non-refundable. However, registrant substitution may be made up to 20 days before the start date of the course. 


**Please kindly send your certificate of current studies with the stamp of your university to FSR secretariat (fsr.secretariat@eui.eu).
The start and end dates of your studies should also be clearly mentioned on the document. Please make sure that your period of studies fully covers the training course duration.

In collaboration with

The Learning Approach
Personalised Learning
This course offers three different engagement levels, based on your prior knowledge and the amount of time you can dedicate to the course.
Live Class
Every week, participants-led sessions to deep dive in the topic and interact with your instructors. Live classes are always recorded.
Mastery Challenge
A chance to collaborate with your peers on a European real-life case and discuss it with the main experts in the field.
This course gives you instant feedback on your activity in the form of badges. The badges will be converted in the final certificate, which can be shared on your social networks.
Course Faculty

Any doubt?
Contact your course facilitator

Contact Elena
Evolution of Electricity Markets

What will you learn

What Participants say about this course

Have no fear, the course takes you by the hand and leads you through the labyrinth of EU electricity market.

Participant of the 2021 edition

The course delivered a large amount of highly technical topics in an accessible way even to a novice. The experts and staff were very engaging and approachable. I would recommend this course to everyone interested in the topic.

Participant of the 2021 edition

Really comprehensive, good structured and insightful course. Highly recommend to anyone interested in understanding this complex jungle of regulations.

Participant of the 2021 edition

It was a great opportunity for me in attending to this course and learning the up-to-date developments in energy markets. The course was very satisfying and it has been well-balanced between theory and practice. Forum discussions were very informative and helpful in discussing the topics from different perspectives. I am very grateful for the valuable support of FSR and its staff, especially at these hard times.

Erol Unal | Participant of the 2020 edition

The course provided me with a better overview of the history and development of European electricity markets. I really enjoyed the interaction with other course participants and the enthusiastic and knowledgeable instructors.

Victor van Campen | Participant of the 2020 edition

Well structured format with pre-read material in combination with live classes once a week. Work-load manageable parallel to job and life. Online format allows to take the course irrespective of your current location. Rather advanced contents. Thus, course requires at least some familiarity with the subject matter.

Participant of the 2020 edition

One of the very impressive aspects of the course was the way that the course text, live sessions, online discussions and group challenges all worked together in an integrated way to deliver the training.  The interaction with other course participants from around the EU, all sharing their own experience of the issues in practice, was particularly valuable. 

Peter Willis, Bird & Bird

The course was very useful. In my opinion the course was appropriate approach for sharing knowledge of Network codes with wide spectrum of participants.

Participant of the 2019 edition

Very well done. I had some reservations against online courses before, but this one has really fulfilled my expectations. The subject is pretty dry and technical, but however you have arrived to make it compelling and very interesting. The short videos of Leonardo at the beginning of this lesson arrived to put some "fun" into the subject. He was goo as well leading the panels. I have really enjoyed the course. Congratulations!

Participant of the 2018 edition

Just a quick note to say how impressed I have been with the excellent interactive online course on the electricity network codes, run by the Florence School of Regulation. It was very well taught by Leonardo Meeus and Tim Schittekatte, with special guests from ACER, ENTSO-E, the Commission etc.

Participant of the 2018 edition

Everything is so professional and perfectly scheduled. Especially the live classes and forum discussions create great value for me

Participant of the 2018 edition

Overall it was a great and very helpful course. The course text was particularly helpful to me in digesting the Network Codes. The Forum for discussion for each quiz was great. So many knowledgeable experts participated, which was very interesting to read! Overall really a great course!

Participant of the 2019 edition
Course in numbers
Experts Involved

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