Evolution of Electricity markets in Europe

The European Commission, ACER and ENTSO-E invited the 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 design and 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 2025, we will be running the sixth edition of the “Evolution of Electricity Markets in Europe” 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 (originating from the Third Energy Package) 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 ongoing debate around the amendments to this first generation of network codes and the second generation of network codes following the adoption of the Clean Energy Package (CEP).
• Moreover, we discuss how the Electricity Directive and Electricity Regulation of the CEP enhance the link between electricity markets and consumers, whether individually as prosumers, or via intermediaries such as aggregators, energy communities or other.
• Finally, we will look at the recent European energy crisis and discuss causes and responses from short-term interventions to medium- and long-term changes to the electricity market design. We follow up on the implementation of the recent Electricity Market Design (EMD) reform and draw connections to the recent Clean Industrial Deal and EU Competitiveness Compass where relevant.

In the first three weeks, we cover topics that are mainly related to the transmission level, e.g. cross-border transmission rights, market coupling, balancing markets etc. In the fourth week, we move on to topics increasingly related to the distribution level, e.g. flexibility markets and the landscape of novel players entering to markets that used to be exclusive to “transmission-level” assets. Finally, the fifth week covers the recently amended Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), which ensures transparency and integrity in wholesale markets.

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

Welcome live class with Ellen Beckstedde (FSR) and Tim Schittekatte (FSR): 8 September 2026, 12.00-13.00 CEST

Week 1: The basics of electricity markets in Europe

11 September – 17 September 2026

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 liberalised. 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 clarifying the concept of marginal pricing, which has been in the spotlight since the European energy crisis in 2021-2023. 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 exchanges, which have been renamed as Nominated Electricity Market Operators (NEMOs) for quite some years now, in operating the day-ahead and intraday markets. In this week, we also briefly explore current concerns about periods with increasingly high, negative or volatile market prices and highlight the impact of the latest Electricity Market Design reform on the existing market design.

Live class with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 15 September 2026, 12.00-13.00 CEST

Office hour with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 17 September 2026, 12.00-13.00 CEST

Topics: Nominated Electricity Market Operators, Marginal Pricing, Energy Price Crisis, Negative Prices, Auctions, Continuous Trading, Gate Closure Time, Sequence of Power Markets, Day-ahead Market, 15min Market Time Unit, Intraday Markets, Balancing Energy Market, Balancing Reserves, Imbalance Price, Long-term Markets, Redispatch

Week 2: How to trade electricity across borders?

18 September – 24 September 2026

This week covers two large topics that are at the core of trading 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 between “bidding zones”. In other words, how do we decide how much we can trade across a particular zonal boundary 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 that have been formalised in the EU electricity market network codes. 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 cross-zonal trade constraints, why trade constraints on virtual zonal 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 Transmission System Operators (TSOs) and data exchange. Open issues when it comes to cross-zonal trade constraints and their calculation, such as the configuration of bidding zones, are also discussed.

Live class with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 22 September 2026, 12.00-13.00 CEST

Office hour with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 24 September 2026, 12.00-13.00 CEST

Topics: Market Coupling Operator Function, EUPHEMIA, XBID, Joint Allocation Office, Financial Transmission Rights, Bidding Zones, Bidding Zone Review, 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?

25 September – 1 October 2026

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 after the clearing of wholesale markets. Finally, this week briefly discusses the EU grid connection network codes (RfG NC and DC NC) and non-frequency ancillary services, such as voltage control, inertia and black-start capability.

Live class with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 29 September 2026, 12.00-13.00 CEST

Office hour with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 1 October 2026, 12.00-13.00 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 Balancing Platforms, Regional Coordination Centre, Critical Grid Situation, Power-Generating Modules, Power Park Module, Rate of Change of Frequency, Inertia, Significant Grid User.

Week 4: Trading electricity at lower voltage levels and the role of the consumer

2 October – 8 October 2026

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 paradigm that has been offered to consumers through recent legislative packages and initiatives from the Clean Energy Package, Electricity Market Design reform to the upcoming Citizens’ Energy Package.

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 Distribution System Operators (DSOs). Examples are (enhanced) network tariff design, flexible connection agreements, and flexibility markets. Related to the role of the consumer, we discuss innovative practices in the retailing of electricity that affect the role of the supplier. Other topics that will be covered are active consumers, self-consumption, energy communities, independent aggregators, peer-to-peer trading, and new consumer rights.

Live class with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 6 October 2026, 12.00-13.00 CEST

Office hour with Tim Schittekatte (FSR), Ellen Beckstedde (FSR): 8 October 2026, 12.00-13.00 CEST

Topics: Distribution Network Tariffs, DSO, Flexible Connection Agreements, Flexibility Markets, Retail Markets, New Paradigm, Consumers, Peer-to-peer, Independent Aggregators, Citizen Energy Communities, Renewable Energy Communities, Self-Consumption, Active Customers, Dynamic Pricing, Consumer Price Protection, EU Clean Energy Package, EU Electricity Market Design Reform

Week 5: REMIT

9 October – 15 October 2026

This week, FSR colleagues from the legal department will introduce the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

The course material introduces the most important REMIT concepts, such as market manipulation and insider trading. It also explains the obligations and prohibitions for actors addressed by REMIT and provides examples of REMIT breaches and implementation issues. Finally, this week discusses the revision of REMIT in the context of the European energy crisis.

Live class with Sofia Nicolai (FSR), Lucila De Almeida (FSR): 13 October 2026, 12.00-13.00 CEST

Office hour with Sofia Nicolai (FSR), Lucila De Almeida (FSR): 15 October 2026, 12.00-13.00 CEST

 Weeks 6-7: Buffer week to work on Mastery Challenges

16 October – 30 October 2025

Weeks 8-9:

Mastery Challenge 1: The future of capacity remuneration mechanisms

Live expert panel: 3 November 2026, 12.00-13.00 CET

Mastery Challenge 2: Ensuring reliability in a high renewable energy system

Live expert panel: 5 November 2026, 12.00-13.00 CET

Mastery Challenge 3: Unlocking demand-side flexibility

Live expert panel: 10 November 2026, 12.00-13.00 CET

The course is given in English and developed for:

• Broad target group of adult learners
• Electricity markets experts and non-experts with a basic understanding of electricity markets
• Everyone affected by the electricity market integration in Europe, including: TSOs, National Regulatory Authorities (NRAs), Governments, European Associations, Utilities, New Energy players, Stakeholders.

The participants can take the course on 3 different levels:

• Investigator: Learn to speak the language of the electricity markets in Europe and to understand the content of relevant legislation
• Advocate: Learn to discuss and debate the European electricity markets with colleagues and field specialists
• 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

• 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.

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 2026 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 25 January 2026.

Find more information here

• 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

Discounts 

A 10% discount is available for groups of 5 or more participants from the same organisation. Please note that this discount cannot be combined with student discounts or donor free seat offers.

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. 

For more information, please read the full FSR cancellation policy.

**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.

FAQs Invoicing and Payment Process