Join us as we unpack the ideas, challenges, and innovations shaping European electricity markets—straight from the pages of the Handbook!
Meet the authors and editors behind the handbook—explore their expertise and backgrounds
Dr. André Estermann has more than 20 years of experience in energy sector and currently leads at the German TSO 50Hertz Transmission GmbH a team in system operations responsible for cross-border activities. Furthermore, he is the TSO Chairman of the Market Coupling (MCSC), in the Single Day-Ahead Coupling (SDAC) and Single Intraday Coupling (SIDC) Steering Committees. André holds a Ph.D. in economics at the European University Viadrina Frankfurt, Oder and received an MBA at the University of Southampton, UK. Moreover, he holds a degree in international politics from the University of Potsdam.
Louise Anderson currently works with Hitachi Energy as an Assistant Vice President in the Government and Institutional Relations department. Previously, Louise spent 5 years managing the World Economic Forum’s Electricity Industry Community, while also launching the WEF’s global initiative on Accelerating Industrial Clusters. Louise started her career working in a power plant before moving to work for EirGrid, Ireland’s Transmission System Operator, managing high voltage asset outage planning until 2014. Louise also spent some time in Belgium working for ENTSO-E on different aspects of the implementation of the CACM Guideline. Louise has a bachelor’s degree in Mechatronics and an MBA specializing in International Business.
Peter Willis is a partner in Bird & Bird’s Competition & EU Law practice group based in London. Peter has over 30 years’ experience of providing solutions for businesses in highly regulated and technically complex markets. He has an in-depth understanding of the interaction between competition rules and the complex technical, commercial, and regulatory arrangements governing the operation of energy networks and markets. He has experience of implementing Network Codes and Guidelines in the energy sector, and of challenging decisions of regulators. He has assisted clients to develop market rules and arrangements in a range of electricity markets, including capacity markets, forward markets, day-ahead, intraday, and balancing markets. He is well-known for his expertise on REMIT, and has advised on a number of investigations around Europe. His work also involves advising on disputes between businesses in which competition and regulatory issues arise, including competition follow-on damages claims. As well as authoring books and articles on EU and UK competition law, he is a regular contributor on competition and energy regulatory issues in the media and at conferences around Europe.
Dr. Iacopo Bertelli is a Senior Consultant at Magnus Energy. His field of expertise is the European electricity market design and integration, both conceptually and analytically. Currently, he is supporting the newly established Central Europe CCR as PMO of the day-ahead capacity calculation project team. He has experience in supporting CCR accessions by TSOs, from assessing the highlevel requirements to drafting a detailed local implementation plan. He is a physicist by training, having obtained a PhD in experimental quantum physics from the University of Leiden, Leiden, the Netherlands, and TU Delft, Delft, The Netherlands, during which he published 7 articles on high-impact journals.
Dr. Mehdi Madani is a Senior Consultant in power market design and optimization at N-SIDE which he joined in 2018 after a postdoctoral research position at the Johns Hopkins University working on pricing in non-convex electricity markets. He was the project manager of the Euphemia Lab (the R&D program for Euphemia, the European Market Coupling market clearing algorithm) from its inception in 2019 until November 2023 when he moved to the role of expert. Mehdi has deep expertise at the R&D level in market design and solution algorithms for power markets, with a track record of impactful recommendations (bidding product design, pricing, LTA Inclusion, and other TSO requirements, co-optimization of energy and balancing capacity), and, for instance, developed the Extended LTA Inclusion methodology implemented in Euphemia to support the go-live of Evolved Flow-based in 2020. Mehdi holds a PhD in operations research from UCLouvain, a complementarity master in financial risk management from ULiege, and a master in theoretical mathematics also from ULiege. Aside from his consulting activities, since 2022, Mehdi has taught Operations Research at UCLouvain as a guest lecturer at the Ecole Polytechnique de Louvain.
Suzanna Vogeler is Vice President of Business Strategy at Deutsche Börse AG. She holds a degree in International Business (1992) from Jacksonville University and a Master in International Management (1996) from ASU Thunderbird School of Global Management. Since 1999, she has worked for the Deutsche Börse Group in various roles and since 2003 has led teams to achieve the successful initiation, definition and launch of several IT solutions with tight market-driven deadlines in the energy commodity sector. She was also Deutsche Börse AG’s Project Manager for M7 XBID, the solution for the single intraday coupling, and is still one of the Project Executives.
Robert Wand has worked in the context of European market coupling for more than 10 years. As a member of ENTSO-E’s network code drafting team he was involved in the development of the CACM Guidelines and subsequently contributed to its implementation in various positions. After working in academia and at a Transmission System Operator, Robert joined European Commodity Clearing AG, which operates a central counterparty infrastructure. As Expert Clearing Strategy he implements clearing and settlement solutions for spot and derivative commodity markets. His focus on post-coupling aspects in European Market Coupling led him to develop and introduce multiple-NEMO arrangements, inter-NEMO flow calculation requirements and fallback methodologies in cooperation with a multitude of partner exchanges, Transmission System Operators, European and national regulatory authorities across the EU and Energy Community Contracting Parties.
Ferenc Nagy is a Senior Expert in Flow-Based Capacity Calculation at the Hungarian Transmission System Operator MAVIR Ltd. Ferenc has been involved in ENTSO-E and European regional projects in the last 8 years. Throughout his years with active engagement in the Transmission System Operator (TSO) community, Ferenc has gained in-depth experience and knowledge in the Core Flow-Based Market Coupling project. Ferenc has been actively involved in the Core project for the development of the capacity calculation methodologies in both the Day-Ahead and Intraday projects. As a flow-based expert, Ferenc has been supporting IT development activities in the product owner role of the central Capacity Calculation Tool in the last 5 years in the Core Day-Ahead and Intraday projects. His contribution to representing the interest of the project participants has led to several new releases of the central capacity calculation tools in operation. In addition to his involvement in the international projects, Ferenc focuses on analyzing the flow-based results daily in order to improve and support the TSO operator’s understanding of the flow-based results generated in the real-time operational process. Ferenc graduated as an electrical engineer majoring in Electric Power Systems at Óbuda University, Kandó Kálmán Faculty of Electrical Engineering in Budapest, Hungary. Ferenc is one of the authors of the CIGRE Paper “Introduction of the Operational Core Day-Ahead Flow-Based Capacity Calculation and Market Coupling through Active Constraints and Price Spread, CIGRE ID 11358”.
Luca Tóth is a Market Analyst at MAVIR Ltd. She holds a master’s degree in Economic Analysis from Budapest University of Technology and Economics. At MAVIR she focuses on day-ahead and intraday market integration and development projects from an economical perspective. Previously, she was involved in establishing processes of cross-zonal capacity methodologies such as co-optimisation or market-based methods and an R&D project via FARCROSS. Before joining MAVIR, she had gained experience at the trading company, MVM Partner Ltd also as a Market Analyst, focusing on the day-ahead and forward power and commodity markets. She is dedicated to understanding and sharing knowledge on the mechanism of the energy markets. Luca is one of the authors of the CIGRE Paper “Introduction of the Operational Core Day-Ahead Flow-Based Capacity Calculation and Market Coupling through Active Constraints and Price Spread, CIGRE ID 11358”.
Ákos Arnold is Head of Operational Security Development Department at the Hungarian Transmission System Operator MAVIR Ltd., and has been part of various projects in the European energy sector in the last 15 years. With his team he is focusing on the development of concepts, processes and tooling for the network operational planning. Since 2017 he has been involved in the cooperation within the Core Capacity Calculation Region including the day-ahead capacity calculation implementation project.
Gábor Szathmári is Congestion Management Development Team Lead at the Hungarian Transmission System Operator MAVIR Ltd., and has been actively involved in both domestic and international developments in the European energy sector. He has contributed to creating technical concepts and internal tools for various projects, including all timeframes of Flow-Based Capacity Calculation. Gábor has been deeply committed to improving and refining load-flow calculation methods, with a focus on developing automated processes. He also actively mentors colleagues, enhancing the team’s skills and knowledge. Prior to joining MAVIR, Gábor participated in numerous research projects in electrical power engineering, including work in laboratory environments.
Lisa-Marie Mohr is a Managing Consultant at Magnus Energy. She holds a master’s degree in Technical Mathematics from the Vienna University of Technology. Previously, as an Electricity Market Expert at the Energy Community Secretariat in Vienna, she focused on the assistance to Contracting Parties during the transposition and implementation of the Energy Community acquis related to electricity. Before joining the Energy Community Secretariat, she worked as a Technical Expert for the German regulatory authority Bundesnetzagentur, where she was tasked with projects related to electricity markets and cross-border issues, in particular the implementation of the CACM and Electricity Regulation. During a secondment to ACER, she contributed to ACER’s Recommendation on reasoned amendments to the CACM Regulation. Having acquired both experience in the European Union and the Energy Community, she is dedicated to facilitating the further integration of the European internal market for electricity.
Nico Schoutteet is an economic advisor to the Director for the Technical Operation of Electricity and Gas Markets at the Belgian national regulatory authority CREG. His work focuses on the functioning of electricity markets, from a national, regional and European perspective. For the past decade, he has been active in all regulatory aspects related to the adoption, implementation and enforcement of different guidelines (in particular the CACM and FCA Regulations) as well as the Electricity Regulation. He is an active member of ACERs task forces, working groups and regional fora for the cooperation among European national regulatory authorities. As co-chair of several of these task forces, he has been closely involved in the development of mechanisms and procedures to streamline the work between regulators, and their interaction with TSOs, NEMOs and other stakeholders. Nico is very passionate about the positive role that electricity markets play to enable the energy transition, and strongly committed to contribute to an increased understanding of these markets, through effective monitoring and visualization of market data.
Jayaram Anandha is a Senior Consultant at Accenture Industry X Division, where he focuses on Utilities and Renewables. His work lies at the interface between technology and energy regulation/ policy for the clean energy transition. Currently, he supports entities in integrating into the European Energy Market. Previously, he served as a Market Advisor for implementing Transparency Regulation and operating Market Platforms. Before joining Accenture, he worked at one of the Regional Coordination Centres (RCCs) in Europe, TSCNET, facilitating the implementation of European Network Codes. He led the ENTSO-E group of European TSOs and RCCs in transforming the diverse Outage Planning practices into a harmonized approach with the development of a common IT platform. Jayaram holds a masters degree in Power Engineering from the Technical University of Cottbus, Germany, and a bachelor s degree in Mechanical Engineering from Calicut University, India. He resides in Munich, Germany, with his wife.
Marius Schrade is an Expert in European Market Coupling projects at 50Hertz Transmission GmbH, one of the four transmission system operators in Germany, within the System Operations Concepts and Analytics department since 2019. At 50Hertz, he started his career as project lead for the integration of the German–Czech and German–Polish border into Single Day-Ahead Coupling, which was completed in 2021. Since then, he focuses on cooperation between TSOs and NEMOs in the Market Coupling Steering Committee where he also lead a task force on day-ahead simulation software. Marius holds a Double Degree in European Economics from the Universities of Maastricht in The Netherlands and Louvain-La-Neuve in Belgium.
Dr. Ksenia Tolstrup is a Principal at Magnus Energy. She co-leads Magnus Energy’s Technical Advisory practice and is heavily involved in several projects related to electricity market and regulatory analysis, balancing, flexibility, and hydrogen transition. Ksenia has almost a decade of experience in the energy sector—in consulting and in research. As a Senior Research Engineer at AIT Austrian Institute of Technology she focused on the analysis and simulation of electricity markets in all timeframes, from forward to balancing and congestion management, led multiple national and international projects and authored over 30 top-journal articles, conference papers and project reports. In 2021 she obtained her PhD cum laude in energy economics from Delft University of Technology.
Reinhard Kaisinger is a Principal at Magnus Energy. He co-leads Magnus Energy’s Technical Advisory practice and is heavily involved in several projects related to electricity market integration. With over a decade of experience in the electricity sector in various roles, he has obtained a wide yet deep understanding of power systems and electricity markets. After obtaining his master’s degree in electrical power engineering at KTH, Stockholm, Sweden, he started working on power systems and electricity markets at Vattenfall in Sweden. At E-Control, the Austrian electricity gas market regulator, he focused on network development (TYNDP, PCI) and the implementation of CACM Guideline and System Operations Guideline. Then, he worked on the implementation of Core day-ahead flow-based capacity calculation and allocation at APG (the Austrian TSO) both as an expert and project manager before joining Magnus Energy in 2022. He currently serves as convener of the Core day-ahead capacity calculation project team.
Jakub Władysław Glegoła (until June 2024) is a Team Lead at the Accenture Industry X Division where he focuses on Energy Market and European Regulation topics. He helps energy companies maximize the opportunities provided by market regulations, enabling them to implement new business models and digital capabilities to decarbonize the energy system. Over the past years, he was heavily committed to working with RCCs, both in accompanying their transition from RSCs to RCCs and facilitating the implementation of their overarching responsibilities stemming from various network codes. In his current work, he remains actively engaged with RCCs on CCR level, as well as in facilitating the progression of European Market coupling for various timeframes. Having acquired experience in both Market and System operations on European level, he is dedicated to facilitating the further integration of the European internal market for electricity. He holds a master’s degree in Industrial Engineering and Management from the Technical University of Berlin.
Dr. Martin Starnberger is the Head of the European Energy Market Solutions Team at N-SIDE and former Head of the Optimization Team at N-SIDE. He is an expert on Energy markets and market algorithms. In particular, he has guided the development and evolution of Euphemia (the European day-ahead electricity market algorithm) over eight years in terms of algorithm design, market design, and software architecture through different roles, including tech lead of Euphemia and project manager of the Euphemia Lab (the R&D program for Euphemia). Before his work at N-SIDE, Martin held a researcher position at Vienna University, where he worked on the algorithmic and game theoretical aspects of combinatorial auctions and worked in the financial sector on credit risk modelling. Martin holds a PhD in Computer Science from the University of Vienna and master’s degrees in Technical Mathematics and Business Informatics from TU Wien.
Jean-Michel Reghem works at Elia, the Belgian Transmission System Operator, as Manager of the European Market Integration team in the Markets, Grid and Off-shore department. He graduated in 2000 from the Mons Institute of Technology (Faculté Polytechnique de Mons), Belgium, as an electrical engineer, with a specialization in telecommunications. Additionally, Jean-Michel holds a certificate in Management of Innovation, earned at the University of Mons in 2011 and attended Leadership and Digital Strategy programs at VLERICK Business School. His professional career is marked by a diverse range of roles from developer, project manager, to product manager at Acapela Group, a Belgian company known for its text-to-speech solutions, particularly catering to disabled individuals. In 2013, Jean-Michel embarked on a new chapter, joining Elia with a focus on transparency and solar, wind, and load forecasting solutions before shifting gears in 2016 delving into the complexities of European Market Integration as Project and Program Manager. Jean-Michel actively participated in, and at times, led various European projects, leaving his mark on endeavors like the CWE Multiple NEMO (CWE MNA), Core Day-ahead Flow-based market coupling, and XBID projects. Currently, his work is deeply entwined with the implementation of pan-European Intraday Auctions, where he serves as the TSO co-convener of the SIDC QARM and SIDC IDA TG working groups.
Karel Šebesta graduated in 2018 from the Czech Technical University with a focus on energy engineering. During his studies, he started working for the Czech TSO ČEPS a.s., and within this cooperation, he also wrote his diploma thesis. This thesis was, of course, on the topic of Congestion income distribution. When subsequently the update of the methodologies within ENTSO-E and Core CCR started to be discussed, Karel was able to apply his already achieved conclusions and soon became a convener of the respective working groups. Among other things, he was actively involved in the implementation and launch of both SIDC and SDAC, focusing on both national and European sides, from financial flows and contracting, to technical aspects of allocation, to systems testing. Long-term timeframe has not been neglected either and Karel has taken on the role of Secretary and co-chair of the Single Allocation Platform (SAP) Board for long-term cross-border capacity trading. Linked to this position, he was also the FCA SPOC of ENTSO-E and FCA SPOC of Core CCR. Lately, he has been focusing mainly on market analyses and the market design reform.
Dr. Melinda Nagy is a Data Analyst at MAVIR Ltd. She holds a Ph.D. degree in Physics from Eötvös Loránd University, Budapest. She gained extensive knowledge of data analysis in visualization of satellite measurements, solar cycle prediction and dynamo models. At MAVIR she focuses on the monitoring and research of day-ahead and intraday flow-based capacity calculation (FBCC) processes. She is also involved in the development and analysis of real-time and forecasted field measurements to determine the dynamic line ratings (DLR) for network elements at MAVIR. She, as a researcher, is dedicated to find new methods to analyze and visualize the models and measurements of the grid from network calculations in order to understand more of the operation of the system. Melinda is one of the authors of the CIGRE Paper “Introduction of the Operational Core Day-Ahead Flow-Based Capacity Calculation and Market Coupling through Active Constraints and Price Spread, CIGRE ID 11358”.
Ágnes Takácsné Esze is a Data Analyst at MAVIR Ltd. She graduated in Budapest University of Technology and Economics as a Mathematician. At MAVIR she focuses on the monitoring and research of day-ahead and intraday flow-based capacity calculation processes. As a flow based analyst she has wide knowledge of the mathematical model for both the flow based methodology in day-ahead and the capacity calculation methodology in intraday, and supports the Core project with defining and calculating KPIs. Ágnes is one of the authors of the CIGRE Paper “Introduction of the Operational Core Day-Ahead Flow-Based Capacity Calculation and Market Coupling through Active Constraints and Price Spread, CIGRE ID 11358”.
Dániel P. Divényi was born in Budapest, Hungary, in 1985. He received the M.Sc. degree in electrical engineering and the Ph.D. degree from the Budapest University of Technology and Economics, in 2009 and 2015, respectively. He is currently an Associate Professor with the Department of Electric Power Engineering, Budapest University of Technology and Economics. Since 2021, he has been with MAVIR Hungarian Transmission System Operator Company Ltd. His research interests include electric energy market, power system modeling and control, and power converters.
Dr. Pieter Schavemaker Managing Director of E-Bridge Consulting B.V., has worked in the energy sector for more than 20 years. Pieter has a varied experience as assistant professor at the Delft University of Technology, with a large manufacturer of power system equipment (ABB), with a Transmission System Operator (Tennet TSO), and as a consultant. During the past years, Pieter was heavily involved in the international work on the boundary between system operations and the electricity market. Pieter is one of the founding fathers of the Flow-based Market Coupling that is currently in operation. Pieter holds a Ph.D. in Electrical Power Systems from Delft University of Technology, received his Didactic Qualification for University Education from Delft University of Technology, and is a certified PRINCE2® Practitioner. Pieter Schavemaker is author of the book ‘Electrical Power System Essentials’, published by Wiley.
Vicky Blana is an Attorney at Law, member of the Athens Bar Association and licensed to practice before the Supreme Courts of Greece. Currently, she is the Director of the Legal Regulatory Issues Branch within Independent Transmission Operator SA (IPTO), the Greek Transmission System Operator, and has been a member of the company’s legal team since 2012. With a focus on energy law, she has substantial legal experience representing IPTO in various legal working groups and committees, as well as in energy litigation. Since 2014, she has been actively involved in market coupling activities. She graduated from the Faculty of Law of the Aristotle University of Thessaloniki and holds two master’s degrees, in Civil Procedure Law and in Commercial Law, both from the National and Kapodistrian University of Athens. She is also an accredited mediator and holds a certification as a Compliance Officer, with a particular interest in energy-related issues. She has also published several articles in legal journals and contributed to legal handbooks.
Nikolaj Nåbo Andersen is a Senior Manager for the Market Coupling and Transparency department at the Danish Transmission System Operator Energinet. He graduated from the University of Southern Denmark in 2015 with an MSc in Economics and Business Administration. Professionally, Nikolaj has worked with various projects within market coupling development and transparency including convening the ENTSO-E Working Group Market Information and Transparency from 2020 to 2022.
Thomas König is Senior Regulatory Expert at enspired. His past thirteen years in the Energy Branch circled around short term markets but from different viewpoints. Starting very operatively with power plant dispatch and Intraday trading at Iqony (formerly Steag) he later focused on the conditions to make that happen: engaging in the regulatory world being an internal advisor and representative in associations like BDEW and Energy Traders Germany. Another angle was taken during his work for Amprion in International Regulations before entering enspired. He holds a Diploma in Business Engineering focusing on International Grid- and Energy Management from the Technical University in Dortmund.
Sarah Pischler has a background in linguistic studies and works as content expert at enspired. She has published articles, white papers and case studies on a broad range of energy market, energy technology and energy trading topics, including the power market structure in Europe, flexibility monetization, cross-market power asset optimization, and the various project phases of BESS development and marketing.
Dive into testimonials from our trusted readers!
This book is first class in structure and even more so in substance. I can only say that it is an excellent publication which fully deserves its subtitle ‘A Practitioner’s Guide’. Truly impressive work!
Very few people in the energy industry truly understand how European electricity market coupling works in practice. This outstanding book, written by practitioners, provides insights not only into the fundamentals but also into the real processes and algorithms behind this milestone of the EU internal market. I recommend it to my students who want to learn more about EU electricity markets than a lecture can convey.
European Electricity Market Coupling: A Practitioner’s Guide makes a complex topic accessible without losing real-world detail. It clearly links the mechanics of day-ahead and intraday coupling with their importance for efficient cross-border trade and a well-functioning European power system. A practical, well-written book that I am happy to recommend to anyone working with European electricity markets.
The European internal electricity market is the world’s largest multinational electricity market - a setup that we in Europe can be proud of. This excellent guidebook clearly and comprehensively explains how market coupling functions, the roles involved in the process, and the legislation underpinning this essential mechanism.
Professionals working in European electricity market coupling know this subject is complex, yet it follows a clear logic - especially from a mathematical and physics perspective. For those who need to understand it without the benefit of deep practical experience, it can at times feel unattainable. This book unlocks that understanding: practical, easy to navigate, and full of insights. It’s an invaluable resource for anyone seeking clarity in this intricate field!
This handbook is a unique achievement – much like European market coupling itself, a world‑record effort in scale and complexity. It reflects the remarkable work jointly delivered by Member States, TSOs, NEMOs, and countless market participants across Europe. As the saying goes: “He who can, does. He who cannot, teaches.” This book is written by those who truly can – and through this book, they also teach. Its authors and contributors – hundreds, if not thousands, of engineers, economists, lawyers, IT specialists, mathematicians, and consultants – have distilled decades of work behind today’s integrated European electricity market, while many continue to operate and develop it on the front line. It is a joy and an honor to have contributed – together with my colleagues – to many of the projects that shaped this journey, both from the Energy Exchange perspective and formerly from the TSO side.
Since the 1990s, developing the EU’s internal energy market has required multiple major legislative packages and many new players, tasks and concepts emerged. This book provides an insightful, accessible guide to these roles, their interactions, and the key steps, challenges and solutions in developing both day‑ahead and intraday processes. Highly recommended for anyone working with or interested in the internal energy market, its history and future.
Market Coupling across Europe is a major success story of three decades of electricity market integration delivering significant benefits to all European citizens. This Handbook provides a comprehensive explanation of the functioning of the market rules, a must have for any industry practitioner!
An invaluable resource for anyone studying European electricity markets. I include it in the reading list for my courses because it offers a clear connection between theory and real-world application.
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