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Investments into renewable energy are increasing rapidly around the world.Energy system models are able to provide insights into optimal investmentcapacities and thus are widely used to aid the long-term investmentdecision-making under an electricity market environment. Existing energy systemmodels, however, fail to consider bilateral electricity markets while inreality, these constitute a major part of all energy trades. In this paper, wepropose an improved energy system model that endogenously considers mixedbilateral and pool markets. In this model, we also introduce three externalitycost items that account for the social cost of technologies, carbontaxes/renewable energy subsidies, and the bilateral product differentiation inthe bilateral market, respectively. We start with an equilibrium problemformulation for different market players and next, an equivalent optimizationproblem is presented. Then, a case study of the pan-European market to reach95\% emission reduction in 2050 is conducted to demonstrate the model.Different scenarios are constructed to showcase two different usages of productdifferentiation in the bilateral market, i.e., willingness to pay and exogenouscosts. Our main conclusion is that the inclusion of mixed bilateral and poolmarkets into our enriched energy system model significantly changed the optimalinvestment capacities, compared to benchmark results from the existing,conventional energy system model. This shows that the inclusion of thebilateral market is of key importance in future investment considerations. Ourmodel is the first of its kind to include this important and realisticbilateral market in energy system models.

An energy system model for mixed bilateral and pool markets