An electric load, production, or storages' flexibility on the electricity demand side can be advantageous. When power generation fluctuates with daily varying wind and solar power outputs or to enhance power supply security flexibility can be a solution to balance the electric power system. As a result, numerous projects on flexibility architecture, market models, economic viability, and the history of flexibility-enabling technology investigate the current topic of flexibility. Overall, the goal of flexibility is to provide tools to reduce costs like energy costs, power system investment costs, and operational costs. New strategies to reduce electricity costs are encouraged by rising costs. Since autumn 2021, prices in the European electricity markets have fluctuated more frequently. For instance, the monthly mean prices on the Nordic power market Nord Pool have increased to 140 €/MWh from 60 €/MWh.
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