Yang, Jiajia, Dong, Zhao Yang, Wen, Fushuan, Chen, Qixin, and Liang, Bomiao (2021) Spot electricity market design for a power system characterized by high penetration of renewable energy generation. Energy Conversion and Economics, 2 (2). pp. 67-78.

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Abstract

The continuous growth of renewable generation in power systems brings serious challenges to electricity markets due to their characteristics different from conventional generation technologies. These challenges come from two dimensions, including short-term (energy and ancillary service markets) and long-term (long-term bilateral and capacity markets) aspects. Under this background, the design of energy and ancillary service markets is studied for power systems with a high penetration level of variable renewable generation. In the proposed spot market mechanism, energy and frequency regulation service (FRS) bids are jointly cleared, where renewable generators are motivated to proactively manage the intermittency and uncertainty of their power outputs. The proposed market mechanism can also ensure the adequacy of FRS capacity for compensating variability of renewables. Besides, in order to ensure the execution of spot market clearing outcomes, this paper established a penalty scheme for mitigating the real-time fluctuations of renewable generation outputs in the spot market. Differences between real-time generation outputs and market clearing outcomes are managed within a certain limit by imposing the designed penalty prices on deviations. Finally, the feasibility and efficiency of the developed market mechanism and algorithms are manifested in the case studies.

Item ID:	78132
Item Type:	Article (Research - C1)
ISSN:	2634-1581
Copyright Information:	This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Date Deposited:	12 Apr 2023 23:19
FoR Codes:	38 ECONOMICS > 3801 Applied economics > 380109 Industry economics and industrial organisation @ 30% 38 ECONOMICS > 3801 Applied economics > 380105 Environment and resource economics @ 30% 40 ENGINEERING > 4008 Electrical engineering > 400805 Electrical energy transmission, networks and systems @ 40%
SEO Codes:	28 EXPANDING KNOWLEDGE > 2801 Expanding knowledge > 280110 Expanding knowledge in engineering @ 40% 19 ENVIRONMENTAL POLICY, CLIMATE CHANGE AND NATURAL HAZARDS > 1903 Mitigation of climate change > 190301 Climate change mitigation strategies @ 30% 19 ENVIRONMENTAL POLICY, CLIMATE CHANGE AND NATURAL HAZARDS > 1903 Mitigation of climate change > 190305 Management of greenhouse gas emissions from electricity generation @ 30%
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