Spot electricity market design for a power system characterized by high penetration of renewable energy generation

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 mar...

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Autores principales:	Jiajia Yang, Zhao Yang Dong, Fushuan Wen, Qixin Chen, Bomiao Liang
Formato:	article
Lenguaje:	EN
Publicado:	Wiley 2021
Materias:	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841
Acceso en línea:	https://doaj.org/article/0ee7260e6e504ccd99bffdab2289d639
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spelling	oai:doaj.org-article:0ee7260e6e504ccd99bffdab2289d6392021-11-22T16:30:29ZSpot electricity market design for a power system characterized by high penetration of renewable energy generation2634-158110.1049/enc2.12031https://doaj.org/article/0ee7260e6e504ccd99bffdab2289d6392021-06-01T00:00:00Zhttps://doi.org/10.1049/enc2.12031https://doaj.org/toc/2634-1581Abstract 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.Jiajia YangZhao Yang DongFushuan WenQixin ChenBomiao LiangWileyarticleEnergy industries. Energy policy. Fuel tradeHD9502-9502.5Production of electric energy or power. Powerplants. Central stationsTK1001-1841ENEnergy Conversion and Economics, Vol 2, Iss 2, Pp 67-78 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841
spellingShingle	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841 Jiajia Yang Zhao Yang Dong Fushuan Wen Qixin Chen Bomiao Liang Spot electricity market design for a power system characterized by high penetration of renewable energy generation
description	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.
format	article
author	Jiajia Yang Zhao Yang Dong Fushuan Wen Qixin Chen Bomiao Liang
author_facet	Jiajia Yang Zhao Yang Dong Fushuan Wen Qixin Chen Bomiao Liang
author_sort	Jiajia Yang
title	Spot electricity market design for a power system characterized by high penetration of renewable energy generation
title_short	Spot electricity market design for a power system characterized by high penetration of renewable energy generation
title_full	Spot electricity market design for a power system characterized by high penetration of renewable energy generation
title_fullStr	Spot electricity market design for a power system characterized by high penetration of renewable energy generation
title_full_unstemmed	Spot electricity market design for a power system characterized by high penetration of renewable energy generation
title_sort	spot electricity market design for a power system characterized by high penetration of renewable energy generation
publisher	Wiley
publishDate	2021
url	https://doaj.org/article/0ee7260e6e504ccd99bffdab2289d639
work_keys_str_mv	AT jiajiayang spotelectricitymarketdesignforapowersystemcharacterizedbyhighpenetrationofrenewableenergygeneration AT zhaoyangdong spotelectricitymarketdesignforapowersystemcharacterizedbyhighpenetrationofrenewableenergygeneration AT fushuanwen spotelectricitymarketdesignforapowersystemcharacterizedbyhighpenetrationofrenewableenergygeneration AT qixinchen spotelectricitymarketdesignforapowersystemcharacterizedbyhighpenetrationofrenewableenergygeneration AT bomiaoliang spotelectricitymarketdesignforapowersystemcharacterizedbyhighpenetrationofrenewableenergygeneration
_version_	1718417479169998848

Spot electricity market design for a power system characterized by high penetration of renewable energy generation

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