Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation

Global electricity markets are undergoing a rapid transformation in their energy mix to meet commitments towards sustainable electric grids. This change in energy mix engenders significant challenges, specifically concerning the management of non-dispatchable energy resources. System and market oper...

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Autores principales:	Chris Johnathon, Ashish Prakash Agalgaonkar, Joel Kennedy, Chayne Planiden
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	electricity markets variable renewable energy renewable energy technologies interconnected power systems Technology T
Acceso en línea:	https://doaj.org/article/b3a09974cb4f4e14b32fd66ea966abba
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spelling	oai:doaj.org-article:b3a09974cb4f4e14b32fd66ea966abba2021-11-25T17:27:17ZAnalyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation10.3390/en142276181996-1073https://doaj.org/article/b3a09974cb4f4e14b32fd66ea966abba2021-11-01T00:00:00Zhttps://www.mdpi.com/1996-1073/14/22/7618https://doaj.org/toc/1996-1073Global electricity markets are undergoing a rapid transformation in their energy mix to meet commitments towards sustainable electric grids. This change in energy mix engenders significant challenges, specifically concerning the management of non-dispatchable energy resources. System and market operators are required to meet power system security and reliability requirements whilst providing electricity at competitive prices. An overview of electricity markets is provided in this paper with a critical appraisal of each market’s ability to manage the large-scale energy mix transition. This paper provides a commentary on the distinct features of electricity market models implemented around the world and highlights the barriers within these market models that are hindering the energy mix transition. Various researchers and policymakers are proposing solutions and market reforms for the smooth transitioning of the energy mix. This paper presents a systematic review of the proposed solutions in the literature and critiques the effectiveness and ease of implementation of the reviewed solutions. Research gaps and future research directions are indicated to promote further exploration towards the effective integration of large-scale renewable energy technologies.Chris JohnathonAshish Prakash AgalgaonkarJoel KennedyChayne PlanidenMDPI AGarticleelectricity marketsvariable renewable energyrenewable energy technologiesinterconnected power systemsTechnologyTENEnergies, Vol 14, Iss 7618, p 7618 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	electricity markets variable renewable energy renewable energy technologies interconnected power systems Technology T
spellingShingle	electricity markets variable renewable energy renewable energy technologies interconnected power systems Technology T Chris Johnathon Ashish Prakash Agalgaonkar Joel Kennedy Chayne Planiden Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation
description	Global electricity markets are undergoing a rapid transformation in their energy mix to meet commitments towards sustainable electric grids. This change in energy mix engenders significant challenges, specifically concerning the management of non-dispatchable energy resources. System and market operators are required to meet power system security and reliability requirements whilst providing electricity at competitive prices. An overview of electricity markets is provided in this paper with a critical appraisal of each market’s ability to manage the large-scale energy mix transition. This paper provides a commentary on the distinct features of electricity market models implemented around the world and highlights the barriers within these market models that are hindering the energy mix transition. Various researchers and policymakers are proposing solutions and market reforms for the smooth transitioning of the energy mix. This paper presents a systematic review of the proposed solutions in the literature and critiques the effectiveness and ease of implementation of the reviewed solutions. Research gaps and future research directions are indicated to promote further exploration towards the effective integration of large-scale renewable energy technologies.
format	article
author	Chris Johnathon Ashish Prakash Agalgaonkar Joel Kennedy Chayne Planiden
author_facet	Chris Johnathon Ashish Prakash Agalgaonkar Joel Kennedy Chayne Planiden
author_sort	Chris Johnathon
title	Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation
title_short	Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation
title_full	Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation
title_fullStr	Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation
title_full_unstemmed	Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation
title_sort	analyzing electricity markets with increasing penetration of large-scale renewable power generation
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/b3a09974cb4f4e14b32fd66ea966abba
work_keys_str_mv	AT chrisjohnathon analyzingelectricitymarketswithincreasingpenetrationoflargescalerenewablepowergeneration AT ashishprakashagalgaonkar analyzingelectricitymarketswithincreasingpenetrationoflargescalerenewablepowergeneration AT joelkennedy analyzingelectricitymarketswithincreasingpenetrationoflargescalerenewablepowergeneration AT chayneplaniden analyzingelectricitymarketswithincreasingpenetrationoflargescalerenewablepowergeneration
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Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation

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