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

Johnathon, Chris and Agalgaonkar, Ashish Prakash and Kennedy, Joel ORCID: https://orcid.org/0000-0002-6489-0845 and Planiden, Chayne (2021) Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation. Energies, 14 (22):7618. pp. 1-15.

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Abstract

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.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Faculty/School / Institute/Centre: Historic - Faculty of Health, Engineering and Sciences - School of Mechanical and Electrical Engineering (1 Jul 2013 - 31 Dec 2021)
Faculty/School / Institute/Centre: Historic - Faculty of Health, Engineering and Sciences - School of Mechanical and Electrical Engineering (1 Jul 2013 - 31 Dec 2021)
Date Deposited: 19 Apr 2022 23:15
Last Modified: 31 May 2022 04:26
Uncontrolled Keywords: Electricity markets; Interconnected power systems; Renewable energy technologies; Variable renewable energy
Fields of Research (2020): 40 ENGINEERING > 4008 Electrical engineering > 400805 Electrical energy transmission, networks and systems
Identification Number or DOI: https://doi.org/10.3390/en14227618
URI: http://eprints.usq.edu.au/id/eprint/44832

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