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

Article


Johnathon, Chris, Agalgaonkar, Ashish Prakash, Kennedy, Joel and Planiden, Chayne. 2021. "Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation." Energies. 14 (22), pp. 1-15. https://doi.org/10.3390/en14227618
Article Title

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

ERA Journal ID123161
Article CategoryArticle
AuthorsJohnathon, Chris (Author), Agalgaonkar, Ashish Prakash (Author), Kennedy, Joel (Author) and Planiden, Chayne (Author)
Journal TitleEnergies
Journal Citation14 (22), pp. 1-15
Article Number7618
Number of Pages15
Year2021
PublisherMDPI AG
Place of PublicationSwitzerland
ISSN1996-1073
Digital Object Identifier (DOI)https://doi.org/10.3390/en14227618
Web Address (URL)https://www.mdpi.com/1996-1073/14/22/7618
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.

KeywordsElectricity markets; Interconnected power systems; Renewable energy technologies; Variable renewable energy
ANZSRC Field of Research 2020400805. Electrical energy transmission, networks and systems
Byline AffiliationsUniversity of Wollongong
School of Engineering
Institution of OriginUniversity of Southern Queensland
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