An Evaluation Framework to Assess the Performance of Electricity Market Models

Paper

Johnathon, Chris, Agalgaonkar, Ashish, Planiden, Chayne and Kennedy, Joel. 2022. "An Evaluation Framework to Assess the Performance of Electricity Market Models." 2022 IEEE Industry Applications Society Annual Meeting (IAS 2022). Detroit, USA 09 - 14 Oct 2022 United States. IEEE (Institute of Electrical and Electronics Engineers). https://doi.org/10.1109/IAS54023.2022.9939826
Paper/Presentation Title

An Evaluation Framework to Assess the Performance of Electricity Market Models

Presentation TypePaper
AuthorsJohnathon, Chris, Agalgaonkar, Ashish, Planiden, Chayne and Kennedy, Joel
Journal or Proceedings TitleProccedings of 2022 IEEE Industry Applications Society Annual Meeting (IAS 2022)
Number of Pages7
Year2022
PublisherIEEE (Institute of Electrical and Electronics Engineers)
Place of PublicationUnited States
Digital Object Identifier (DOI)https://doi.org/10.1109/IAS54023.2022.9939826
Web Address (URL) of Paperhttps://ieeexplore.ieee.org/document/9939826
Web Address (URL) of Conference Proceedingshttps://ieeexplore.ieee.org/xpl/conhome/9939685/proceeding
Conference/Event2022 IEEE Industry Applications Society Annual Meeting (IAS 2022)
Event Details
2022 IEEE Industry Applications Society Annual Meeting (IAS 2022)
Parent
Industry Applications Society Annual Meeting
Delivery
In person
Event Date
09 to end of 14 Oct 2022
Event Location
Detroit, USA
Abstract

Electricity markets around the world are undergoing a rapid transformation from a centralized structure involving large-scale fossil fuel-based generation to several small-scale, widespread generating technologies such as the variable renewable energy. The existing electricity markets were developed for conventional generators; integration of more VRE into grids can lead to adverse events within these market models. As a result, new market designs are being developed to reform the structure of existing electricity markets. In this paper, an evaluation framework is proposed to aid decision makers in assessing the performance of the newly developed electricity markets. The proposed evaluation framework assesses a market model based on five desirable attributes of electricity markets: Economic Efficiency, Macroeconomic Stability, Sustainability, Revenue Stability, and Viability. Furthermore, the applicability of the proposed market evaluation framework is demonstrated using various market designs.

Keywordsenergy markets; market modeling; risk management; power system economics and variable renewable energy
ANZSRC Field of Research 20204099. Other engineering
Public Notes

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Byline AffiliationsUniversity of Wollongong
University of Southern Queensland
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