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 Type | Paper |
| Authors | Johnathon, Chris, Agalgaonkar, Ashish, Planiden, Chayne and Kennedy, Joel |
| Journal or Proceedings Title | Proccedings of 2022 IEEE Industry Applications Society Annual Meeting (IAS 2022) |
| Number of Pages | 7 |
| Year | 2022 |
| Publisher | IEEE (Institute of Electrical and Electronics Engineers) |
| Place of Publication | United States |
| Digital Object Identifier (DOI) | https://doi.org/10.1109/IAS54023.2022.9939826 |
| Web Address (URL) of Paper | https://ieeexplore.ieee.org/document/9939826 |
| Web Address (URL) of Conference Proceedings | https://ieeexplore.ieee.org/xpl/conhome/9939685/proceeding |
| Conference/Event | 2022 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. |
| Keywords | energy markets; market modeling; risk management; power system economics and variable renewable energy |
| ANZSRC Field of Research 2020 | 4099. Other engineering |
| Public Notes | Files associated with this item cannot be displayed due to copyright restrictions. |
| Byline Affiliations | University of Wollongong |
| University of Southern Queensland |
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