Related papers: What may future electricity markets look like?

As the impacts of climate change become increasingly apparent, the need for widespread electrification is now internationally recognized. As a result, global battery production is set to dramatically expand over the next decade.…

The energy transition is expected to significantly increase the share of renewable energy sources whose production is intermittent in the electricity mix. Apart from key benefits, this development has the major drawback of generating a…

Battery electric vehicles are rapidly entering the market. Their success offers great opportunities for the decarbonization of the transport sector, but also pose new challenges to energy infrastructures. Public charging stations must be…

This review presents the set of electricity price models proposed in the literature since the opening of power markets. We focus on price models applied to financial pricing and risk management. We classify these models according to their…

In this study, we develop a theoretical model of strategic equilibrium bidding and price-setting behaviour by heterogeneous and boundedly rational electricity producers and a grid operator in a single electricity market under uncertain…

Increased penetration of wind energy will make electricity market prices more volatile. As a result, market participants will bear increased financial risks, which impact investment decisions and in turn, makes it harder to achieve…

Market-based coordination of demand side assets has gained great interests in recent years. In spite of its efficiency, there is a risk that the interaction between the dynamic assets through the price signal could result in an unstable…

The current trend towards more renewable and sustainable energy generation leads to an increased interest in new energy management systems and the concept of a smart grid. One important aspect of this is local energy trading, which is an…

We review an emerging body of work by physicists addressing questions of economic organization and function. We suggest that, beyond simply employing models familiar from physics to economic observables, remarkable regularities in economic…

The reliability of the electric grid has in recent years become a larger concern for regulators, planners, and consumers due to several high-impact outage events, as well as the potential for even more impactful events in the future. These…

The energy transition is well underway in most European countries. It has a growing impact on electric power systems as it dramatically modifies the way electricity is produced. To ensure a safe and smooth transition towards a pan-European…

The concept of smart cities is driven by the need to enhance citizens' quality of life. It is estimated that 70% of the world population will live in urban areas by 2050. The electric grid is the energy backbone of smart city deployments.…

Electricity market modelling is often used by governments, industry and agencies to explore the development of scenarios over differing timeframes. For example, how would the reduction in cost of renewable energy impact investments in gas…

The world is changing fast, and so is the space sector. Planning for large scientific experiments two decades ahead may no longer be the most sensible approach. I develop the argument that large science experiments are becoming comparable…

This paper puts forward the vision that a natural future stage of the electricity network could be a grid spanning the whole planet and connecting most of the large power plants in the world: this is the "Global Grid". The main driving…

Given the rapid pace of energy system development, the time has come to reimagine the U.S. Government's capability to model the long-term evolution of the domestic and global energy system. As a primary custodian of these capabilities, the…

The spotlight is on the intertwined nature of sustainability and energy transition. As the world grapples with environmental challenges, the push for a green approach to energy is more crucial than ever. This transition promises not just a…

Extreme weather events stemming from climate change can cause significant damage and disruption to power systems. Failure to mitigate and adapt to climate change and its cascading effects can lead to short and long term issues. The profound…

Competition has been introduced in the electricity markets with the goal of reducing prices and improving efficiency. The basic idea which stays behind this choice is that, in competitive markets, a greater quantity of the good is exchanged…

High shares of variable renewable energy necessitate substantial energy storage capacity. However, it remains unclear how to design a market that, on the one hand, ensures a stable and sufficient income for storage firms, and, on the other…