Frontiers in Energy Research (Apr 2024)
A mini-review on trading mechanisms of emerging joint energy markets with high shares of renewables
Abstract
The intermittence and unpredictability of large-scale renewable integration poses significant challenges to the operation of the electricity market. New paradigms of the joint electricity spot market (EM) and ancillary service market (ASM) incorporating frequency regulation (FR) and flexible ramping product (FRP) are considered as potential solutions, addressing the challenge of limited compatibility in the electricity market with the widespread integration of renewable sources. This work focuses on three critical technical obstacles: optimizing the joint market mechanisms, constructing bidding models, and exploring algorithmic solutions. This paper presents a brief review of recent research on bidding mechanisms, models, and strategies for the electricity joint market with high-penetration renewable integration. Furthermore, challenges and future research prospects of these issues are also discussed.
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