Electricity Markets in the United States: A Brief History, Current Operations, and Trends

Nudell, Thomas R.; Annaswamy, Anuradha M.; Lian, Jianming; Kalsi, Karanjit; D’Achiardi, David

doi:10.1007/978-3-319-98310-3_1

Cited by 5 publications

(2 citation statements)

References 48 publications

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“…Since the 1990s, several countries around the world have promoted deregulation of the electricity industry [1,2] . In these markets, participants make decisions, compete with each other and game the rules for their own interests.…”

Section: Introductionmentioning

confidence: 99%

The competition and equilibrium in power markets under decarbonization and decentralization

Chen

Fang

Guo

et al. 2022

iEnergy

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Equilibrium analysis has been widely studied as an effective tool to model gaming interactions and predict market results. However, as competition modes are fundamentally changed by the decarbonization and decentralization of power systems, analysis techniques must evolve. This article comprehensively reviews recent developments in modelling methods, practical settings and solution techniques in equilibrium analysis. Firstly, we review equilibrium in the evolving wholesale power markets which feature new entrants, novel trading products and multi-stage clearing. Secondly, the competition modes in the emerging distribution market and distributed resource aggregation are reviewed, and we compare peer-to-peer clearing, cooperative games and Stackelberg games. Furthermore, we summarize the methods to treat various information acquisition degrees, risk preferences and rationalities of market participants. To deal with increasingly complex market settings, this review also covers refined analytical techniques and agent-based models used to compute the equilibrium. Finally, based on this review, this paper summarizes key issues in the gaming and equilibrium analysis in power markets under decarbonization and decentralization.

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Section: Introductionmentioning

confidence: 99%

The competition and equilibrium in power markets under decarbonization and decentralization

Chen

Fang

Guo

et al. 2022

iEnergy

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“…Discussions of DER-level markets has begun in high penetration states, such as New York, Hawaii, and California, but continues to remain in a nascent stage, with limited market-design innovation for the distribution grid (NASEM, 2021). The design of such markets, the operational changes, and the regulatory requirements are all open questions, for which a growing body of literature is developing (Nudell et al, 2019;Zinaman et al, 2015;IRENA, 2019;MITEI, 2016). These works look toward the establishment of a Distribution System Operator (DSO), which is charged with not only operating the distribution grid, but with overseeing the operations of a new retail market and interfacing with the wholesale market.…”

Section: Introductionmentioning

confidence: 99%

Reinventing the Utility for DERs: A Proposal for a DSO-Centric Retail Electricity Market

Haider,

D'Achiardi,

Venkataramanan

et al. 2021

Preprint

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The increasing penetration of intermittent renewables, storage devices, and flexible loads is introducing operational challenges in distribution grids. The proper coordination and scheduling of these resources using a distributed approach is warranted, and can only be achieved through local retail markets employing transactive energy schemes. To this end, we propose a distribution-level retail market operated by a Distribution System Operator (DSO), which schedules DERs and determines the real-time distribution-level Locational Marginal Price (d-LPM). The retail market is built using a distributed Proximal Atomic Coordination (PAC) algorithm, which solves the optimal power flow model while accounting for network physics, rendering locationally and temporally varying d-LMPs. A numerical study of the market structure is carried out via simulations of the IEEE-123 node network using data from ISO-NE and Eversource in Massachusetts, US. The market performance is compared to existing retail practices, including demand response (DR) with no-export rules and net metering. The DSO-centric market increases DER utilization, permits continual market participation for DR, lowers electricity rates for customers, and eliminates the subsidies inherent to net metering programs. The resulting lower revenue stream for the DSO highlights the evolving business model of the modern utility, moving from commoditized markets towards performance-based ratemaking.

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Design of Load Forecast Systems Resilient Against Cyber-Attacks

Barreto

Koutsoukos

2019

Lecture Notes in Computer Science

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Electricity Markets in the United States: A Brief History, Current Operations, and Trends

Cited by 5 publications

References 48 publications

The competition and equilibrium in power markets under decarbonization and decentralization

The competition and equilibrium in power markets under decarbonization and decentralization

Reinventing the Utility for DERs: A Proposal for a DSO-Centric Retail Electricity Market

Design of Load Forecast Systems Resilient Against Cyber-Attacks

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