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Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation

1
Faculty of Engineering and Information Sciences, University of Wollongong, Wollongong 2500, Australia
2
Faculty of Health, Engineering and Sciences, University of Southern Queensland, Springfield 4300, Australia
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Author to whom correspondence should be addressed.
Academic Editors: Francois Vallee and Tek Tjing Lie
Energies 2021, 14(22), 7618; https://doi.org/10.3390/en14227618
Received: 7 September 2021 / Revised: 24 October 2021 / Accepted: 7 November 2021 / Published: 15 November 2021
(This article belongs to the Topic Sustainable Energy Technology)
Global electricity markets are undergoing a rapid transformation in their energy mix to meet commitments towards sustainable electric grids. This change in energy mix engenders significant challenges, specifically concerning the management of non-dispatchable energy resources. System and market operators are required to meet power system security and reliability requirements whilst providing electricity at competitive prices. An overview of electricity markets is provided in this paper with a critical appraisal of each market’s ability to manage the large-scale energy mix transition. This paper provides a commentary on the distinct features of electricity market models implemented around the world and highlights the barriers within these market models that are hindering the energy mix transition. Various researchers and policymakers are proposing solutions and market reforms for the smooth transitioning of the energy mix. This paper presents a systematic review of the proposed solutions in the literature and critiques the effectiveness and ease of implementation of the reviewed solutions. Research gaps and future research directions are indicated to promote further exploration towards the effective integration of large-scale renewable energy technologies. View Full-Text
Keywords: electricity markets; variable renewable energy; renewable energy technologies; interconnected power systems electricity markets; variable renewable energy; renewable energy technologies; interconnected power systems
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MDPI and ACS Style

Johnathon, C.; Agalgaonkar, A.P.; Kennedy, J.; Planiden, C. Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation. Energies 2021, 14, 7618. https://doi.org/10.3390/en14227618

AMA Style

Johnathon C, Agalgaonkar AP, Kennedy J, Planiden C. Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation. Energies. 2021; 14(22):7618. https://doi.org/10.3390/en14227618

Chicago/Turabian Style

Johnathon, Chris, Ashish Prakash Agalgaonkar, Joel Kennedy, and Chayne Planiden. 2021. "Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation" Energies 14, no. 22: 7618. https://doi.org/10.3390/en14227618

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