The electricity market, which was initially designed for dispatchable power plants and inflexible demand, is being increasingly challenged by new trends, such as the high penetration of intermittent renewables and the transformation of the consumers energy space. To accommodate these new trends and improve the performance of the market, several modifications to current market designs have been proposed in the literature. Given the vast variety of these proposals, this paper provides a comprehensive investigation of the modifications proposed in the literature as well as a detailed assessment of their suitability for improving market performance under the continuously evolving electricity landscape. To this end, first, a set of criteria for an ideal market design is proposed, and the barriers present in current market designs hindering the fulfillment of these criteria are identified. Then, the different market solutions proposed in the literature, which could potentially mitigate these barriers, are extensively explored. Finally, a taxonomy of the proposed solutions is presented, highlighting the barriers addressed by each proposal and the associated implementation challenges. The outcomes of this analysis show that even though each barrier is addressed by at least one proposed solution, no single proposal is able to address all the barriers simultaneously. In this regard, a future-proof market design must combine different elements of proposed solutions to comprehensively mitigate market barriers and overcome the identified implementation challenges. Thus, by thoroughly reviewing this rich body of literature, this paper introduces key contributions enabling the advancement of the state-of-the-art towards increasingly efficient electricity market.
Assessing Long-Term Electricity Market Design for Ambitious Decarbonization Targets using Multi-Agent Reinforcement Learning
Department of Electronics, Information and Bioengineering（电子信息与生物工程系）；Department of Management, Economics and Industrial Engineering（管理、经济与工业工程系）；CMCC Foundation- Euro-Mediterranean Center on Climate Change（CMCC基金会—地中海气候变化中心）；RFF-CMCC European Institute on Economics and the Environment（RFF-CMCC欧洲经济与环境研究所）；Centre for Research on Geography, Resources, Environment, Energy and Networks (GREEN)（地理、资源、环境、能源与网络研究中心）
