Understanding Power Market Dynamics by Reflecting Market Interrelations and Flexibility-Oriented Bidding Strategies

Power markets are becoming increasingly complex as they move towards (i) integrating higher amounts of variable renewable energy, (ii) shorter trading intervals and lead times, (iii) stronger interdependencies between related markets, and (iv) increasing energy system integration. For designing them appropriately, an enhanced understanding of the dynamics in interrelated short-term physical power and energy markets is required, which can be supported by market simulations. In this paper, we present an agent-based power market simulation model with rule-based bidding strategies that addresses the above-mentioned challenges, and represents market participants individually with a high level of technical detail. By allowing agents to participate in several interrelated markets, such as the energy-only market, a procurement platform for control reserve and a local heat market representing district heating systems, cross-market opportunity costs are well reflected. With this approach, we were able to reproduce EPEX SPOT market outcomes for the German bidding zone with a high level of accuracy (mean absolute percentage error of 8 €/MWh for the years 2016–2019). We were also able to model negative market prices at the energy-only market realistically, and observed that the occurrence of negative prices differs among data inputs used. The simulation model provides a useful tool for investigating different short-term physical power/energy market structures and designs in the future. The modular structure also enables extension to further related markets, such as fuel, CO2, or derivative markets.

A Review of Data-Driven Short-Term Voltage Stability Assessment of Power Systems: Concept, Principle, and Challenges

With the rapid growth of power market reform and power demand, the power transmission capacity of a power grid is approaching its limit and the secure and stable operation of power systems becomes increasingly important. In particular, in modern power grids, the proportion of dynamic loads with fast recovery characteristics such as air conditioners, refrigerators, and industrial motors is increasing. As well as there is an increasing proportion of different forms of renewable energy in power systems. Therefore, the short-term voltage stability (STVS) of power systems cannot be ignored. This article comprehensively sorts out the STVS problems of power systems from the perspective of data-driven methods and discusses existing challenges.

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

To reach the “30·60” decarbonization target (where carbon emissions start declining in 2030 and reach net zero in 2060), China is restructuring its power system to a new energy-based one. Given this new situation, this paper reviews previous studies on the power market and highlights key issues for future research as we seek to adapt to the new power system (NPS). Based on a systematic literature review, papers on the operational efficiency of the power market, participants’ bidding strategies and market supervision were identified. In a further step, papers with high relevance were analyzed in more detail. Then, key studies that focused on market trading under China’s new power system were picked out for further discussion. New studies were searched for that pertained to new energy mechanisms and bidding, the transition from coal-fired power, flexible resources and the technical applications of simulations. The quantitative analysis supports the construction of a basic paradigm for the study of power markets that is suitable for the new power system. Finally, the theoretical basis and application suggestions for power market simulations are introduced. This study summarized the existing research on the power market and further explored the key issues relating to the power market as it adapts to the NPS, hoping to inspire better research into China’s power sector, and promote safe, low-carbon, and sustainable development in China’s power industry.

Research on Dispatching Management of High Proportion New Energy Grid in the Electricity Market Environment

The electricity spot market can reflect the power supply and demand situation in real time through price signals, guiding users to shift peaks and fill valleys, and enhancing the level of new energy consumption. Gansu Province, one of the first pilot spot market provinces in China, has designed a bilateral spot market for generations and users. The power supply mode and grid operation mode will undergo changes according to the operation results of the power market to achieve the optimal allocation of power resources, thus posing a huge challenge to the original grid dispatching mode. The article analyses the dispatch management articulation model based on the high penetration of new energy grids in the power market reform, adapts the work focus after changes in the power market business, and explores efficient dispatching business processes for the power spot market to ensure a smooth transition of dispatching work and effective integration of the market business.