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Gaining money and high profit is the dream of electricity market investors; however, it requires accurate financial knowledge and price forecasting ability. Most of the investors are used the electricity market historical information for forecasting power generation, consumption, and utility price. Unfortunately, electricity market time-series profile is high volatility and change over time, so the factual data cannot accurately reflect the electricity market states such as power consumption and generation. In the literature, there is no systematic way or suitable models that can fit, analyze, and predict electricity market system states over time. Interestingly, this paper proposes an electricity market state-space model which is obtained by a set of electricity market differential equations. After simplifying of these equations, the continuous-time electricity market state-space model is derived. Using discrete-time step size parameter, the continuous-time system is discretised. Furthermore, the noisy measurements are obtained by a set of smart sensors. Finally, the Kalmna filter based electricity market state forecasting algorithm is developed based on noisy measurements. Simulation results show that the proposed algorithm can properly forecast the electricity market states. Consequently, this kind of model and algorithm can help to develop the electricity market simulator and assist investor to participate/invest electricity market regardless of the world economic downtown.
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This content will become publicly available on December 1, 2026
Market Designs for Inertia Remuneration in Electricity Systems
Abstract Purpose of ReviewThe share of asynchronous inverter-based resources is increasing in many electricity systems, displacing synchronous generators. This leads to a decreasing level of system inertia, which threatens electricity-system stability. This dynamic raises the question of how to secure sufficient levels of inertia. One possibility is taking a market-based approach to incentivize the installation of inertia-providing equipment. To this end, this paper reviews market designs to reimburse inertia provision that are discussed in the literature. Recent FindingsWe find five distinct market designs to remunerate inertia that are discussed in the literature—bilateral negotiation, tendering, auctions, bonus systems, and integrating inertia-related constraints into energy-market models. In addition, there are other approaches that are not based on a market mechanism—penalties, regulatory obligations, self-provision by electricity-system operators, and redispatch. We examine current approaches that are employed by Ireland, Great Britain, Australia, and Germany, which demonstrate the real-world use of these theoretical designs. We assess the five market designs based on their advantages and disadvantages. SummaryWe find that there is not a single market design that outperforms the othersvis-à-visall market-performance indicators. Which market design is suited best for a specific use case depends upon the particular circumstances. A solely market-based solution may not be sufficient to secure electricity-system stability and should be enriched with regulatory guidelines to mitigate the risk of market failure.
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- Award ID(s):
- 1808169
- PAR ID:
- 10633549
- Publisher / Repository:
- Springer Nature Switzerland AG
- Date Published:
- Journal Name:
- Current Sustainable/Renewable Energy Reports
- Volume:
- 12
- Issue:
- 1
- ISSN:
- 2196-3010
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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