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- W4385756688 abstract "Electricity markets are transforming from the dominance of conventional energy resources (CERs), e.g., fossil fuels, to low-carbon energy resources (LERs), e.g., renewables and energy storage. This work examines market mechanisms to incentivize LER investments, while ensuring adequate market revenues for investors, guiding investors' strategic investments towards social optimum, and protecting consumers from scarcity prices. To reduce the impact of excessive scarcity prices, we present a new market mechanism, which consists of a <italic xmlns:mml=http://www.w3.org/1998/Math/MathML xmlns:xlink=http://www.w3.org/1999/xlink>P</i> enalty payment for lost load, a supply <italic xmlns:mml=http://www.w3.org/1998/Math/MathML xmlns:xlink=http://www.w3.org/1999/xlink>I</i> ncentive, and an energy price <italic xmlns:mml=http://www.w3.org/1998/Math/MathML xmlns:xlink=http://www.w3.org/1999/xlink>U</i> plift (PIU). We establish a game-theoretical framework to analyze market equilibrium. We prove that one Nash equilibrium under the penalty payment and supply incentive can reach the social optimum given quadratic supply costs of CERs. Although the price uplift can ensure adequate revenues, the resulting system cost deviates from the social optimum while the gap decreases as more CERs retire. Furthermore, under the traditional marginal-cost pricing (MCP) mechanism, investors may withhold investments to cause scarcity prices, but such behavior is absent under the PIU mechanism. Simulation results show that the PIU mechanism can reduce consumers' costs by over 30% compared with the MCP mechanism by reducing excessive revenues of low-cost CERs from scarcity prices." @default.
- W4385756688 created "2023-08-12" @default.
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- W4385756688 date "2023-01-01" @default.
- W4385756688 modified "2023-10-06" @default.
- W4385756688 title "Market Mechanisms for Low-Carbon Electricity Investments: A Game-Theoretical Analysis" @default.
- W4385756688 doi "https://doi.org/10.1109/tempr.2023.3304555" @default.
- W4385756688 hasPublicationYear "2023" @default.
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