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http://bura.brunel.ac.uk/handle/2438/31450| Title: | A Novel Methodology to Investigate the Impact of Electricity Market Reforms on Future Electricity Prices |
| Authors: | Mustapha, MJ Taylor, G Hulak, D |
| Keywords: | electricity ten year statement;future energy scenarios;locational marginal pricing;optimal power flow;power factory |
| Issue Date: | 2-Sep-2024 |
| Publisher: | Institute of Electrical and Electronics Engineers (IEEE) |
| Citation: | Mustapha, M.J., Taylor, G. and Hulak, D. (2024) 'A Novel Methodology to Investigate the Impact of Electricity Market Reforms on Future Electricity Prices', 2024 59th International Universities Power Engineering Conference, UPEC 2024, 2024, pp. 1 - 6. doi: 10.1109/UPEC61344.2024.10892395. |
| Abstract: | Electricity market reforms are essential to the United Kingdom (UK) government's plan to achieve net zero by 2035. However, the impact of these reforms on future electricity prices remains challenging due to the complex and intermittent nature of renewable energy sources. This research paper presents a novel methodology to investigate the impact of current electricity market reforms in the UK on future electricity prices. The methodology integrates advanced simulation techniques with a detailed analysis of market mechanisms, providing a comprehensive framework to assess the impacts of regulatory changes. Locational pricing is a proposed alternative to single wholesale market pricing in the recent Review of Electricity Markets Arrangements (REMA) consultation. To conduct the research, the study uses a 36-bus reduced version Great Britain (GB) transmission system using PowerFactory to calculate the prices in each zone based on the Future Energy Scenarios (FES). The findings of this study reveal that adopting locational pricing could result in significant geographical disparities in electricity prices across different zones. |
| URI: | https://bura.brunel.ac.uk/handle/2438/31450 |
| DOI: | https://doi.org/10.1109/UPEC61344.2024.10892395 |
| ISBN: | 979-8-3503-7973-0 (ebk) |
| ISSN: | 979-8-3503-7974-7 (PoD) |
| Other Identifiers: | ORCiD: Gareth Taylor https://orcid.org/0000-0003-0867-2365 ORCiD: Daniil Hulak https://orcid.org/0000-0001-8840-3557 |
| Appears in Collections: | Dept of Electronic and Electrical Engineering Research Papers |
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|---|---|---|---|---|
| FullText.pdf | Copyright © 2024 Institute of Electrical and Electronics Engineers (IEEE). Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. See: https://journals.ieeeauthorcenter.ieee.org/become-an-ieee-journal-author/publishing-ethics/guidelines-and-policies/post-publication-policies/ | 1.07 MB | Adobe PDF | View/Open |
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