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A goal of competitive wholesale markets is to be efficient both in the short-run, by ensuring that resources are dispatched to minimize production costs while maintaining secure operations, and in the long-run, by ensuring that market prices help to coordinate investment in new generation or the orderly retirement of resources that are no longer competitive.…

Introduction China’s urbanization rate increased from 36% in 2000 to 60% in 2019. With the rapid growth of urbanization, the efficiency of the centralized energy supply is receiving increasing attention. It becomes more important to coordinate different energy sectors, i.e., electricity, heating, cooling, and gas systems to increase the overall energy efficiency. With the development…

Why have grid-forming inverters become a hot topic? High penetration of renewable energy, mainly from wind and photovoltaics (PV), has been associated with a major shift in power source connections. The shift has been from power sources being connected to the power systems directly using synchronous generators, to connections via solid state inverters, introducing inverter-based…

AC/DC is not only a rock band of repute with countless classics under their belt, but it was also the topic of the great current war between Tesla and Edison. Both approaches, however, required the presence of a rotating machine, inside which the friendly properties described by Faraday, Newton, Maxwell, and Lenz meshed together to…

Capacity markets are used in some wholesale electricity markets to pay resources for being available to meet peak electricity demand. Capacity is not actual electricity, but rather the ability to produce electricity when called upon several years in the future. Capacity market payments cover some or all of the fixed costs of building and maintaining…