Market-Based Decision Guidance Framework for Power and Alternative Energy Collaboration

Abstract

With the introduction of power energy markets deregulation, innovations have transformed once a static network into a more flexible grid. Microgrids have also been deployed to serve various purposes (e.g., reliability, sustainability, etc.). With the rapid deployment of smart grid technologies, it has become possible to measure and record both, the quantity and time of the consumption of electrical power. In addition, capabilities for controlling distributed supply and demand have resulted in complex systems where inefficiencies are possible and where improvements can be made. Electric power like other volatile resources cannot be stored efficiently, therefore, managing such resource requires considerable attention.