A Review on Architecture of Electricity Markets

Abstract

To enhance and expand the future smart electric grids, a new trend of power system reforms with multidisciplinary actions are essential. Electricity markets can able to create significant benefits for market participants, however there exists gap and several challenges in designing feasible market architecture. Thus, this paper presents the review of various electricity market models which are currently exercising in different countries. The general view of current state-of-art is showcased related to market participants and facilitators in the electricity markets. The review and observations presented in this paper can help the researchers and policy makers to reform and frame the future electric grids for reducing the end price to electricity customers.