Abstract
Many power sector reforms and new market mechanism designs have been under intense discussion again because of the emerging smart grid technologies plus some innovative information technology (IT) business models and an Internet-inspired commercial paradigm. However, most research on the electricity market still focuses on the wholesale market, particularly the bidding process and financial transmission rights. The development of the retail electricity market seldom borrows much experience from such bulk power transactions, though. Instead, it prefers to follow principles, such as multioptions, peer-to-peer, sharing economy friendliness, negotiability, and so on, which are utilized successfully in the customer-centric IT industry. The key to open innovation in the power sector has been believed to be the development of consumer-centric business models and well-designed demand side management programs suitable for next-generation electric grid: energy internet. Besides various kinds of electricity market mechanism designs within future energy internet, transactive energy is also believed as an important concept of an efficient and flexible platform for future energy transactions. The principles provided by transactive energy will enable better electricity market reform in parallel with the development of energy internet.
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