Challenges, improvements, and opportunities market with the liberalization of the residential electricity market

Abstract

Numerous countries have adopted electricity market liberalization for residential consumers. Although the benefits of the free market are notorious, when this opening refers to the residential consumer, a bigger debate about such benefits is necessary, in addition to the carefully planned implementation. Hence, this paper sought to shed more light on the main barriers a country faces in opening the retail market, the technological and market improvements required to successfully implement the retail market for the residential class, and the market opportunities the opening promotes to stakeholders. Extensive systematic literature and grey literature reviews revealed 16 barriers, 17 improvements, and 12 opportunities, which were analyzed, discussed, and grouped into four primary barriers, five primary market improvements, and five primary opportunities. These insights provide a solid foundation for developing practical and applicable recommendations for energy stakeholders and policymakers to promote effective improvements, appropriate strategies, and sound policy in the context of the retail market for residential electricity.