Abstract
AbstractThe distribution systems operations (both economic and technical) are seeing a paradigm shift as a result of increasing deployment of distributed energy resources (DERs) and smart grid technologies. The next-generation retail electricity market will promote decentralization, efficiency, and competitiveness by accommodating existing and new entities through new business models and transactive approaches. However, these changes will bring several technical challenges to be addressed specifically in distribution systems. This Chapter aims to present a brief review of the state-of-the-art of retail electricity market, some recent developments in this area, and a comprehensive vision of the next-generation distribution system level electricity market by addressing the important characteristics, the challenges, the needs, and the relevant future research areas to be addressed.
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