Energy Diversification Research Articles

From Fossil Fuels to Renewables: Clustering European Primary Energy Production from 1990 to 2022

This study examines the structural shifts in primary energy production across European countries from 1990 to 2022, focusing on changes in energy sources and their implications for energy security and sustainability. Set against a backdrop of evolving geopolitical landscapes, economic pressures, and climate policies, including significant recent impacts such as the conflict in Ukraine, this research highlights the critical importance of a stable and diversified energy supply. The analysis utilizes the k-means clustering method, examining countries for which data are available in the Eurostat database and considering primary energy sources as defined by the Standard International Energy Product Classification (SIEC), including solid fossil fuels, natural gas, crude oil, nuclear energy, renewable energy sources, peat, and non-renewable waste. By categorizing European nations into clusters based on their energy production profiles, the study reveals substantial transitions from fossil fuel-based systems to those increasingly dominated by renewable energy sources. While some countries have made significant progress in integrating renewables, others remain heavily dependent on traditional energy sources such as coal and natural gas. The findings underscore the growing role of natural gas as a bridge fuel and the relatively stable contribution of nuclear energy in certain regions. A key outcome is the observed disparity between energy production and consumption across Europe, with many large economies facing a persistent deficit in domestic energy production, resulting in a high reliance on energy imports, particularly of natural gas and oil. This dependency poses significant challenges to energy security, especially given recent geopolitical disruptions and market fluctuations. The paper also discusses the environmental implications of these energy trends, emphasizing the vital role of renewable energy in achieving the European Union’s decarbonization goals.

Trends and opportunities in renewable energy investment in Saudi Arabia: Insights for achieving vision 2030 and enhancing environmental sustainability

Renewable energy has emerged as a critical alternative to traditional energy sources due to growing environmental concerns and the need for sustainable energy development. Saudi Arabia, driven by its Vision 2030, has strongly committed to shifting from fossil fuels to renewable energy sources such as solar, wind, and hydrogen. Despite significant progress, existing investment methods often focus narrowly on financial returns and do not adequately address the risks and uncertainties associated with renewable energy projects, such as policy changes, technological challenges, and fluctuating energy prices. This paper aims to highlight and compare the trends in renewable energy investments and incorporate a risk analysis matrix to address the economic, environmental, and social aspects of Saudi Arabia’s environment. The details used in the study are obtained from Kaggle, while the adopted analysis technique involves multi-criteria decision-making (MCDM). It provides a fresh qualitative approach that allows an all-sided assessment of the investment prospects by focusing on appropriate weight for different factors. The analysis results show that using the proposed framework can help effectively prioritize investment opportunities identifying major trends and risks in developing renewable energy sources in Saudi Arabia. Current investment trends have been reviewed systematically; experts have been interviewed; MCDM techniques have been employed, as the methodology effectiveness improves the comprehension of investment tendencies and contributes to strategic management in the renewable energy market stakeholder’s activity. The MCDM analysis results show that the solar energy system has the highest investment index in the Saudi Arabian cities; the first place belongs to Abha with an investment index of 0.93, the second place belongs to Jeddah with an investment index of 0.85, and the third place belongs to Dammam with an investment index of 0.75. From these outcomes, we can easily conclude that Abha is the best place to place a solar energy project, probably because of environmental and legal factors. The analysis underscores geographic factors in deploying renewable energy, directing investors and policymakers to cities with favourable solar power generation about sustainability and economic objectives. The results are expected to enhance investment awareness among local and international stakeholders, support the strategic goals of Vision 2030, and contribute to a more sustainable and diversified energy future for Saudi Arabia. This study provides a strategic framework for optimizing renewable energy investments, promoting sustainable development, and achieving long-term economic growth. Data AvailabilityData sharing is not applicable to this article as no data sets were generated during the current study.

Unwrapping the Intricate Interplay Between Energy Dependency and Macroeconomic Volatility in OECD Countries

While research has explored the connection between oil prices and macroeconomic performance, there is limited understanding of the interaction between overseas energy imports dependency and macroeconomic fluctuations. This work addresses the foregoing study using the augmented mean group (AMG) econometrics technique on panel data of 29 OECD net energy‐importing countries from 2001 to 2021. The long‐run finding unearthed that energy dependency intensifies macroeconomic instability, confirming that relying on overseas energy imports will hamper the smooth functioning of domestic economic machinery in the form of energy supply interruption. Besides energy dependency, this study uses government consumption spending, regulatory quality, and globalisation as control variables in macroeconomic instability function. The long‐run outcomes further depict that government consumption spending and globalisation aggravate macroeconomic instability while regulatory quality reduces it. These findings are further checked by applying the pooled mean group‐autoregressive distributed lag (PMG‐ARDL) method. In conclusion, this study provides policy implications to prioritise domestically produced energy use and diversify energy sources by increasing the share of clean energy in the total energy mix.

Rethinking diversification: Assessing the impact of energy concentration on climate change in rentier and non-rentier countries

Energy diversification, a critical strategy for environmental protection, has been surprisingly understudied in academic discourse. This paper seeks to address this gap by investigating the relationship between energy diversification and climate change in 76 countries from 1990 to 2020. We employ panel data techniques, and the system generalized method of moments (SYS-GMM) to analyze the impact of energy diversification, as measured by the Herfindahl-Hirschman Index, on CO2 emissions. Additionally, control variables such as economic growth, trade openness, foreign direct investment, information and technology adoption, natural resource rents, and urbanization are included in the model. The analysis is re-estimated for various country groupings based on income level and resource dependence (rentier vs. non-rentier). The findings reveal a significant positive association between energy concentration and CO2 emissions across all country groups, with the most pronounced impact is observed in middle-income, resource-rich economies (i.e., middle-income rentiers). The study also highlights differing effects of diversification on CO2 emissions between high-income and middle-income nations, which reflects the prevalence of non-rentier economies among high-income countries and rentier economies in middle-income countries. The causal relationship between CO2 emissions and energy diversification in different groups of countries is tested using the panel Granger causality test. The results reveal strong bidirectional causality between CO2 emissions and energy diversification in all country groups analyzed, except for middle-income rentier countries. By elucidating the multifaceted relationship between energy diversification and climate change, this study aims to provide valuable policy recommendations to advance sustainable development and environmental management.

The impact of energy diversification on firm performance: The moderating role of corporate social responsibility

This paper examines the impact of diverse consumption of energy sources on firm performance, focusing on the moderating role of corporate social responsibility (CSR). The paper uses 45,579 firm-level panel data samples across 56 developing and developed economies from 2002 to 2021. It is observed that the impact of energy diversification in improving firms' performance (measured by the return on assets, return on equity, sales growth, and Tobin's Q) is more potent in firms with higher CSR engagement. The moderating effect of CSR is also more pronounced among firms in high energy-consuming industries than in low energy-consuming ones. Finally, the moderating role of CSR activities is more substantial for firms in countries with individualistic and long-term-oriented cultures.

Do oil market shocks affect financial distress? Evidence from firm-level global data

This study investigates the impact of three oil price shocks on financial distress of global firms using a dataset of 8130 firms across 48 countries from 2002 to 2022. It also analyses the role of energy diversification in the relationship between oil shocks and firm distress. The findings reveal that aggregate demand and specific demand shocks increase firm distress risk, while supply shocks reduce it. Furthermore, the results suggest that energy diversification mitigates the impact of specific demand shocks on firm distress. The study also implements several robustness checks, and the results remain consistent. Potential policy implications are also discussed.

Comparative Analysis of Hybrid Geothermal-Solar Systems and Solar PV with Battery Storage: Site Suitability, Emissions, and Economic Performance

Renewable energy integration has become a critical focus in the global effort to reduce carbon emissions and diversify energy sources. In regions with distinct geographic features, such as Türkiye, combining different renewable technologies can offer enhanced energy security. This study investigates the site suitability and economic and environmental performance of hybrid geothermal-solar systems and solar PV systems with battery storage across the provinces of Osmaniye, Hatay, and Kilis, of Türkiye. Using the fuzzy-AHP method, site suitability is evaluated, addressing a key gap in comparing these systems' adaptability to varying geographic conditions. This study is the first to directly compare these two renewable energy technologies in terms of site suitability. The findings reveal significant differences in site suitability, with solar PV systems with battery storage demonstrating broader applicability across the region. The suitable sites (20-100% suitability) cover 1260.82 km² for solar PV systems with battery storage and only 122.18 km² for hybrid geothermal-solar systems. In terms of environmental impact, hybrid geothermal-solar systems exhibit significantly lower carbon emissions, averaging 44.6 kg CO₂/MWh, compared to 123.8 kg CO₂/MWh for solar PV systems with battery storage. Economically, hybrid geothermal-solar systems also outperform with a lower levelized cost of electricity of $0.091/kWh versus $0.254/kWh for solar PV systems. These results highlight the environmental and economic advantages of hybrid geothermal-solar systems, while also emphasizing their limited scalability to regions with geothermal activity. Conversely, solar PV systems, despite their higher emissions and costs, offer greater flexibility and potential for widespread deployment.

Assessment of Energy Diversification and Sustainability of Telecommunication Industry in Zambia

Telecommunication industry in most sub-Saharan African countries like Zambia is highly dependent on grid and fossil fuels. However, grid power coverage in these countries is very low and mainly in urban areas and not very reliable. To keep the industry running continuously in both urban and rural areas fossil diesel generators are deployed, resulting into greenhouse gas (GHG) emissions. The use of fossil (diesel) to meet the daily energy needs for the telecommunication towers during load management periods and in zero electrification zones in rural areas does not only lead to environmental impact but also contribute to high operational expensive in telecommunication industry in most Sub-Saharan African countries. This has led to slow pace in expanding the industry especially in remote rural areas far from grid. Additionally, current removal of fuel subsidies by the Government of Zambia, climate change related effects such as droughts has led to low energy supply and Russian- Ukrainian war has exacerbated fuel prices. All these are currently impacting operation cost of telecommunication infrastructure. Therefore, this paper aims at assessing the energy diversification and sustainability of telecommunication industry in Zambia considering 4As (Accessibility, Acceptability, Availability and Affordability). A comparative assessment of telecommunication industry sustainability of Zambia with other SADC countries will be conducted using the 4As. Hence, the key in ensuring sustainability of energy on telecommunication industry is switching to renewable energy (RE) in Zambia. The main sources of RE which can be utilized for power generation in off-grid environments are Solar, Wind and Biomass.

Rechargeable Mg-Br2 Battery with Ultrafast Bromine Chemistry.

A sustainable society necessitates the support of diversified energy storage systems. Magnesium metal batteries, known for the environmental friendliness, safety of dendrite-less, cost-effective, and high volumetric capacity of magnesium metal, exhibit promising prospects. However, the high charge density of the magnesium ion leads to sluggish ion diffusion in cathodes, posing challenges for developing magnesium metal battery systems with high power and high energy density. Here, inspired by the Hard-Soft-Acid-Base theory, we propose a soft-anion-induced bond weakening strategy to address the diffusion difficulty. The bulky and broadly electron-distributed succinimide ion (SN-) in SN-Mg-Br significantly weakens the Mg-Br bond, promoting rapid magnesium ion transport and enabling ultrafast bromine chemistry, thus realizing a highly rechargeable Mg-Br2 battery prototype. Benefiting from the solubilization of SN-, the Mg-Br2 batteries achieve a high discharge plateau of 2.7 V, a remarkable specific capacity of 326 mAh gBr-1, and an impressive lifespan of 400 cycles. Attributed to the half-half diffusion/adsorption-desorption control process mechanism, the batteries can be well cycled under high-rate charging at 10 C and ultralow temperatures down to -55 °C. This bond weakening strategy may stimulate the development of battery systems with similar high charge density to magnesium ion, toward high power and high energy density, paving the way for sustainable energy storage systems.

How does energy resource diversification affect economic development? Evidence from BRICS economies

This study explores the impact of energy diversification on economic growth in the BRICS (i.e. Brazil, Russia, India, China and South Africa) from 1995 to 2018. The study has used a newly constructed energy diversification index. The results based on the Quantile-on-Quantile (QQR) methodology demonstrate that the impact of energy diversification on the growth of the economy is heterogeneous among nations. It appears that lower and middle quantiles of the energy diversification reduce economic growth, while higher quantile of the energy diversification increases it. It is advised that the BRICS countries should develop crucial steps while transitioning from fossil fuels to renewable energy without hampering economic growth. It is further suggested that the BRICS countries need to ensure energy sustainability through effective energy diversification. Such steps will enhance economic prosperity for BRICS countries in the long run.

Mega-scale solar-wind complementarity assessment for large-scale hydrogen production and storage (H2PS) in Algeria: A techno-economic analysis

Green hydrogen (GH2) is produced using renewable energy resources (RERs) such as solar photovoltaic (PV) and wind energy. However, relying solely on a single source, H2 production systems may encounter challenges due to the intermittent nature, time-of-day variability, and seasonal changes associated with these energies. This paper addresses the assessment of mega-scale solar-wind complementarity and the economic viability of large-scale H2 production and storage in Algeria, considering various climatic conditions. A techno-economic feasibility analysis is conducted by examining various factors, including resource complementarity, electricity and hydrogen productivity, solar and wind contributions, capacity factors (CFs), total net present cost (TNPC), the levelized cost of hydrogen (LCOH) production, and storage (LCOS). The findings reveal that among the studied locations (Tamanrasset, M'sila, Hassi R'mel, and Adrar), Tindouf ranked first in H2 production, with the highest amount at 11,267 kg and the lowest LCOH at 2.999 $/kg. Wind energy accounted for 69% (3,846,922 kWh) of the total (5,572,571 kWh), while solar energy contributed 31% (1,738,171 kWh). Economically, the LCOH-TNPC for the various locations ranged from 2.99 $/kg-77,042,696 $ to 3.70 $/kg-99,000,488 $. The total electricity-hydrogen generated is estimated at 25,840.251 MWh-529,395 kg. Wind power makes the major contribution, accounting for 63%–70%, compared to the PV system's share, ranging from 31% to 37%. Compared to relying on a single source, leveraging solar-wind complementarity presents opportunities for more consistent energy utilization and reliable hydrogen production. The obtained results are essential for decision-makers and policymakers in Algeria, indicating that the country can successfully achieve energy diversification and transition for future sustainability, and become a major player in the international hydrogen market.

Performance Analysis of a Renewable‐Powered Multi‐Gas Floating Storage and Regasification Facility for Ammonia Vessels With Reconversion to Hydrogen

ABSTRACTNatural gas and renewable energy carriers play critical roles in the energy supply chain due to rising energy consumption demands and a significant shift toward cleaner energy. However, the requirement to liquefy and regasify liquefied natural gas (LNG) and renewable energy carriers for transportation makes the entire process expensive and challenging. Hence, a floating storage and regasification unit (FSRU) plant provides a solution to the aforementioned problems with the additional benefit of being more affordable, time‐efficient, and having less land footprint requirement than the conventional onshore facility. The proposed integrated FSRU in this study, is powered by renewable energy, including solar and ocean thermal energy. The subsystems of integrated FSRU consist of parabolic dish collectors (PDC), Rankine cycle, organic Rankine cycle (ORC), multi‐stage flashing (MSF) desalination unit, decomposition, reliquefication, and regasification plants, which provide valuable commodities such as freshwater, electricity, hydrogen, and heating. It can also cater to standard multi‐gas harboring vessels for storage and regasification of sustainable energy carriers. The study assesses the performance of the proposed system thermodynamically by analyzing mass, energy, entropy, and exergy balance equations using the engineering equation solver (EES) software. Furthermore, parametric studies were conducted to understand the interlinkage among various variables. The analytical results show that the proposed system is able to produce 1.82 MW of electricity, 2056 kg/day of fresh water, and 338.3 kg/day of hydrogen, achieving an overall system energy efficiency of 32.7% and exergy efficiency of 79.3%. This approach aims to foster energy diversification, enhance energy security, and support the transition toward sustainable energy systems, as well as further the advancement of maritime transport systems.

Enabling Sustainable Energy Communities in ASEAN: A Systematic Approach to P2P Energy Transactions on Matakus Island Using IoT and Blockchain

Abstract This paper addresses the need for energy diversification and sustainable development in the ASEAN region by proposing a decentralized peer-to-peer (P2P) energy trading system. PowerChain, a peer-to-peer energy trading platform, is tailored as the designated medium for implementation. PowerChain harnesses the capabilities of blockchain technology and utilizes MQTT and HTTP protocols to ensure security, transparency, and user-IoT interaction. A case study was conducted on Matakus Island, a rural area in Indonesia with high solar power generation potential and a suitable demographic for the study. Currently reliant on diesel-based power generation, the island serves as an ideal location to evaluate the feasibility and benefits of transitioning to a RE-based P2P energy trading system. Based on simulations using 2 types of load and generation from peer providers, it was found that unused energy for type 1 was 815.9 kWh/year and for type 2 was 821.05 kWh/year. So the total unused energy from 10 peer providers on Matakus Island that can be transacted on the Powerchain platform is 1,636.95 kWh/year. This energy can meet the needs of Matakus Island for 93.7 days.In the platform simulation, three experiments were carried out, namely, single type transactions, multiple type transactions, and rejection of energy requests. From these three experiments, Powerchain was able to perform well, where the seller was successfully selected based on the closest distance, and if the closest selection could not be fulfilled, the seller would come from several nearby buyers. And when a selected peer is rejected, the existing algorithm can search for and select a replacement peer.The integrated approach presented in this study demonstrates the viability of using IoT and blockchain technologies to transform the energy market structure and accelerate the transition towards cleaner and more efficient energy systems in ASEAN.

Renewable Energy Consumption Determinants: Do They Differ between Oil-Exporting Countries and Oil-Importing Ones?

This paper delves into the critical determinants of renewable energy consumption, focusing on the contrasting roles of oil imports and exports. It aims to bridge the knowledge gap by comparing these determinants across both oil-importing and oil-exporting nations, offering a comprehensive and nuanced perspective to inform policy recommendations. Using annual data from 1990 to 2018 sourced from the World Bank database, the study employs panel multiple regression analysis and adopts a fixed effects model to explore two main questions: What drives the use of renewable energy sources? How does a country’s oil importer or exporter status affect these factors? The findings reveal a significant but inverse relationship between oil rents and renewable energy consumption (REC) for both types of countries. Additionally, there is a notable negative correlation between GDP growth and REC for both oil-exporting and oil-importing countries. Interestingly, the crude oil average closing price and inflation show an insignificant impact on REC in both contexts. The study also highlights that net energy imports significantly affect REC, with a much stronger inverse relationship in oil-importing countries compared with oil-exporting ones. For oil-importing countries, diversifying energy sources is a crucial investment. Governments should prioritize research and development in renewable energy to spur technological advancements, enhancing efficiency and affordability. Economic growth-promoting policies, such as tax incentives and subsidies for renewable energy businesses, are vital for encouraging sustainable practices. Consistent, long-term policies are essential for providing investor confidence and supporting the transition to renewable energy. For oil-exporting countries, similar strategies are recommended. Additionally, allocating a portion of oil revenues to renewable energy infrastructure and funding research and development in renewable technologies through local universities and startups are crucial steps. This dual approach will not only enhance energy diversification but also foster innovation and sustainability in the energy sector.

Experimental investigation on dynamic performance of mode switching in an integrated system under the summer working conditions

Efficient integrated diversified energy supply systems play a pivotal role in addressing current energy challenges. Especially under the summer working conditions, the efficiency is very considerable when the system operates in the refrigeration-hot water mode. However, the fluctuation of system parameters before and after dynamic mode switching exerts substantial influence on the effective integration of system components and stable operation of the system. To achieve a nuanced comprehension of the dynamic characteristics of the integrated system during mode switching, this study utilized experimental method to comprehensively investigate six mode switching processes under summer working conditions. The variation rules of key parameters are explored and the stability of each switching process is compared. The results demonstrate that during the switching from hot water mode to refrigeration-hot water mode (Process E) and from refrigeration-hot water mode back to hot water mode (Process F), the degree of superheat exceeds 0 °C. The degree of superheat maintains stability within the range of 12.4 to 15.2 °C in Process F. The total power fluctuation values in Processes E and F approximate 100 W. Thereinto, Process F exhibits the greatest stability among the six processes, with a maximum stabilized power of approximately 1790 W, an electronic expansion valve opening degree range of 164 to 221, and a peak discharge temperature below 110 °C.

Sino-Russian energy cooperation in the post-Cold War (2000-2021)

This article aims to analyze Sino-Russian energy cooperation. Energy cooperation is the cornerstone in the relations between Russia and China. The Russian interest in this cooperation is to assure demand for the country’s energy exports, to acquire investment capital, and to benefit from Chinese labour. On the Chinese side, the aim has been to obtain access to Russian natural resources and to invest surplus capital. Despite the overlap in supply and demand, as well as the geographical proximity, the Russian energy market is directed towards Europe, while Chinese energy demand primarily is covered by the Middle East and Central Asia. The need for energy diversification has changed this situation and spurred Sino-Russian cooperation. The article is structured in three parts: it first presents Sino-Russian energy trade, secondly, it treats the agreements signed between both countries, and finally, it analyses energy cooperation. We concluded that this cooperation tends to endure due to the energy-related ties formed as part of the long-term agreements and construction of infrastructure. Also, that this cooperation is of a strategic nature for both countries, as it offers an alternative to other energy relations and provides the necessary room of maneuver to defend central political and security-related interests.

Global Geopolitical Changes and New/Renewable Energy Game

This study analyzes the impact of global geopolitical changes on new/renewable energy (NRE) policies and their roles in enhancing national energy security, elevating international stature, and influencing the global energy market. Using game theory, it reveals how NRE policies promote technological innovation, diversify energy supply, and strengthen international collaboration, thus advancing the global energy system towards a low-carbon transition and improving international energy governance. NRE policies significantly enhance national energy security by reducing dependency on single energy sources, facilitate the global shift to low-carbon energy, and intensify international cooperation. The effectiveness of these policies in driving energy transformation is notable, and they are expected to remain crucial for global energy security and sustainable transition. Recommendations include strengthening the stability and security of energy supply chains through enhanced oversight, increasing investment in R&D and innovation to reduce costs, fostering international cooperation for better policy coordination, and implementing diversified energy policies to encourage the adoption of NRE. These measures will address challenges from global geopolitical dynamics and drive the global energy system towards sustainability and efficiency.

Demand for electric cars and oil prices: A wavelet approach

ABSTRACT The paper explores the worldwide co-movement between the demand for electric cars and oil prices from January 3rd, 2020, to March 6th, 2023, utilizing wavelet methodology. The main finding shows a strong link between electric car demand and oil prices when oil prices are highly volatile in the short term. When oil prices suddenly drop, people’s preference for electric cars decreases in the very short term. However, in the short term, the demand for electric cars is influenced by how much oil prices change and the anticipation of future trends, causing a shift between traditional and electric cars. These results hold true even when considering factors like geopolitical risks, pandemics, the health of the car industry, and the cost of metals used in car batteries. The findings have crucial implications in the socio-economic environment, being very useful to both policy-makers and car market actors. In this light, on the one hand, the outputs can offer support in shaping policies able to reduce fossil fuel dependency and address climate change. On the other hand, this insight aids in correcting the market dynamics across automotive and energy sectors under oil price volatility. Furthermore, these dynamics can affect economic indicators like inflation, trade balances, unemployment, and GDP growth. Not least, transitioning to electric cars can mitigate emissions reduction, improve air quality, diversify energy sources, and enhance energy security.

Performance analysis and optimization of multi-energy complementary combined heat and power system considering the influence of time-of-use price

Abstract The multi-energy complementary system can meet the increasingly abundant and diversified energy consumption needs of users and, at the same time, help to improve energy utilization efficiency, reduce environmental pollution, and optimize the balance of energy supply and demand. In this paper, a multi-energy complementary cogeneration system with a gas turbine distributed photovoltaic, gas boiler, and heat storage tank is proposed, and the operation scheduling optimization model of the system is constructed. Aiming to minimize the comprehensive cost of economy and carbon emission, the model adopts a linear programming method to optimize the operation scheduling of multi-energy complementary systems. Taking a multi-energy complementary cogeneration system as an example, the key equipment of the system is optimized under three different scenarios with different time-of-use prices, and the influence of time division of time-of-use electricity price on the comprehensive cost of the system is analyzed. The results show that the time division method, which is more in line with the system net load curve, can effectively reduce the comprehensive cost of the complementary system and increase the consumption space of new energy.

Optimal Bidding Scheduling of Virtual Power Plants Using a Dual-MILP (Mixed-Integer Linear Programming) Approach under a Real-Time Energy Market

In recent years, the energy industry has increased the proportion of renewable energy sources, which are sustainable and carbon-free. However, the increase in renewable energy sources has led to grid instability due to factors such as the intermittent power generation of renewable sources, forecasting inaccuracies, and the lack of metering for small-scale power sources. Various studies have been carried out to address these issues. Among these, research on Virtual Power Plants (VPP) has focused on integrating unmanaged renewable energy sources into a unified system to improve their visibility. This research is now being applied in the energy trading market. However, the purpose of VPP aggregators has been to maximize profits. As a result, they have not considered the impact on distribution networks and have bid all available distributed resources into the energy market. While this approach has increased the visibility of renewables, an additional method is needed to deal with the grid instability caused by the increase in renewables. Consequently, grid operators have tried to address these issues by diversifying the energy market. As regulatory method, they have introduced real-time energy markets, imbalance penalty fees, and limitations on the output of distributed energy resources (DERs), in addition to the existing day-ahead market. In response, this paper proposes an optimal scheduling method for VPP aggregators that adapts to the diversifying energy market and enhances the operational benefits of VPPs by using two Mixed-Integer Linear Programming (MILP) models. The validity of the proposed model and algorithm is verified through a case study analysis.