This paper defines market performance metrics
that will be useful for the comparison of alternative retail
transactive energy system (TES) designs. Our key focus is to
define an appropriate set of market performance metrics such
that the metrics are free of bias and should be applicable
to all TES designs. First, we categorize market performance
into five categories — market efficiency, market power, market
volatility, market fairness, and market reliability. Next, metrics
that can quantify TES market performance were developed for
each market performance category. To ease implementation,
each metric is documented with a uniform structure: metric
overview, formulation, significance/interpretation, inputs-outputs,
and implementation. The paper is focused on comprehensive
discussion on theoretical reasoning and applicability of these
metrics to retail TES markets. Since TES theory is in its early
stages, these market performance metrics will form a base set
for market performance evaluation of TES designs. In addition,
these metrics will provide not only insights about the effectiveness
of alternative TES designs, but also guidance to further improve
retail TES market designs.
Revised: September 25, 2019 |
Published: November 13, 2018
Citation
Bhattarai B.P., D.J. Hammerstrom, and P. Wang. 2018.Definition of Market Performance Metrics to Enable Design and Valuation of Retail Transactive Energy System Markets. In 6th IEEE Conference on Technologies for Sustainability. Piscataway, New Jersey:IEEE.PNNL-SA-137449.doi:10.1109/SusTech.2018.8671375