IEEE Power & Energy Magazine - January/February 2021 - 41

©SHUTTERSTOCK.COM/KHAKIMULLIN ALEKSANDR

Electricity Market
of the Future

Potential North
American Designs
Without Fuel Costs
By Erik Ela, Andrew Mills,
Eric Gimon, Mike Hogan,
Nicole Bouchez,
Anthony Giacomoni,
Hok Ng, Jim Gonzalez,
and Mike DeSocio
Digital Object Identifier 10.1109/MPE.2020.3033396
Date of current version: 6 January 2021

january/february 2021

E

ELECTRICITY MARKETS IN THE UNITED STATES
and Canada have evolved since their inception in the late
1990s and early 2000s. Not all states and provinces moved
toward restructured organized electricity markets, but rather
those that have belonged to markets operated by independent
system operators (ISOs) and regional transmission organizations, with designs developed through stakeholder processes
and approved through state, provincial, or federal agencies,
such as the Federal Energy Regulatory Commission (FERC).
Areas in the western United States are also beginning
to join organized markets. Differences in design exist due
to regional characteristics and stakeholder processes,
but most continue to converge to a common set of design
features: locational prices based on marginal costs, bidbased security-constrained economic dispatch, and dayahead and real-time auctions for energy co-optimized
with ancillary services for common grid services. A
question that often comes up is whether these market
designs are sufficient for systems dominated by resources
lacking fuel costs and possessing other unique characteristics or whether substantial changes may be necessary
to ensure economic efficiency and reliability.

1540-7977/21©2021IEEE

ieee power & energy magazine

41



http://www.SHUTTERSTOCK.COM/KHAKIMULLIN

IEEE Power & Energy Magazine - January/February 2021

Table of Contents for the Digital Edition of IEEE Power & Energy Magazine - January/February 2021

Contents
IEEE Power & Energy Magazine - January/February 2021 - Cover1
IEEE Power & Energy Magazine - January/February 2021 - Cover2
IEEE Power & Energy Magazine - January/February 2021 - Contents
IEEE Power & Energy Magazine - January/February 2021 - 2
IEEE Power & Energy Magazine - January/February 2021 - 3
IEEE Power & Energy Magazine - January/February 2021 - 4
IEEE Power & Energy Magazine - January/February 2021 - 5
IEEE Power & Energy Magazine - January/February 2021 - 6
IEEE Power & Energy Magazine - January/February 2021 - 7
IEEE Power & Energy Magazine - January/February 2021 - 8
IEEE Power & Energy Magazine - January/February 2021 - 9
IEEE Power & Energy Magazine - January/February 2021 - 10
IEEE Power & Energy Magazine - January/February 2021 - 11
IEEE Power & Energy Magazine - January/February 2021 - 12
IEEE Power & Energy Magazine - January/February 2021 - 13
IEEE Power & Energy Magazine - January/February 2021 - 14
IEEE Power & Energy Magazine - January/February 2021 - 15
IEEE Power & Energy Magazine - January/February 2021 - 16
IEEE Power & Energy Magazine - January/February 2021 - 17
IEEE Power & Energy Magazine - January/February 2021 - 18
IEEE Power & Energy Magazine - January/February 2021 - 19
IEEE Power & Energy Magazine - January/February 2021 - 20
IEEE Power & Energy Magazine - January/February 2021 - 21
IEEE Power & Energy Magazine - January/February 2021 - 22
IEEE Power & Energy Magazine - January/February 2021 - 23
IEEE Power & Energy Magazine - January/February 2021 - 24
IEEE Power & Energy Magazine - January/February 2021 - 25
IEEE Power & Energy Magazine - January/February 2021 - 26
IEEE Power & Energy Magazine - January/February 2021 - 27
IEEE Power & Energy Magazine - January/February 2021 - 28
IEEE Power & Energy Magazine - January/February 2021 - 29
IEEE Power & Energy Magazine - January/February 2021 - 30
IEEE Power & Energy Magazine - January/February 2021 - 31
IEEE Power & Energy Magazine - January/February 2021 - 32
IEEE Power & Energy Magazine - January/February 2021 - 33
IEEE Power & Energy Magazine - January/February 2021 - 34
IEEE Power & Energy Magazine - January/February 2021 - 35
IEEE Power & Energy Magazine - January/February 2021 - 36
IEEE Power & Energy Magazine - January/February 2021 - 37
IEEE Power & Energy Magazine - January/February 2021 - 38
IEEE Power & Energy Magazine - January/February 2021 - 39
IEEE Power & Energy Magazine - January/February 2021 - 40
IEEE Power & Energy Magazine - January/February 2021 - 41
IEEE Power & Energy Magazine - January/February 2021 - 42
IEEE Power & Energy Magazine - January/February 2021 - 43
IEEE Power & Energy Magazine - January/February 2021 - 44
IEEE Power & Energy Magazine - January/February 2021 - 45
IEEE Power & Energy Magazine - January/February 2021 - 46
IEEE Power & Energy Magazine - January/February 2021 - 47
IEEE Power & Energy Magazine - January/February 2021 - 48
IEEE Power & Energy Magazine - January/February 2021 - 49
IEEE Power & Energy Magazine - January/February 2021 - 50
IEEE Power & Energy Magazine - January/February 2021 - 51
IEEE Power & Energy Magazine - January/February 2021 - 52
IEEE Power & Energy Magazine - January/February 2021 - 53
IEEE Power & Energy Magazine - January/February 2021 - 54
IEEE Power & Energy Magazine - January/February 2021 - 55
IEEE Power & Energy Magazine - January/February 2021 - 56
IEEE Power & Energy Magazine - January/February 2021 - 57
IEEE Power & Energy Magazine - January/February 2021 - 58
IEEE Power & Energy Magazine - January/February 2021 - 59
IEEE Power & Energy Magazine - January/February 2021 - 60
IEEE Power & Energy Magazine - January/February 2021 - 61
IEEE Power & Energy Magazine - January/February 2021 - 62
IEEE Power & Energy Magazine - January/February 2021 - 63
IEEE Power & Energy Magazine - January/February 2021 - 64
IEEE Power & Energy Magazine - January/February 2021 - 65
IEEE Power & Energy Magazine - January/February 2021 - 66
IEEE Power & Energy Magazine - January/February 2021 - 67
IEEE Power & Energy Magazine - January/February 2021 - 68
IEEE Power & Energy Magazine - January/February 2021 - 69
IEEE Power & Energy Magazine - January/February 2021 - 70
IEEE Power & Energy Magazine - January/February 2021 - 71
IEEE Power & Energy Magazine - January/February 2021 - 72
IEEE Power & Energy Magazine - January/February 2021 - 73
IEEE Power & Energy Magazine - January/February 2021 - 74
IEEE Power & Energy Magazine - January/February 2021 - 75
IEEE Power & Energy Magazine - January/February 2021 - 76
IEEE Power & Energy Magazine - January/February 2021 - 77
IEEE Power & Energy Magazine - January/February 2021 - 78
IEEE Power & Energy Magazine - January/February 2021 - 79
IEEE Power & Energy Magazine - January/February 2021 - 80
IEEE Power & Energy Magazine - January/February 2021 - 81
IEEE Power & Energy Magazine - January/February 2021 - 82
IEEE Power & Energy Magazine - January/February 2021 - 83
IEEE Power & Energy Magazine - January/February 2021 - 84
IEEE Power & Energy Magazine - January/February 2021 - 85
IEEE Power & Energy Magazine - January/February 2021 - 86
IEEE Power & Energy Magazine - January/February 2021 - 87
IEEE Power & Energy Magazine - January/February 2021 - 88
IEEE Power & Energy Magazine - January/February 2021 - 89
IEEE Power & Energy Magazine - January/February 2021 - 90
IEEE Power & Energy Magazine - January/February 2021 - 91
IEEE Power & Energy Magazine - January/February 2021 - 92
IEEE Power & Energy Magazine - January/February 2021 - 93
IEEE Power & Energy Magazine - January/February 2021 - 94
IEEE Power & Energy Magazine - January/February 2021 - 95
IEEE Power & Energy Magazine - January/February 2021 - 96
IEEE Power & Energy Magazine - January/February 2021 - 97
IEEE Power & Energy Magazine - January/February 2021 - 98
IEEE Power & Energy Magazine - January/February 2021 - 99
IEEE Power & Energy Magazine - January/February 2021 - 100
IEEE Power & Energy Magazine - January/February 2021 - Cover3
IEEE Power & Energy Magazine - January/February 2021 - Cover4
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091020
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070820
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050620
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030420
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010220
https://www.nxtbook.com/nxtbooks/pes/powerenergy_111219
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091019
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070819
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050619
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030419
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010219
https://www.nxtbook.com/nxtbooks/pes/powerenergy_111218
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091018
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070818
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050618
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030418
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010218
https://www.nxtbook.com/nxtbooks/pes/powerenergy_111217
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091017
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070817
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050617
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030417
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010217
https://www.nxtbook.com/nxtbooks/pes/powerenergy_111216
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091016
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070816
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050616
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030416
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010216
https://www.nxtbook.com/nxtbooks/ieee/powerenergy_010216
https://www.nxtbook.com/nxtbooks/pes/powerenergy_111215
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091015
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070815
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050615
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030415
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010215
https://www.nxtbook.com/nxtbooks/pes/powerenergy_111214
https://www.nxtbook.com/nxtbooks/pes/powerenergy_091014
https://www.nxtbook.com/nxtbooks/pes/powerenergy_070814
https://www.nxtbook.com/nxtbooks/pes/powerenergy_050614
https://www.nxtbook.com/nxtbooks/pes/powerenergy_030414
https://www.nxtbook.com/nxtbooks/pes/powerenergy_010214
https://www.nxtbookmedia.com