Abstract：Capacity market is one important solution for the arising generation adequacy issues in power system by compensating for the investment costs of sources and stimulating generation investment. However, due to the differentiated cost structures of different types of sources, such as renewable energy sources and flexible power sources, existing capacity market is difficult to provide effective differentiated investment incentive signals to guide a rational generation investment. Recent research lacks the exploration of capacity market to the differentiated cost structures of power sources, and few studies have proposed corresponding improvement strategies. To address these issues, this paper analyzed the problems in capacity market caused by differentiated cost structures and proposed a capacity market design considering the differentiated cost structures of power sources. Firstly, the paper explained the issues in existing capacity market by taking the phenomenon of “free-riding” of renewable energy sources as an example and then provided further illustration through quantitative analysis. Secondly, the paper proposed a capacity market organization model with sub-platform biddings for renewable energy and flexible power sources. Thirdly, to set appropriate market parameters so as to coordinate the difference in cost structures of sources, an investment simulation method was proposed to model investment incentive utility in the capacity market, and a strategy for setting key parameters based on the closed-loop feedback of the investment incentive utility was developed. The proposed capacity market design can satisfy the differentiated capacity compensation demand of renewable energy sources and flexible power sources, guide the development of a more reasonable source structure under a controllable capacity compensation cost, and support the construction of the new power system. To verify the effectiveness of the proposed capacity market design, simulations were conducted on a system with one type of wind power source and three types of coal power sources. Simulation results show that the investment of renewable energy sources in the current capacity market mechanism is much higher than a preset investment goal, while in the proposed capacity market design, the capacity development of both renewable energy sources and flexible sources can follow the investment goal pretty well. The revenue ratio of each type of sources in current capacity market has higher fluctuations than that in the proposed capacity market design. Also, the current capacity market cannot guarantee the full cost recovery of each power source while the proposed capacity market design can provide sufficient but not excessive capacity compensation for each source. Meanwhile, in terms of economy, the proposed capacity market design can lower the market operation cost while guaranteeing the full cost recovery of capacity. The following conclusions can be drawn from the simulation analysis: (1) In the existing capacity market, there exists a phenomenon of “free-ridding” due to the differentiated cost structures of power sources. (2) The proposed capacity market design can stimulate reasonable capacity investment by satisfying the different capacity compensation demand of renewable energy sources and flexible energy sources. (3) The proposed capacity market design reduces the market operation cost by avoiding paying renewable energy sources an additional payment that is caused by the “free-ridding” of renewable energy sources.
李琪瑞, 杨知方, 李文沅. 面向差异化电源成本结构的容量市场机制设计[J]. 电工技术学报, 2024, 39(23): 7498-7511.
Li Qirui, Yang Zhifang, Li Wenyuan. Capacity Market Mechanism Design for Power Sources with Differentiated Cost Structures. Transactions of China Electrotechnical Society, 2024, 39(23): 7498-7511.
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