How to Use Reinforcement Learning to Facilitate Future Electricity Market Design? Part 1: A Paradigmatic Theory. (arXiv:2305.02485v2 [cs.AI] UPDATED)

In face of the pressing need of decarbonization in the power sector, the
re-design of electricity market is necessary as a Marco-level approach to
accommodate the high penetration of renewable generations, and to achieve power
system operation security, economic efficiency, and environmental friendliness.
However, existing market design methodologies suffer from the lack of
coordination among energy spot market (ESM), ancillary service market (ASM) and
financial market (FM), i.e., the "joint market", and the lack of reliable
simulation-based verification. To tackle …

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