A survey of critical research areas in the energy segment of restructured electric power markets

Availability of a large volume of recent literature on deregulated (a.k.a. restructured) electricity markets underscores the importance of the research needs to ensure proper design and functioning of the markets. Researchers have made significant contributions fueling the evolution of the fundamental market design changes that have taken place since the beginning of the restructuring process. Due to the vast scope, existing survey papers are focused on particular facets of deregulated electricity markets. We adopt a similar approach by focusing on the most important research areas related to the energy market. The contributions of the survey paper lie in the novel approach used in classifying the literature based on critical research areas. Some areas of research such as auction based pricing, bidding strategy formulation, market equilibria, and market power are reviewed in a different light than other existing survey papers. We conclude by providing some future research directions for the energy markets.