A Comprehensive Survey on the Current Trends in Improvising the Renewable Energy Incorporated Global Power System Market

Power generation all over the world is slowly being taken over by the renewable energy technologies to alleviate the energy crisis, as well as provide clean and green energy. Therefore, in the foreseeable future, the renewable energy technologies most likely may compete on par level with the conventional energy generation. The near future holds the rebalancing of the global power system market, which mandates, the interpretation of the upcoming and current trends revolving around the power market, pricing and the supply-demand balance with focus on the various renewable energy sources. Levelised Cost of Energy (LCOE) is the present global evaluator that ensures the fair valuation of the generation costs and the grid parity achievement for the various generating technologies. With the power market rebalancing, both regulated and deregulated configuration, have a requisite duty of maintaining the power generation and demand balance. Therefore, this paper does an extensive survey on the recent trends and methodologies in the levelised cost estimation, demand-supply balance with focus on the various renewable generating sources.