Energy Transition: A Global Review of Wholesale Energy Markets and Variable Renewable Energy Forecasting-Related Frameworks

National governments are increasingly selecting renewable energy to build their power infrastructure, driven by international agreements, ambitious national obligations, and the rapid advancement of greener technology. However, in many markets globally, the proportion of reduced wind and solar power in generation capacity is rising in tandem with the expansion of variable renewable energy (VRE), which is predominantly apparent in the regions where the foremost investments in the advance design of power market structure and/or grid infrastructure are not in pace with the deployment of VRE. Therefore, modeling many future scenarios has emerged as a crucial planning tool in the power industry as, in some markets, system planners and modelers have gained a great deal of expertise in representing VRE in short-, medium-, and long-term models in the context of energy transition. Accordingly, as per the demonstration in several nations, there are a variety of efficient ways to incorporate renewables at cheap prices by enhancing operational procedures and the structure of the power market. In this respect, the ongoing mapping of new technologies, data, policy frameworks, etc. across the globe will be quite beneficial for the policy makers, practitioners, and energy modeling community to interchange their planning experiences as nations globally prepare to shift to a high percentage of VRE in their energy mix generation portfolio. Therefore, this article reviews several international wholesale electricity markets (WEMs) and VRE forecasting-related frameworks of around 33 countries across the globe.