Profit-Oriented False Data Injection on Electricity Market: Reviews, Analyses, and Insights

The rapid evolution of sensor technologies and communication networks is tightly coupling the cyber and physical layers of power systems. Because a few power grids have fallen victim to cyber intrusions causing unexpected device failure and large-scale power outages, enhancing power system cybersecurity is the utmost focus of power grid development today. Financially, the deregulation of the electricity market opens the gate to profit-oriented cyberattacks. Real-time market auctions rely heavily on the accuracy of state estimation, which is susceptible to cyberattacks. Extensive reviews have been conducted on modern power system cybersecurity. However, the lack of a comprehensive and in-depth review of electricity market cyberattacks prevents independent system operators from systematically analyzing the financial consequences of cyberattacks and limits public awareness of the significant monetary loss. This article briefly summarizes previous review works and analyzes the two-settlement market design from a cybersecurity perspective. Then the current achievements of electricity market cyberattacks are discussed, and state-of-the-art works are analyzed based on their contributions. Additionally, a few possible improvements and future directions are presented.