The increasing adoption of distributed energy resources (DERs) and smart grid technologies by end-user retail customers is changing significantly both technical and economic operations in the distribution grid. The next-generation retail electricity market will promote decentralization, efficiency, and competitiveness by accommodating existing and new agents through new business models and transactive approaches in an advanced metering infrastructure. This talk aims to present a comprehensive vision and framework of the next-generation retail electricity market in the context of DERs by describing its expected characteristics, challenges, needs, and future research topics to be addressed. The talk will also briefly present a recent study on the integration of a liberalized distributed renewable energy market into the short-term decision-making model of an electricity retailer.

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