To identify the trends in new flexibility markets, a set of market and aggregator platforms were selected and compared. The analyzed initiatives are relevant to consider alternative designs for European electricity markets. This review proposes a common methodology for analyzing these market models by comparing their description, market structure, market timing, and implementation. Furthermore, a range of policy implications and future research directions towards implementing these markets are presented. The results provide compelling evidence that the new market models represent a promising business with technical and economic justification, as they incentivize the uptake of flexibility from distributed resources by providing services to Distribution System Operators (DSOs) in coordination with Transmission System Operators (TSOs). Moreover, the interactions between these new market platforms and existing markets are of particular interest, and the contributions from aggregator platforms are also relevant to enhance the political vision of empowering the customers through their active participation in markets.

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To collate best praxis and ideas on local electricity markets, this paper surveyed a number of pioneering initiatives in local market design and implementation. The survey focused on the definition of the market itself and the roles and responsibilities of actors within, the distribution of the value of local markets, as well as challenges and current barriers. The results indicate that the main value of a local market is related to the benefits for society as a whole and to a lesser extent individual actors. The main benefits are expected to derive from deferred network investments and reduced network costs. Moreover, local markets are expected to allow for higher shares of clean energy integration and generate positive environmental impacts. Nonetheless, a number of regulatory, economic, stakeholder-related, and other barriers risk obstructing the operation of local markets in the short term and inhibit their adoption in the long run.

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