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@@ -36,7 +36,7 @@ <h1 class="title">Balance of Power</h1>
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       Abhijith Prakash
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-<p class="date before-toc"><time datetime="March 7, 2024">March 7, 2024</time></p>
+<p class="date before-toc"><time datetime="March 8, 2024">March 8, 2024</time></p>
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@@ -372,11 +372,11 @@ <h1 class="unnumbered" id="abbreviations-and-nomenclature">Abbreviations and nom
 
 <h1 data-number="3" id="sec:intro"><span class="header-section-number">3</span> Introduction</h1>
 <h2 data-number="3.1" id="context-and-motivation"><span class="header-section-number">3.1</span> Context and motivation</h2>
-<p>Mitigation of the wide-ranging, adverse impacts of climate change on ecological and human systems requires reducing and eventually halting global anthropogenic greenhouse gas emissions, of which largest source is the electricity sector <span class="citation" data-cites="portnerIPCC2022Climate2022 internationalenergyagencyNetZero20502021">(<a href="#ref-internationalenergyagencyNetZero20502021" role="doc-biblioref">International Energy Agency, 2021</a>; <a href="#ref-portnerIPCC2022Climate2022" role="doc-biblioref">Pörtner et al., 2022</a>)</span>. Achieving this goal requires an unprecedented deployment of renewable energy, storage and transmission – not only to replace emissions-intensive fossil fuel generation, but also to meet projected increases in the demand for electricity driven by economic development and electrification <span class="citation" data-cites="internationalrenewableenergyagencyGlobalRenewablesOutlook2020">(<a href="#ref-internationalrenewableenergyagencyGlobalRenewablesOutlook2020" role="doc-biblioref">International Renewable Energy Agency, 2020</a>)</span>. Fortunately, investment in the energy transition is being buoyed by two reinforcing forces: greater direct investment or investment support from policy-makers for low-carbon technologies and enablers, and declining technology and deployment costs – particularly for solar photovoltaic modules and lithium-ion batteries – facilitated by device modularity and achieved through experiential learning <span class="citation" data-cites="wayEmpiricallyGroundedTechnology2022 roquesEvolutionEuropeanModel2021a joskowHierarchiesMarketsPartially2022">(<a href="#ref-joskowHierarchiesMarketsPartially2022" role="doc-biblioref">Joskow, 2022</a>; <a href="#ref-roquesEvolutionEuropeanModel2021a" role="doc-biblioref">Roques, 2021</a>; <a href="#ref-wayEmpiricallyGroundedTechnology2022" role="doc-biblioref">Way et al., 2022</a>)</span>.</p>
-<p>Consequently, power systems are currently experiencing or soon expected to experience high instantaneous penetrations of variable renewable energy (VRE), of which solar photovoltaic (PV) and wind generation are the most prevalent forms <span class="citation" data-cites="australianenergymarketoperatorMaintainingPowerSystem2019">(<a href="#ref-australianenergymarketoperatorMaintainingPowerSystem2019" role="doc-biblioref">Australian Energy Market Operator, 2019b</a>)</span>. The inherent variability, uncertainty and, in the case of inverter-based resources, asynchronicity of VRE can be problematic for balancing power systems (i.e. ensuring that active power supply and demand are more or less equal at each moment) that were originally designed to accommodate conventional (thermal and hydroelectric) generation <span class="citation" data-cites="elaOperatingReservesVariable2011 kenyonStabilityControlPower2020">(<a href="#ref-elaOperatingReservesVariable2011" role="doc-biblioref">Ela et al., 2011</a>; <a href="#ref-kenyonStabilityControlPower2020" role="doc-biblioref">Kenyon et al., 2020</a>)</span>. Modelling has indicated that 100% renewable power system configurations are technically feasible <span class="citation" data-cites="hansenStatusPerspectives1002019 ellistonLeastCost1002013 rey-costaFirming100Renewable2023">(<a href="#ref-ellistonLeastCost1002013" role="doc-biblioref">Elliston et al., 2013</a>; <a href="#ref-hansenStatusPerspectives1002019" role="doc-biblioref">Hansen et al., 2019</a>; <a href="#ref-rey-costaFirming100Renewable2023" role="doc-biblioref">Rey-Costa et al., 2023</a>)</span>; however, determining how best to incentivise, control and/or coordinate resources to ensure successful balancing of high VRE power systems remains a significant and ongoing challenge. This challenge necessitates reassessing the design of operational practices such as grid codes, system operator processes and, most critically in jurisdictions that have introduced competition at the wholesale level, electricity markets <span class="citation" data-cites="papaefthymiou100RenewableEnergy2016">(<a href="#ref-papaefthymiou100RenewableEnergy2016" role="doc-biblioref">Papaefthymiou and Dragoon, 2016</a>)</span>.</p>
-<p>This thesis aims to understand how policy-makers should design or, at the very least, approach the design of operational practices for balancing electricity markets given existing challenges and those posed by growing penetrations of VRE.</p>
+<p>Mitigation of the wide-ranging, adverse impacts of climate change on ecological and human systems requires reducing and eventually halting global anthropogenic greenhouse gas emissions, of which largest source is the electricity sector <span class="citation" data-cites="portnerIPCC2022Climate2022 internationalenergyagencyNetZero20502021">(<a href="#ref-internationalenergyagencyNetZero20502021" role="doc-biblioref">International Energy Agency, 2021</a>; <a href="#ref-portnerIPCC2022Climate2022" role="doc-biblioref">Pörtner et al., 2022</a>)</span>. Decarbonisation demands an unprecedented deployment of renewable energy, storage and transmission to not only to replace emissions-intensive electricity generated from burning fossil fuels, but also to meet projected increases in the demand for electricity driven by economic development and electrification <span class="citation" data-cites="internationalrenewableenergyagencyGlobalRenewablesOutlook2020">(<a href="#ref-internationalrenewableenergyagencyGlobalRenewablesOutlook2020" role="doc-biblioref">International Renewable Energy Agency, 2020</a>)</span>. Fortunately, investment in the energy transition is being bolstered by two reinforcing forces: greater direct investment or support from policy-makers for low-carbon technologies and enablers, and declining technology and deployment costs – particularly for solar photovoltaic modules and lithium-ion batteries – achieved through experiential learning that has been accelerated by device modularity <span class="citation" data-cites="wayEmpiricallyGroundedTechnology2022 roquesEvolutionEuropeanModel2021a joskowHierarchiesMarketsPartially2022">(<a href="#ref-joskowHierarchiesMarketsPartially2022" role="doc-biblioref">Joskow, 2022</a>; <a href="#ref-roquesEvolutionEuropeanModel2021a" role="doc-biblioref">Roques, 2021</a>; <a href="#ref-wayEmpiricallyGroundedTechnology2022" role="doc-biblioref">Way et al., 2022</a>)</span>.</p>
+<p>Consequently, power systems are currently experiencing or soon expected to experience high instantaneous penetrations of variable renewable energy (VRE), of which solar photovoltaic (PV) and wind generation are the most prevalent forms <span class="citation" data-cites="australianenergymarketoperatorMaintainingPowerSystem2019 matevosyanFutureInverterBasedResources2021">(<a href="#ref-australianenergymarketoperatorMaintainingPowerSystem2019" role="doc-biblioref">Australian Energy Market Operator, 2019b</a>; <a href="#ref-matevosyanFutureInverterBasedResources2021" role="doc-biblioref">Matevosyan et al., 2021</a>)</span>. The inherent variability, uncertainty and, in the case of inverter-based resources, asynchronicity of VRE can be problematic for balancing power systems – ensuring that active power supply and demand are more or less equal at each moment – that were originally designed to accommodate conventional (thermal and hydroelectric) generation <span class="citation" data-cites="elaOperatingReservesVariable2011 kenyonStabilityControlPower2020">(<a href="#ref-elaOperatingReservesVariable2011" role="doc-biblioref">Ela et al., 2011</a>; <a href="#ref-kenyonStabilityControlPower2020" role="doc-biblioref">Kenyon et al., 2020</a>)</span>. Nonetheless, modelling has indicated that 100% renewable power systems can feasibly be balanced <span class="citation" data-cites="hansenStatusPerspectives1002019 ellistonLeastCost1002013 rey-costaFirming100Renewable2023">(<a href="#ref-ellistonLeastCost1002013" role="doc-biblioref">Elliston et al., 2013</a>; <a href="#ref-hansenStatusPerspectives1002019" role="doc-biblioref">Hansen et al., 2019</a>; <a href="#ref-rey-costaFirming100Renewable2023" role="doc-biblioref">Rey-Costa et al., 2023</a>)</span>. However, a key assumption of these studies is that operational practices are appropriately configured to incentivise, control and/or coordinate power system resources to ensure that sufficient balancing flexibility is made available to the system. This task – designing and configuring operational practices to ensure successful balancing of high VRE power systems – remains a significant and ongoing challenge, necessitating the reassessment of grid codes, system operator processes and, most critically, electricity market design in jurisdictions that have introduced competition at the wholesale level <span class="citation" data-cites="papaefthymiou100RenewableEnergy2016">(<a href="#ref-papaefthymiou100RenewableEnergy2016" role="doc-biblioref">Papaefthymiou and Dragoon, 2016</a>)</span>.</p>
+<p>In this thesis, I explore how policy-makers should design or, at the very least, approach the design of operational practices for balancing electricity markets given existing challenges and those posed by growing penetrations of VRE.</p>
 <h2 data-number="3.2" id="research-gap"><span class="header-section-number">3.2</span> Research gap</h2>
-<p>Whilst there exists a degree of international consensus regarding high-level outcomes and the priority areas for designing operational balancing practices for electricity markets with growing penetrations of renewable energy, the multi-layered nature of the design problem, the presence of existing tensions and challenges, and a changing resource mix mean that the design process is complex and contested. Previous literature has emphasised the need for empirical research to identify feasible, flexible and contextually appropriate solutions, even if they may not be optimal. Through empirical studies of aspects of the Australian National Electricity Market, this thesis endeavours to address this knowledge gap in the Australian context. It also aims to provide policy-makers in other jurisdictions with valuable insights drawn from the Australian experience whilst also serving as a model for approaching context-specific design when assessing the merit of operational practices in balancing electricity markets in transition.</p>
+<p>Whilst there is some degree of international consensus on high-level outcomes and the priority areas for designing operational balancing practices for electricity markets with growing penetrations of renewable energy, the multi-layered nature of the design problem, the presence of existing tensions and challenges, and a changing resource mix mean that the design process is complex and contested. Previous literature has emphasised the need for empirical research to identify feasible, flexible and contextually appropriate solutions, even if they may not be optimal. Through empirical studies of aspects of the Australian National Electricity Market, this thesis endeavours to address this knowledge gap in the Australian context. It also seeks to provide policy-makers in other jurisdictions with valuable insights drawn from the Australian experience and serve as a model for approaching context-specific design when evaluating the merit of operational practices in balancing electricity markets undergoing transition.</p>
 <h2 data-number="3.3" id="research-questions-and-methods"><span class="header-section-number">3.3</span> Research questions and methods</h2>
 <h2 data-number="3.4" id="contribution"><span class="header-section-number">3.4</span> Contribution</h2>
 <p>General contributions not detailed results</p>