Pramesh Kumar
Department of Electrical Engineering, Maulana Azad National Institute of Technology, Bhopal, Madhya Pradesh, India.

Yogendra Kumar
Department of Electrical Engineering, Maulana Azad National Institute of Technology, Bhopal, Madhya Pradesh, India.

Asish Kumar
Department of Physics, Babasaheb Bhimrao Ambedkar University (A Central University), 226025, Lucknow, Utter Pradesh, India.

DOI https://doi.org/10.33889/PMSL.2025.4.2.019

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Abstract

Power suppliers are under pressure to integrate more green renewable energy resources into their grids. Responding to the strong demand for clean energy that is high quality and widely accessible. However, the irregular essence of solar and wind power forces market participants to seek new approaches to energy trading and operational procedures. The research paper proposes several market models for the green renewable energy permitted Indian electricity market, analyzing factors such as green energy generation growth, The Ministry is implementing new and renewable policies, setting state-specific targets, promoting market competition, and ensuring reliable power supply. Each model has advantages and disadvantages, and the execution depends on market participants' requirements. The renewable/energy bilateral contracts model system, based on balance responsible parties, is found to be more efficient and superior than other methods in electricity trading. The proposal proposes a new operational strategy with multiple components for improved results in this market implication.

Keywords- Forecasting, Renewable electric energy market model, Bidding operating mechanism, Restructuring electricity market.

Citation

Kumar, P., Kumar, Y., & Kumar, A. (2025). Forecasting Short-term Wind and Solar Energy Prices Optimizes Revenue in Indian Grid Connected Green Energy Market. Prabha Materials Science Letters, 4(2), 226-234. https://doi.org/10.33889/PMSL.2025.4.2.019.