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The growing penetration of renewable energy requires upgrades to the transmission network to ensure the deliverability of renewable generation. As an efficient alternative to transmission expansion, flexible transmission technologies, whose benefits have been widely studied, can alleviate transmission system congestion and enhance renewable energy integration. However, under the current market structure, investments for these technologies only receive a regulated rate of return, providing little to no incentive for efficient operation. Additionally, a regulated rate of return creates an incentive for building more transmission lines rather than efficient utilization of the existing system. Therefore, investments in flexible transmission technologies remain rather limited. To facilitate the deployment of flexible transmission, improve system efficiency, and accommodate renewable energy integration, a proper incentive structure for flexible transmission technologies, compatible with the current market design, is vital. This paper reviews the current market-based mechanisms for various flexible transmission technologies, including impedance control, dynamic line rating, and transmission switching. This review pinpoints current challenges of the market-based operation of flexible transmission and provides insights for future endeavors in designing efficient price signals for flexible transmission operation., Comment: 2023 55th North American Power Symposium (NAPS)

As global concerns regarding climate change are increasing worldwide, the transition towards clean energy sources has accelerated. Accounting for a large share of energy consumption, the electricity sector is experiencing a significant shift towards renewable energy sources. To accommodate this rapid shift, the transmission system requires major upgrades. Although enhancing grid capacity through transmission system expansion is always a solution, this solution is very costly and requires a protracted permitting process. The concept of flexible transmission encompasses a broad range of technologies and market tools that enable effective reconfiguration and manipulation of the power grid for leveraged dispatch of renewable energy resources. The proliferation of such technologies allows for enhanced transfer capability over the current transmission network, thus reducing the need for grid expansion projects. This paper comprehensively reviews flexible transmission technologies and their role in achieving a net-zero carbon emission grid vision. Flexible transmission definitions from different viewpoints are discussed, and mathematical measures to quantify grid flexibility are reviewed. An extensive range of technologies enhancing flexibility across the grid is introduced and explored in detail. The environmental impacts of flexible transmission, including renewable energy utilization and carbon emission reduction, are presented. Finally, market models required for creating proper incentives for the deployment of flexible transmission and regulatory barriers and challenges are discussed.