A Scoping Review of Flexibility Markets in the Power Sector: Models, Mechanisms, and Business Perspectives

The transition to decarbonized and distributed energy systems has increased interest in flexibility markets as a key tool to manage variability and coordinate distributed energy resources. However, the fast growth and conceptual fragmentation of this field hinder the building of coherent models and scalable solutions. This paper presents a scoping review of 243 peer-reviewed articles published between 2013 and 2025, applying the TEAM Framework and Business Model Canvas. Through a structured data matrix of 35 variables, we analyze how flexibility is defined and modelled, the coordination mechanisms applied, and how business dimensions are integrated. The results reveal major inconsistencies in terminology, actor roles, price formation, and interoperability modelling. We identify critical gaps in cost modelling and business model integration, especially in low-TRL studies. This review provides a comprehensive and cross-cutting synthesis of existing approaches, offering a reference framework for future research, policy design, and market implementation of distributed flexibility mechanisms.