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Market design for generation adequacy: Healing causes rather than symptoms

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Author Info
Roques, Fabien A.
Abstract

This paper argues that electricity market reform - particularly the need for complementary mechanisms to remunerate capacity - need to be analysed in the light of the local regulatory and institutional environment. If there is a lack of investment, the priority should be to identify the roots of the problem. The lack of demand-side response, short-term reliability management procedures and non-market ancillary services provision often undermine market reflective scarcity pricing and distort long-term investment incentives. The introduction of a capacity mechanism should come as an optional supplement to wholesale and ancillary markets improvements. Priority reforms should focus on encouraging demand-side responsiveness and reducing scarcity price distortions introduced by balancing and congestion management through better dialog between network engineers and market operators.

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Publisher Info
Article provided by Elsevier in its journal Utilities Policy.

Volume (Year): 16 (2008)
Issue (Month): 3 (September)
Pages: 171-183
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Handle: RePEc:eee:juipol:v:16:y:2008:i:3:p:171-183

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Web page: http://www.elsevier.com/locate/inca/30478

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This page was last updated on 2008-8-10.


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