Security of the European Electricity Systems: Conceptualizing the Assessment Criteria and Core Indicators
AbstractThe electricity systems have a central role to play in the transition towards a low carbon economy and integration of renewable energy sources in the European Union. However, the European electricity networks face a diverse set of existing and new risks that can hamper the energy security of member countries. This paper aims to qualitatively and quantitatively assess these risks given the changing operating framework of the industry characterised by market liberalization and network interconnectedness among the EU members. Within this context, we primarily focus on the risks from exceptional events and threats to the European electricity systems. An ex-ante risk assessment matrix is proposed to gauge the network risks and take prevention measures against them. Such assessment can be a useful approach for policymakers and practitioners amidst the existing ex-post quality of supply performance standards and indicators. Our analysis suggests that economic risks pose the most serious and challenging risks to the evolving European electricity system.
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Bibliographic InfoPaper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 1251.
Date of creation: 19 Dec 2012
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Web page: http://www.econ.cam.ac.uk/index.htm
Networks; risks; energy security; regulation;
Find related papers by JEL classification:
- L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
- L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
- Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-01-07 (All new papers)
- NEP-ENE-2013-01-07 (Energy Economics)
- NEP-REG-2013-01-07 (Regulation)
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