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Long-Term Resource Adequacy in Wholesale Electricity Markets with Significant Intermittent Renewables

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  • Frank A. Wolak

Abstract

Growing amounts of intermittent renewable generation capacity substantially increases the complexity of determining whether sufficient energy will be available to meet hourly demands throughout the year. As the events of August 2020 in California and February 2021 in Texas demonstrate, supply shortfalls can have large economic and public health consequences. An empirical analysis of these two events demonstrates that similar supply shortfalls are likely to occur in the future without a paradigm shift in how long-term resource adequacy is determined for an electricity supply industry with significant intermittent renewables. An alternative approach to determining long-term resource adequacy that explicitly recognizes the characteristics of different generation technologies is outlined and its properties explored relative to current approaches.

Suggested Citation

  • Frank A. Wolak, 2021. "Long-Term Resource Adequacy in Wholesale Electricity Markets with Significant Intermittent Renewables," NBER Working Papers 29033, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:29033
    Note: EEE IO
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    Cited by:

    1. Christos K. Simoglou & Pandelis N. Biskas, 2023. "Capacity Mechanisms in Europe and the US: A Comparative Analysis and a Real-Life Application for Greece," Energies, MDPI, vol. 16(2), pages 1-32, January.
    2. Farhad Billimoria & Filiberto Fele & Iacopo Savelli & Thomas Morstyn & Malcolm McCulloch, 2023. "An Insurance Paradigm for Improving Power System Resilience via Distributed Investment," Papers 2302.01456, arXiv.org.

    More about this item

    JEL classification:

    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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