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Different Approaches to Supply Adequacy in Electricity Markets

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  • Rosellon, Juan

Abstract

This paper studies the electricity market design long run problem of ensuring enough generation capacity to meet future demand (resource adequacy). Reform processes worldwide have shown that it is difficult for the market alone to provide incentives to attract enough investment in capacity reserves due to technical and institutional features. We study several measures that have been proposed internationally to cope with this problem including strategic reserves, capacity payments, capacity requirements, and call options. The analytical and practical strengths and weaknesses of each approach are discussed .

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File URL: http://mpra.ub.uni-muenchen.de/21944/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21944.

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Date of creation: 19 Dec 2006
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Handle: RePEc:pra:mprapa:21944

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Keywords: Supply adequacy; electricity markets;

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  1. David M. Newbery, 1995. "Power Markets and Market Power," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 3), pages 39-66.
  2. Hobbs, Benjamin F. & Iñón, Javier & Stoft, Steven E., 2001. "Installed Capacity Requirements and Price Caps: Oil on the Water, or Fuel on the Fire?," The Electricity Journal, Elsevier, Elsevier, vol. 14(6), pages 23-34, July.
  3. Chao, Hung-Po & Wilson, Robert, 2002. "Multi-dimensional Procurement Auctions for Power Reserves: Robust Incentive-Compatible Scoring and Settlement Rules," Journal of Regulatory Economics, Springer, Springer, vol. 22(2), pages 161-83, September.
  4. Robert Wilson, 2002. "Architecture of Power Markets," Econometrica, Econometric Society, Econometric Society, vol. 70(4), pages 1299-1340, July.
  5. Joskow, P.L., 2003. "The Difficult Transition to Competitive Electricity Markets in the U.S," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 0328, Faculty of Economics, University of Cambridge.
  6. Bushnell, James, 2005. "Electricity Resource Adequacy: Matching Policies and Goals," The Electricity Journal, Elsevier, Elsevier, vol. 18(8), pages 11-21, October.
  7. Roques, F. & Newbery, D.M. & Nuttall, W.J., 2004. "Generation Adequacy and Investment Incentives in Britain: from the Pool to NETA," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 0459, Faculty of Economics, University of Cambridge.
  8. Severin Borenstein, 2002. "The Trouble With Electricity Markets: Understanding California's Restructuring Disaster," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 16(1), pages 191-211, Winter.
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