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Der Strommarkt als soziale Institution: eine erweiterte Perspektive auf die deutsche Diskussion um Kapazitätsmechanismen

Author

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  • Saskia Ellenbeck
  • Peter Schmidt
  • Antonella Battaglini
  • Johan Lilliestam

Abstract

The fear that the current market design could lead to underinvestment in flexible capacity in the German power market is often countered with proposals for capacity markets to ensure the security of future electricity supply. This article challenges this narrow view of an unambiguous logical connection between a reformation of the power market design and a change in investment behavior and develops a broader perspective for the interpretation of the current market outcome. We create a theoretical framework based on insights from institutional economics and the new economic sociology. We find that in addition to the formal market design, the material opportunities, the coupling of the electricity sector with related systems, expectations about the future market development, and strategic actor behavior may have an influence on the investment decisions in the power market. The analysis indicates that investment in flexible capacity can be possible even within the current market design, if the material, financial, and/or institutional opportunities and expectations change. Ausgangspunkt für Forderungen nach einer Einführung von Kapazitätsmechanismen im deutschen Strommarkt ist die Beobachtung, dass das gegenwärtige Investitionsverhalten der Marktakteure zu einem unzureichenden Niveau der Stromversorgungssicherheit führen könnte. In dem vorliegenden Beitrag wird die enge logische Verknüpfung zwischen Investitionstätigkeit und einer Änderung des formellen Marktdesigns hinterfragt und eine erweiterte Perspektive für die Interpretation des gegenwärtigen Marktergebnisses erarbeitet. Den theoretischen Rahmen dafür bieten die Institutionenökonomie und die Neue Wirtschaftssoziologie. Neben dem Strommarktdesign werden als weitere Einflussfaktoren auf das Verhalten der Marktakteure die materiellen Opportunitäten im Inland und in gekoppelten Strommärkten, die Erwartungen über künftige Marktentwicklungen und das strategische Verhalten der Marktakteure identifiziert. Unsere Analyse zeigt, dass Investitionen in flexible Kapazitäten durchaus auch innerhalb des bestehenden Marktdesigns bei einer Veränderung der materiellen, finanziellen und/oder institutionellen Opportunitäten und Erwartungen angestoßen werden könnten.

Suggested Citation

  • Saskia Ellenbeck & Peter Schmidt & Antonella Battaglini & Johan Lilliestam, 2013. "Der Strommarkt als soziale Institution: eine erweiterte Perspektive auf die deutsche Diskussion um Kapazitätsmechanismen," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(3), pages 171-182.
    • Handle: RePEc:diw:diwvjh:82-3-11
    DOI: 10.3790/vjh.82.3.171
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    References listed on IDEAS

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    Cited by:

    1. Saskia Ellenbeck & Andreas Beneking & Andrzej Ceglarz & Peter Schmidt & Antonella Battaglini, 2015. "Security of Supply in European Electricity Markets—Determinants of Investment Decisions and the European Energy Union," Energies, MDPI, vol. 8(6), pages 1-19, June.

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    More about this item

    Keywords

    Capacity mechanism; energy-only market design; social institutions; expectations;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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