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Security of the European Electricity Systems: Conceptualizing the Assessment Criteria and Core Indicators

Author

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  • Jamasb, T.
  • Nepal, R.

Abstract

The 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.

Suggested Citation

  • Jamasb, T. & Nepal, R., 2012. "Security of the European Electricity Systems: Conceptualizing the Assessment Criteria and Core Indicators," Cambridge Working Papers in Economics 1251, Faculty of Economics, University of Cambridge.
  • Handle: RePEc:cam:camdae:1251
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    File URL: http://www.econ.cam.ac.uk/research-files/repec/cam/pdf/cwpe1251.pdf
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    References listed on IDEAS

    as
    1. Grubb, Michael & Butler, Lucy & Twomey, Paul, 2006. "Diversity and security in UK electricity generation: The influence of low-carbon objectives," Energy Policy, Elsevier, vol. 34(18), pages 4050-4062, December.
    2. Jamasb, Tooraj & Pollitt, Michael, 2008. "Security of supply and regulation of energy networks," Energy Policy, Elsevier, vol. 36(12), pages 4584-4589, December.
    3. Shimon Awerbuch, 2006. "Portfolio-Based Electricity Generation Planning: Policy Implications For Renewables And Energy Security," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 11(3), pages 693-710, May.
    4. Jamasb, Tooraj & Pollitt, Michael, 2007. "Incentive regulation of electricity distribution networks: Lessons of experience from Britain," Energy Policy, Elsevier, vol. 35(12), pages 6163-6187, December.
    5. Andy Stirling, 2007. "A General Framework for Analysing Diversity in Science, Technology and Society," SPRU Working Paper Series 156, SPRU - Science and Technology Policy Research, University of Sussex.
    6. Mark Armstrong & Simon Cowan & John Vickers, 1994. "Regulatory Reform: Economic Analysis and British Experience," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262510790, January.
    7. Saplacan, Roxana, 2008. "Competition in electricity distribution," Utilities Policy, Elsevier, vol. 16(4), pages 231-237, December.
    8. Jamasb, Tooraj & Orea, Luis & Pollitt, Michael, 2012. "Estimating the marginal cost of quality improvements: The case of the UK electricity distribution companies," Energy Economics, Elsevier, vol. 34(5), pages 1498-1506.
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    Cited by:

    1. Tooraj Jamasb & Rabindra Nepal, 2014. "Issues and Options in the Economic Regulation of European Network Security," Discussion Papers Series 505, School of Economics, University of Queensland, Australia.
    2. John Foster, 2016. "The Australian growth miracle: an evolutionary macroeconomic explanation," Cambridge Journal of Economics, Oxford University Press, pages 871-894.
    3. T. Jamasb & R. Nepal, 2015. "Issues and Options in the Economic Regulation of European Network Security," Competition and Regulation in Network Industries, Intersentia, pages 2-23.
    4. Nepal, Rabindra & Jamasb, Tooraj, 2015. "Incentive regulation and utility benchmarking for electricity network security," Economic Analysis and Policy, Elsevier, vol. 48(C), pages 117-127.

    More about this item

    Keywords

    Networks; risks; energy security; regulation;

    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

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