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

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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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    Cited by:

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    3. Lavarenne, Jean & Shwageraus, Eugene & Weightman, Michael, 2016. "Accountability feedback assessments for improving efficiency of nuclear regulatory institutions," Energy Policy, Elsevier, vol. 96(C), pages 274-288.
    4. Hoyoon Lee & Dawoon Jeong & Jeong-Dong Lee, 2023. "Drivers of institutional evolution: phylogenetic inertia and ecological pressure," Journal of Evolutionary Economics, Springer, vol. 33(2), pages 279-308, April.
    5. Tomaszewski, Michał & Ruszczak, Bogdan & Michalski, Paweł & Zator, Sławomir, 2019. "The study of weather conditions favourable to the accretion of icing that pose a threat to transmission power lines," International Journal of Critical Infrastructure Protection, Elsevier, vol. 25(C), pages 139-151.
    6. Larsen, Erik R. & Osorio, Sebastian & van Ackere, Ann, 2017. "A framework to evaluate security of supply in the electricity sector," Renewable and Sustainable Energy Reviews, Elsevier, vol. 79(C), pages 646-655.
    7. Abadie, Luis Ma & Chamorro, José M., 2019. "Physical adequacy of a power generation system: The case of Spain in the long term," Energy, Elsevier, vol. 166(C), pages 637-652.
    8. Sergio Fuentes & Roberto Villafafila-Robles & Eduardo Lerner, 2020. "Composed Index for the Evaluation of the Energy Security of Power Systems: Application to the Case of Argentina," Energies, MDPI, vol. 13(15), pages 1-18, August.
    9. Anthony McLean & Harriet Bulkeley & Mike Crang, 2016. "Negotiating the urban smart grid: Socio-technical experimentation in the city of Austin," Urban Studies, Urban Studies Journal Limited, vol. 53(15), pages 3246-3263, November.
    10. Nahmmacher, Paul & Schmid, Eva & Pahle, Michael & Knopf, Brigitte, 2016. "Strategies against shocks in power systems – An analysis for the case of Europe," Energy Economics, Elsevier, vol. 59(C), pages 455-465.

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    More about this item

    Keywords

    Networks; risks; energy security; regulation;
    All these keywords.

    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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