Follow the missing money: Ensuring reliability at least cost to consumers in the transition to a low-carbon power system

Electricity markets must ensure reliability, deliver value for money, unleash technology and service innovation, and empower and protect consumers. This article offers a brief refresher on how we should expect energy prices to form in a modern system and the ways in which they should be expected to...

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Bibliographic Details
Published in:The Electricity journal 2017-01, Vol.30 (1), p.55-61
Main Author: Hogan, Michael
Format: Article
Language:English
Subjects:
Capacity markets
Flexibility
Market design
Reliability
Scarcity pricing
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Summary:Electricity markets must ensure reliability, deliver value for money, unleash technology and service innovation, and empower and protect consumers. This article offers a brief refresher on how we should expect energy prices to form in a modern system and the ways in which they should be expected to shape critical investment decisions. The author lays out a robust and sustainable approach to ensuring a reliable, low-carbon electric supply at the lowest reasonable cost.
ISSN:1040-6190
1873-6874
DOI:10.1016/j.tej.2016.12.006