The effectiveness of capacity markets in the presence of a high portfolio share of renewable energy sources
The effectiveness of a capacity market is analyzed by simulating three conditions that may cause suboptimal investment in the electricity generation: imperfect information and uncertainty; declining demand shocks resulting in load loss; and a growing share of renewable energy sources in the generati...
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| Published in: | Utilities policy Vol. 48; pp. 76 - 91 |
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| Main Authors: | , , , , |
| Format: | Journal Article |
| Language: | English |
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Amsterdam
Elsevier
01-10-2017
Elsevier Ltd |
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| Abstract | The effectiveness of a capacity market is analyzed by simulating three conditions that may cause suboptimal investment in the electricity generation: imperfect information and uncertainty; declining demand shocks resulting in load loss; and a growing share of renewable energy sources in the generation portfolio. Implementation of a capacity market can improve supply adequacy and reduce consumer costs. It mainly leads to more investment in low-cost peak generation units. If the administratively determined reserve margin is high enough, the security of supply is not significantly affected by uncertainties or demand shocks. A capacity market is found to be more effective than a strategic reserve for ensuring reliability. |
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| AbstractList | The effectiveness of a capacity market is analyzed by simulating three conditions that may cause suboptimal investment in the electricity generation: imperfect information and uncertainty; declining demand shocks resulting in load loss; and a growing share of renewable energy sources in the generation portfolio. Implementation of a capacity market can improve supply adequacy and reduce consumer costs. It mainly leads to more investment in low-cost peak generation units. If the administratively determined reserve margin is high enough, the security of supply is not significantly affected by uncertainties or demand shocks. A capacity market is found to be more effective than a strategic reserve for ensuring reliability. The effectiveness of a capacity market is analyzed by simulating three conditions that may cause suboptimal investment in the electricity generation: imperfect information and uncertainty; declining demand shocks resulting in load loss; and a growing share of renewable energy sources in the generation portfolio. Implementation of a capacity market can improve supply adequacy and reduce consumer costs. It mainly leads to more investment in low-cost peak generation units. If the administratively determined reserve margin is high enough, the security of supply is not significantly affected by uncertainties or demand shocks. A capacity market is found to be more effective than a strategic reserve for ensuring reliability. •Analysis of a capacity market under growing share of RES is presented.•An agent-based model of electricity markets is utilized for this analysis.•Implementation of a capacity market improves adequacy and reduces consumer costs.•If reserve margin is high enough, security of supply is not affected by investment cycles or a demand shocks.•A capacity market is more effective than a strategic reserve. |
| Author | Vries, Laurens J. De Richstein, Jörn C Chappin, Emile J.L Iychettira, Kaveri K Bhagwat, Pradyumna C |
| Author_xml | – sequence: 1 givenname: Pradyumna C surname: Bhagwat fullname: Bhagwat, Pradyumna C – sequence: 2 givenname: Kaveri K surname: Iychettira fullname: Iychettira, Kaveri K – sequence: 3 givenname: Jörn C surname: Richstein fullname: Richstein, Jörn C – sequence: 4 givenname: Emile J.L surname: Chappin fullname: Chappin, Emile J.L – sequence: 5 givenname: Laurens J. De surname: Vries fullname: Vries, Laurens J. De |
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| Keywords | Capacity markets Adequacy policy Security of supply |
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