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Guiding the transition: design challenges in decarbonising electricity markets

T. Gerres, J.P. Chaves, F. Martín, M. Rivier, A. Sánchez, T. Gómez

En el libro Handbook on the economics of renewable energy

Edward Elgar Publishing, Cheltenham, Reino Unido


Many liberalized electricity systems are founded upon energy-only market principles which aim to ensure affordable electricity prices. Since the early days of liberalization, it has been questioned whether interactions between market participants, offering and purchasing electricity, provide sufficient investment incentives for safeguarding supply security. Additionally, and as a consequence of the global consensus to drastically reduce carbon emissions, future electricity generation must meet decarbonisation objectives. We argue that market design revisions are possibly inevitable to meet these three main objectives of electricity systems (trilemma): capacity adequacy, emission avoidance and affordability. Results from a Spanish case study demonstrate how changing policy scenarios require additional market mechanisms with significant interdependencies among each other. Here we show how a market mechanism that is not perfectly aligned with the main system objectives, such as renewable payments, is suboptimal to comply with the main objectives. Furthermore, we challenge the premise of cheap green electricity for everyone since the remuneration of additional services increases the total system cost.

Resumen divulgativo:

Se demuestra que la revision del diseño del mercado es inevitable para cumplir los tres principales objetivos de los sistemas eléctricos (trilema): seguridad de suministro, reducción de emisiones y acceso. Los resultados muestran cómo los posibles escenarios requieren nuevos mecanismos de mercado.

Palabras clave: Energy-only markets, electricity system transition, decarbonisation targets, emission pricing, capacity mechanisms, electricity system model

Editores: del Río González, P. ; Ragwitz, M.

ISBN: 978-180037-901-5

DOI del Libro: DOI icon

Publicado: 2023

T. Gerres, J.P. Chaves, F. Martín, M. Rivier, A. Sánchez, T. Gómez, Guiding the transition: design challenges in decarbonising electricity markets, en Handbook on the economics of renewable energy. Editores del Río González, P. ; Ragwitz, M.. Ed. Edward Elgar Publishing. Cheltenham, Reino Unido, 2023.

    Líneas de investigación:
  • Modelos de mercados eléctricos con alta penetración de generación renovable
  • Modelos de mercados de electricidad, gas natural y gases renovables
  • Diseño y regulación de mercados energéticos
  • Análisis de políticas energéticas sostenibles
  • Escenarios energéticos de largo plazo

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