Security of electricity supply is a broad concept that comprises different activities and time frames and whose ultimate objective is to provide electricity to the end consumers within prescribed quality standards. This paper examines the impact that the activities of system operation, transmission, distribution and generation have on the security of supply of a power system in the four time dimensions that contribute to security of electricity supply: security, firmness, adequacy and strategic energy policy. The paper reviews and evaluates the regulatory instruments that are available within the Internal Electricity Market (IEM) of the European Union (EU) to achieve an appropriate level of security of electricity supply and focuses on the Energy Policy for Europe that has been put forward by the European Council and the indispensable and broader context of sustainability of the global energy model.
Keywords: Security of supply, electricity, European Union, Internal Electricity Market, European energy policy, adequacy, electricity regulation.
European Review of Energy Markets. Volume: 2 Issue: 2 Pages: 103-130
Published on paper: December 2007.