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>GENERATION ADEQUACY IN THE GERMAN ELECTRICITY MARKET: THE EFFICIENCY OF MARKET SPLITTING AND A STRATEGIC RESERVE
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GENERATION ADEQUACY IN THE GERMAN ELECTRICITY MARKET: THE EFFICIENCY OF MARKET SPLITTING AND A STRATEGIC RESERVE
With increasing shares of electricity generation from renewable energy sources, questions related to a secure supply of electricity – and generation adequacy in particular – gain in importance for European policy makers. In this contribution, the focus lies on Germany, which is currently confronted with multiple potential threats to maintaining long-term generation adequacy, especially in the southern part of the country: Firstly, the ongoing phase-out of nuclear power leads to decommissioning of large generation capacities, which are mainly located in Southern Germany. Secondly, decreasing electricity prices provide poor investment incentives and might lead to economic decommissioning of other thermal power plants. Thirdly, wind power generation in Northern Germany increases faster than transmission capacities of the electrical grid, frequently resulting in a day-ahead market dispatch that is physically infeasible and has to be redispatched. Thus, congestion management volumes have risen tremendously in the past years [1]. As a consequence, Germany is planning to implement a strategic reserve in order to incentivize investments in generation capacity and avoid economic decommissioning of power plants [2]. However, without a regional component, this measure might not lead to a reduced need for congestion management and thus secure generation adequacy in Southern Germany. Therefore, a splitting of the German electricity market in a northern and a southern zone could be an economically more efficient solution providing regional investment signals and maintaining generation adequacy throughout the country. In this contribution, the long-term efficiency of both instruments – a strategic reserve and market splitting – is analysed and compared for the German electricity market with a focus on the development of the dispatchable generation capacities, system costs and generation adequacy.
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