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Adapting electricity markets to decarbonisation and security of supply objectives: Toward a hybrid regime?

机译:使电力市场适应脱碳和供应目标的安全:要建立混合动力制度?

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The policy objectives of decarbonisation of the electricity sector whilst maintaining security of supply have led to a new wave of market reforms in many jurisdictions which liberalised their industry. There is a wide range of models under this new hybrid regime which essentially combine the energy market with planning and long-term risk transfer arrangements. This paper takes an institutionalist approach in terms of modularity of the market design, and reviews the issues with the standard historical market model which led to the introduction of additional long term "modules". We then study the interactions between the existing and new "modules" and identify ways in which the initial market modules can be improved to address inconsistencies with the new modules. We conclude by discussing the conditions under which the various changes in market architectures could converge toward a hybrid regime structured around a "two step competition", with a "competition for the market" via the auctioning of long-term contracts to support investment,. followed by "competition in the market" for short term system optimisation via the energy market.
机译:电力部门脱碳同时保持供电安全的政策目标,导致了许多辖区的新一轮市场改革浪潮,从而使电力行业自由化。在这种新的混合动力体制下,存在各种各样的模型,这些模型实质上将能源市场与计划和长期风险转移安排结合在一起。本文在市场设计的模块化方面采取了制度主义的方法,并回顾了标准历史市场模型的问题,从而导致引入了更多的长期“模块”。然后,我们研究现有模块与新模块之间的相互作用,并确定可以改进初始市场模块以解决与新模块不一致的方法。最后,我们讨论了在各种条件下,市场体系结构的各种变化可以融合为围绕“两步竞争”和通过竞争长期合同拍卖来支持投资的“市场竞争”的混合体制。其次是“市场竞争”,以通过能源市场进行短期系统优化。

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