Electricity Market Series

International Energy Agency

English
ISSN: 
2415-1130 (online)
http://dx.doi.org/10.1787/24151130
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Modern societies are becoming increasing dependent on reliable and secure electricity supplies to underpin economic growth and community prosperity. This reliance is set to grow as more efficient and less carbon-intensive forms of power are developed and deployed to help decarbonise economies. Maintaining reliable and secure electricity services while seeking to rapidly decarbonise power systems is a key challenge for countries throughout the world.

 
Re-powering Markets

Latest Edition

Re-powering Markets

Market design and regulation during the transition to low-carbon power systems You do not have access to this content

International Energy Agency

English
Click to Access: 
    http://oecd.metastore.ingenta.com/content/6116031e.pdf
  • PDF
Author(s):
IEA
23 Mar 2016
Pages:
246
ISBN:
9789264209596 (PDF)
http://dx.doi.org/10.1787/9789264209596-en

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"Re-powering" refers to the process of replacing older power stations with ones that are more efficient and more powerful, but the term also lends itself to market design. To facilitate the transition to a low-carbon economy, electricity markets will need to be "re-powered": older market frameworks must be replaced with ones suitable for decarbonisation while ensuring a secure electricity supply. Market rules need to be modernised and better matched with lowcarbon policies while keeping the same overall market architecture.

Re-powering electricity markets can be done in several ways, depending on the existing market design or regulatory framework. Changes can be as limited as increasing the temporal or geographical resolution of existing markets or putting a price on scarcity, or as extensive as creating short-term markets and incorporating policies to increase renewables and reduce carbon emissions as part of a consistent market framework.

Re-Powering Markets brings together today’s best practices in new electricity market design and details the most effective and efficient ways for re-powering electricity markets to address the 21st century challenges of transitioning to low-carbon electricity.

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