Market Signals as Adequacy Indicators for Future Flexible Power Systems

Laurens De Vries*, I.J. Sanchez Jimenez

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

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Abstract

Existing indicators of electricity system adequacy need to be supplemented with economic performance indicators. As power systems are decarbonized, energy storage technologies are being developed and demand is becoming more flexible. Reliability standards need to reflect the price elasticity of these sources of flexibility. During scarcity situations, this increased demand flexibility may prevent outages, but still lead to high electricity prices. If the average electricity price is well above the average cost of power supply, this can be an indication that the system is not adequate, even if the outage rate does not exceed the current reliability standards.
Original languageEnglish
Article numberoiab007
Number of pages5
JournalOxford Open Energy
Volume1
DOIs
Publication statusPublished - 2022

Keywords

  • electricity markets
  • renewable energy
  • adequacy assessment
  • system adequacy

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