Bhagwat, Pradyumna C.
[Author];
Iychettira, Kaveri K.
[Author];
Richstein, Jörn C.
[Author];
Chappin, Emile J.L.
[Author];
Vries, Laurens J. De
[Author]
The effectiveness of capacity markets in the presence of a high portfolio share of renewable energy sources
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Media type:
E-Article
Title:
The effectiveness of capacity markets in the presence of a high portfolio share of renewable energy sources
Contributor:
Bhagwat, Pradyumna C.
[Author];
Iychettira, Kaveri K.
[Author];
Richstein, Jörn C.
[Author];
Chappin, Emile J.L.
[Author];
Vries, Laurens J. De
[Author]
Footnote:
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Description:
The effectiveness of a capacity market is analyzed by simulating three conditions that may cause suboptimal investment in the electricity generation: imperfect information and uncertainty; declining demand shocks resulting in load loss; and a growing share of renewable energy sources in the generation portfolio. Implementation of a capacity market can improve supply adequacy and reduce consumer costs. It mainly leads to more investment in low-cost peak generation units. If the administratively determined reserve margin is high enough, the security of supply is not significantly affected by uncertainties or demand shocks. A capacity market is found to be more effective than a strategic reserve for ensuring reliability.