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Security of Supply in Electricity Markets

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The regulatory approach to supply security in electricity markets has beensubstantially altered since power markets were partly privatized and reregulatedin the mid 1990’s, when regulators chose to rely on market basedprices and decentralized commercially based decisions on generation capacities.Prior to this market restructuring power systems basically worked asplanned economies, however, the decentralization of production decisions introducedstochastic elements to electricity systems.Additionally, since the early 2000’s, power generating companies, oftenincentivized by the state, started increasing the share of renewable but intermittentenergy sources in their generation portfolios. Due to its intermittencythe production process of wind, solar and hydro power is difficult to plan andtherefore the final amount of power that enters the market at each point intime becomes difficult to predict. As the level of power supply intermittencyincreases, so also do the number of challenges that market based approachesface in organizing secure power systems....

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Sebastian Schwenen

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