| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12556 |
| DP12556 Conventional Power Plants in Liberalized Electricity Markets with Renewable Entry | |
| Gerard Llobet; Jorge Padilla | |
| 发表日期 | 2018-01-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper examines the optimal capacity choices of conventional power generators after the introduction of renewable production. We start with a basic and generally accepted model of the liberalized wholesale electricity market in which firms have insufficient incentives to invest and we illustrate how the entry of renewable generation tends to aggravate that problem. We show that the incentives to invest in firm capacity (e.g. conventional thermal plants) may be restored by means of a capacity auction mechanism. That mechanism is vulnerable and, hence, may prove ineffective unless governments can credibly commit not to sponsor the entry of new capacity outside the auction mechanism. We explain that such commitment may be particularly difficult in the current political context where energy policy is conditioned by environmental and industrial-policy goals. We finally propose a way to enhance the credibility of capacity auctions by committing to optimally retire idle (conventional) power plants in response to entry outside the auction. |
| 主题 | Industrial Organization |
| 关键词 | Conventional generation Renewable energy Security of supply Missing-money problem Environmental goals Capacity payments |
| URL | https://cepr.org/publications/dp12556 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541367 |
| 推荐引用方式 GB/T 7714 | Gerard Llobet,Jorge Padilla. DP12556 Conventional Power Plants in Liberalized Electricity Markets with Renewable Entry. 2018. |
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