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Electricity DeregulationChoices and Challenges$
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James M. Griffin and Steven L. Puller

Print publication date: 2005

Print ISBN-13: 9780226308562

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226308586.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 01 July 2022

Ensuring Generation Adequacy in Competitive Electricity Markets

Ensuring Generation Adequacy in Competitive Electricity Markets

(p.388) 10 Ensuring Generation Adequacy in Competitive Electricity Markets
Electricity Deregulation

Shmuel S. Oren

University of Chicago Press

This chapter examines how electricity markets should be designed to ensure that adequate generation capacity is available to meet demand. It explains that the role of capacity payments in ensuring adequacy of supply can be fulfilled by risk-management approaches and hedging instruments that permit diverse choices and promote demand-side participation. This chapter also proposes setting capacity requirements with secondary markets that enable trading of capacity reserves is the preferred approach when energy markets are not sufficiently developed to provide correct market signals for generation investment.

Keywords:   electricity markets, generation capacity, capacity payments, risk-management approaches, hedging instruments, demand-side participation, market signals

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