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Electricity Capacity Markets

Author

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  • Aagaard,Todd S.
  • Kleit,Andrew N.

Abstract

Initially created as afterthoughts to competitive electricity markets, capacity markets were intended to enhance system reliability. They have evolved into massive, highly controversial, and poorly understood billion-dollar institutions. Electricity Capacity Markets examines the rationales for creating capacity markets, how capacity markets work, and how well these markets are meeting their objectives. This book will appeal to energy experts and non-experts alike, across a range of disciplines, including economics, business, engineering, public policy, and law. Capacity markets are an important and provocative topic on their own, but they also offer an interesting case study of how well our energy systems are meeting the needs of our increasingly complex society. The challenges facing capacity markets – harnessing market forces for social good, creating networks that manage complexity, and achieving sustainability – are very much core challenges for our twenty-first century advanced industrial society.

Suggested Citation

  • Aagaard,Todd S. & Kleit,Andrew N., 2022. "Electricity Capacity Markets," Cambridge Books, Cambridge University Press, number 9781108489652.
    • Handle: RePEc:cup:cbooks:9781108489652
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    Cited by:

    1. Keppler, Jan Horst & Quemin, Simon & Saguan, Marcelo, 2022. "Why the sustainable provision of low-carbon electricity needs hybrid markets," Energy Policy, Elsevier, vol. 171(C).
    2. Pär Holmberg & Thomas Tangerås, 2023. "A Survey of Capacity Mechanisms: Lessons for the Swedish Electricity Market," The Energy Journal, , vol. 44(6), pages 275-304, November.
    3. Antweiler, Werner & Muesgens, Felix, 2024. "The new merit order: The viability of energy-only electricity markets with only intermittent renewable energy sources and grid-scale storage," Ruhr Economic Papers 1064, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    4. Aagaard, Todd & Kleit, Andrew, 2022. "Why capacity market prices are too high," Utilities Policy, Elsevier, vol. 75(C).
    5. Aagaard, Todd & Kleit, Andrew N., 2023. "Marginal vs. average effective load carrying capability: How should capacity markets deal with alternative generation forms?," Utilities Policy, Elsevier, vol. 84(C).
    6. Bichuch, Maxim & Hobbs, Benjamin F. & Song, Xinyue, 2023. "Identifying optimal capacity expansion and differentiated capacity payments under risk aversion and market power: A financial Stackelberg game approach," Energy Economics, Elsevier, vol. 120(C).
    7. Brown, David P. & Eckert, Andrew & Silveira, Douglas, 2023. "Screening for collusion in wholesale electricity markets: A literature review," Utilities Policy, Elsevier, vol. 85(C).

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