August 27, 2020 - 11:00 AM - 12:30 PM Eastern Time (ET)
Overcoming Challenges in Electricity Markets with High Shares of Variable Renewable Energy: New Research Insights
Electric power systems with high levels of variable renewable energy pose new challenges for market design. Organized electricity markets can deploy different bidding formats and pricing models to respond to these challenges and help market participants recover their short-term costs. Driven by the need to accommodate stringent decarbonization mandates, moreover, regulators are increasingly resorting to out-of-market approaches, for instance to promote energy storage.
In this webinar, the authors of two recent CEEPR Working Papers will describe how bidding formats and pricing models are evolving on both sides of the Atlantic to accommodate the operational constraints of renewable energy and energy storage providers, highlighting a number of lessons learned; and discuss the conditions under which competitive markets can ensure adequate investment in energy storage even without additional incentives.
This webinar is organized in collaboration with the MIT Energy Initiative Electric Power Systems Low Carbon Center.