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| 1 |
ID:
162292
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| Summary/Abstract |
Italy is currently implementing a Capacity Remuneration Mechanism (CRM) in a power sector that is paradoxically characterised, at least for the time being, by a significant overcapacity. This article aims at building a critical review of the Italian CRM design. It first presents the Italian context, explaining how the discussion started more than a decade ago and how it evolved since then. Then, it provides an in-depth description and critical analysis of the mechanism under proposal, based on its main design elements, keeping always as a reference the guidelines issued by the European Commission on CRMs. Many valuable lessons can be extracted from the Italian experience to shed light on other similar processes currently under development.
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| 2 |
ID:
176665
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| Summary/Abstract |
The Colombian short-term electricity market is characterised by a single settlement and by the clearing of a single national hourly spot price for the entire grid. This price is computed ex post, based on the real-time operation of the system. In the day ahead, there is only an operational dispatch, which does not set any binding economic commitment. A deviation from such dispatch (due, for instance, to an outage), if it is informed in advance, has no economic consequence for market agents. As recognised by Colombian regulatory institutions, this design is not suitable to efficiently integrate large shares of variable renewable resources.
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| 3 |
ID:
193719
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| Summary/Abstract |
The policy and regulatory debate raised after the 2022 energy crisis has reaffirmed capacity remuneration mechanisms (CRMs) as a key element of the electricity market design required to drive the much-needed energy transition. Reliability options are a CRM product that effectively addresses the market failures impacting security of supply, while minimising the interference with the different segments of the energy market. This article provides a comprehensive and detailed assessment of the design elements of reliability options and advances recommendations that can be useful for regulators who may consider introducing this scheme in their electricity markets. The analysis benefits from lessons learned in those power sectors where reliability options have been implemented (Colombia, ISO New England, Ireland, Italy, and Belgium). This allows to narrow the gap between the theoretical debate and the real-world implementation of these mechanisms.
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