A legal-economic framework of wholesale electricity markets: Assessing Australia's transition

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2024-10-18 DOI:10.1016/j.enpol.2024.114377

Zsuzsanna Csereklyei , Anne Kallies

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引用次数: 0

Abstract

Recent years have seen a surge in renewable generation investment in many countries, displacing traditional fossil-fuel generation at scale. Clean energy transitions have amplified existing problems of wholesale market designs and introduced new ones, including, but not limited to maintaining system resilience and reliability and ensuring adequate future investment levels. We develop an integrated legal-economic framework of wholesale electricity markets under transition conditions. The framework explains the dynamic interplay between different levels of electricity market regulation, regulatory objectives, policy instruments, market outcomes and electricity system objectives. The novelty arises from our separation and definition of the two main levels of (energy) law and regulation shaping electricity market design and their unique impact on market and system outcomes. We show that understanding and targeting the different levels of regulation matters for successfully addressing transition problems. We demonstrate the framework on the example of Australia's National Electricity Market.

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电力批发市场的法律经济框架：评估澳大利亚的过渡

近年来，许多国家的可再生能源发电投资激增，大规模取代了传统的化石燃料发电。清洁能源转型扩大了批发市场设计的现有问题，并引入了新的问题，包括但不限于维持系统弹性和可靠性以及确保未来充足的投资水平。我们建立了转型条件下电力批发市场的综合法律经济框架。该框架解释了不同层次的电力市场监管、监管目标、政策工具、市场结果和电力系统目标之间的动态相互作用。新颖之处在于我们对影响电力市场设计的两个主要层面的（能源）法律和法规及其对市场和系统结果的独特影响进行了分离和定义。我们表明，理解并针对不同层次的监管对于成功解决转型问题至关重要。我们以澳大利亚国家电力市场为例，展示了这一框架。

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来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.