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CATEGORIES:Isaac Newton Institute Seminar Series
SUMMARY:Market and regulatory design for renewables domina
ted systems - David Newbery (University of Cambri
dge)
DTSTART;TZID=Europe/London:20190318T094500
DTEND;TZID=Europe/London:20190318T104500
UID:TALK121141AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/121141
DESCRIPTION:A
low-carbon electricity system has a dominan
ce of plant with high fixed costs
and low var
iable costs\, backed up with flexible controllable
generation. In a
liberalised market all requ
ired new investment will need to cover its full
cost\, necessitating payments for capacity\, en
ergy and quality of service to
deliver reliab
ility (long-term adequacy) and security of supply
(short term
resilience to shocks). Their valu
e varies over time and space. Current
liberal
ised markets lack futures markets and proper spati
al signals to guide
investment. Networks have
always had high fixed\, very low variable costs a
nd
long-run marginal costs well below average
costs\, creating challenges for
setting netw
ork tariffs. Consumers need to pay for these gener
ation and
network services in ways that are e
fficient\, equitable and acceptable\, in a
sy
stem that offers a greater range of scale and loca
tion (voltage level) of
options for deliverin
g the three services of capacity\, energy and qual
ity of
servic e\, requiring more careful tari
ff design than hitherto. ICT can help
deliver
but cannot avoid the tensions between efficiency\
, equity and
acceptability. The talk will ide
ntify the challenges\, the theoretical
soluti
ons drawing on the mature subject of public econom
ics\, and possible
solutions.
LOCATION:Seminar Room 1\, Newton Institute
CONTACT:INI IT
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