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Energy system decarbonisation: informing reform of energy market and regulatory framework

Presented by: 
Goran Strbac Imperial College London, Imperial College London, Imperial College London
Date: 
Friday 22nd March 2019 - 10:00 to 10:45
Venue: 
INI Seminar Room 1
Abstract: 
There is a growing need and opportunity for new emerging technologies and systems to provide flexibility in supporting a cost-effective transition to a lower carbon energy system. Key results of the comprehensive analysis carried out will be presented highlighting the benefits of emerging technologies and system in providing grid support, various balancing services, system security services and option value services to deal with uncertainty. This will underline the barriers related to the present market and regulatory framework that may prevent the realization of the quantified system value of flexibility and thus weaken the business case for investment in corresponding technologies and systems. Developing fully cost-reflective markets and effective regulatory frameworks will therefore be necessary to ensure that the commercial incentives for investing and operating flexible technologies are aligned with the societal benefits. The importance of the whole-system approach to future market design, strategic versus incremental investment, consumer participation and decentralisation will be discussed and a roadmap for market evolution will be presented, highlighting the importance of aligning the market design with the decarbonisation objectives.
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University of Cambridge Research Councils UK
    Clay Mathematics Institute London Mathematical Society NM Rothschild and Sons