Publication:
Learning from electricity markets: How to design a resilience strategy

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2022-09-01
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Elsevier
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Abstract
Security of supply concerns are at the forefront of the public debate. The pandemic and post-pandemic times have demonstrated that preparing for global shocks requires the quick availability of some essential goods and services, including energy. Private incentives are typically insufficient for an economy to be prepared for rare events with large negative impacts. Instead, governments and preferably supranational institutions should implement mechanisms that make sure that prevention, detection and mitigation measures are taken. The economics of electricity capacity mechanisms provides valuable lessons for the provision of essential goods in such events, which need to be complemented with other elements aimed at mitigating the causes and impacts of potential crises.
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Detection, Mitigation, Prevention, Resilience, Electricity capacity markets, Essential goods
Bibliographic citation
Fabra, N., Motta, M., & Peitz, M. (2022). Learning from Electricity Markets: How to design a resilience Strategy. Energy Policy, 168, 113116.