{"title":"A legal-economic framework of wholesale electricity markets: Assessing Australia's transition","authors":"","doi":"10.1016/j.enpol.2024.114377","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":null,"pages":null},"PeriodicalIF":9.3000,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Policy","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0301421524003975","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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.
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.
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