What is it about?
This study focuses on designing an advanced energy market framework that efficiently integrates renewable energy sources, long-term contracts, and flexibility technologies into a cohesive market structure. The proposed market design aims to provide accurate price signals for various assets and to decouple renewable energy from fossil fuels, ensuring economic viability and efficient integration
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Why is it important?
This research is important because renewable energy has a significantly different cost structure compared to fossil fuels. While fossil fuel-based energy primarily incurs variable costs related to fuel consumption, renewable energy involves mostly fixed costs associated with infrastructure and technology. A market that recognizes and accommodates these differences is essential for promoting sustainable energy systems and achieving decarbonization targets
Perspectives
Designing specific energy markets for renewable sources holds significant potential benefits. It can boost decarbonization efforts by encouraging the adoption of renewable energy technologies that enhance system flexibility and security. Additionally, such market designs can incentivize innovation and investment in renewable energy, contributing to a cleaner, more reliable energy system overall
Giacomo Di Foggia
Universita degli Studi di Milano-Bicocca
Read the Original
This page is a summary of: Designing new energy markets to promote renewables, Heliyon, May 2024, Elsevier,
DOI: 10.1016/j.heliyon.2024.e31427.
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