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    Reliability options: Can they deliver on their promises?

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    Publication type
    Journal article
    Author
    Bhagwata, Pradyumna C.
    Meeus, Leonardo
    Publication Year
    2019
    Journal
    The Electricity Journal
    Publication Volume
    32
    Publication Issue
    10
    
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    Abstract
    Capacity mechanisms have been controversial in theory as well as practice. Lessons from experience with different capacity mechanisms led to the development of the reliability options. This mechanism promises two advantages over other types of capacity mechanisms. Firstly, it ensures the availability of capacity contracted via the capacity mechanism during scarcity. Secondly, the reliability option mechanism limits any energy market distortion due to its implementation and provides the consumer a hedge from high prices. We assess the ability of reliability options in delivering the two promises by analysing the reliability option designs in Italy and Ireland. We find that they deliver on the first promise but only partly on the second.
    Keyword
    Adequacy Policy, Capacity Mechanisms, Reliability Options
    Knowledge Domain/Industry
    Special Industries : Energy
    DOI
    10.1016/j.tej.2019.106667
    URI
    http://hdl.handle.net/20.500.12127/6637
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.tej.2019.106667
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