What May Future Electricity Markets Look Like?

Pierre Pinson*

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

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Abstract

Should the organization, design and functioning of electricity markets be taken for granted? Definitely not. While decades of evolution of electricity markets in countries that committed early to restructure their electric power sector made us believe that we may have found the right and future-proof model, the substantially and rapidly evolving context of our power and energy systems is challenging this idea in many ways. Actually, that situation brings both challenges and opportunities. Challenges include accommodation of renewable energy generation, decentralization and support to investment, while opportunities are mainly that advances in technical and social sciences provide us with many more options in terms of future market design. We here take a holistic point of view, by trying to understand where we are coming from with electricity markets and where we may be going. Future electricity markets should be made fit for purpose by considering them as a way to organize and operate a socio-techno-economic system.

Original languageEnglish
JournalJournal of Modern Power Systems and Clean Energy
Volume11
Issue number3
Pages (from-to)705-713
Number of pages9
ISSN2196-5625
DOIs
Publication statusPublished - 2023

Keywords

  • Digitalization
  • electricity markets
  • mechanism design
  • optimization
  • renewable energy

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