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Global EnergyIssues, Potentials, and Policy Implications$
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Paul Ekins, Mike Bradshaw, and Jim Watson

Print publication date: 2015

Print ISBN-13: 9780198719526

Published to Oxford Scholarship Online: September 2015

DOI: 10.1093/acprof:oso/9780198719526.001.0001

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Electricity markets and their regulatory systems for a sustainable future

Electricity markets and their regulatory systems for a sustainable future

(p.476) 23 Electricity markets and their regulatory systems for a sustainable future
Global Energy

Catherine Mitchell

Oxford University Press

Current energy policy objectives revolve around decarbonization, security, and affordability. These objectives, particularly the first, have led to technological change and new, more integrated, ways of thinking about energy system operation and their markets. The decarbonization arc is initiating a shift from a low capital-cost, high fuel-cost energy system to a high-capital and low/zero fuel-cost energy system. The energy system is therefore broadly moving from a centralized energy system of a few supply technologies and one-way networks to one that is made up of multiple different types of supply, demand, and operational technologies, which together enable the efficient and integrated running of the system. Future markets and their regulation will have to alter rules and incentives to smoothly enable these changes.

Keywords:   future electricity markets, sustainable energy regulation, governance, innovation, institutions

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