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ECN publication
Title:
Financing investment in new electricity generation capacity in Northwest Europe
 
Author(s):
Joode, J. de; Koutstaal, P.R.; Ozdemir, O.
 
Published by: Publication date:
ECN Policy Studies 24-5-2013
 
ECN report number: Document type:
ECN-O--13-022 Other
 
Number of pages: Full text:
15 Download PDF  

Abstract:
Current Northwest European electricity markets are designed as ‘energy-only’ markets. In an energy-only market the price received for electricity produced is set by the marginal generation unit and potentially leaves the owners of these units with ‘missing money’: i.e. money that is required to recover investment cost. With a much higher penetration of intermittent electricity sources such as wind and solar PV, these markets may not be capable of providing sufficient incentives for investment in generation capacity, because operating hours and scarcity rents for peak and mid-merit order capacity will be considerably reduced.


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