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Modern societies are becoming increasing dependent on reliable and secure electricity supplies to underpin economic growth and community prosperity. This reliance is set to grow as more efficient and less carbon intensive forms of power are developed and deployed to help decarbonise economies. Maintaining reliable and secure electricity services while seeking to rapidly decarbonise power systems is a key challenge for countries throughout the world.
Well functioning electricity markets have a crucial role to play in helping to deliver greater flexibility, and to attract the investment needed to achieve decarbonisation and electricity security goals. At the October 2011 IEA Ministerial meeting member countries endorsed the IEA Electricity Security Action Plan as a major new initiative to help address these challenges.