What is next for our electricity markets?
Towards a new Market and regulatory Framework
Today’s restructured electricity markets are based on economic principles developed more than two decades ago, allowing competition in the power sector with the objective of improving economic efficiency, shifting risks to investors and, in relevant emerging economies, to reduce the burden on the treasury. Since then, many markets have successfully followed a pragmatic and constant learning-by-doing process, resulting in innovations and changes that allow them to improve power system performance while deliver electricity in a secure and affordable manner.
Recently, however, a number of unprecedented developments are threatening to disrupt power systems around the world. These include the need to quickly and affordably decarbonise the economy, the introduction of new supply- and demand-side technologies, and expanded opportunities for consumer engagement. Taken together, these developments are forcing us to question whether existing power markets designs can be adapted to these changes or whether an entirely new approach is required.
In this context, the IEA is organizing this Electricity Security Advisory Panel workshop to take stock of lessons learned, to identify principles that should continue driving electricity market design, and to identify elements that will need to change in the coming years.
This invitation-only workshop is aimed at experts in electricity market design and senior electricity market participants and will help guide future IEA research on this topic.
Agenda and Presentations
09:15 Welcome and Opening Remarks
- László VARRÓ, Chief Economist, IEA
09:30 WHERE ARE WE IN OUR WHOLESALE MARKETS?
- Florian KÖNIG, Economic Adviser, Bnetza- Federal Network Agency, Germany
- Tomas KABERGER, Executive Board Chairman, Renewable Energy Institute
- Anna SHPITSBERG, Director Global Power, IHS Markit
10:40 LONG-TERM RESOURCE ADEQUACY WITH INTERMITTENT RENEWABLES
- Frank WOLAK, Stanford University
11:30 UPDATING REGULATORY AND MARKET FRAMEWORKS TO NEW REALITIES
- Jakub FIJALKOWSKI, Policy Officer – DG Energy, European Commission
- Christoph RIECHMANN, Director, Energy Practice, Frontier Economics
- Jeffrey HARDY, Senior Research Fellow, Grantham Institute, Imperial College London
- Carlos BATLLE, Research Scholar, MIT and Associate Professor, Comillas University
14:00 WHAT DOES THE NEXT GENERATION OF WHOLESALE MARKET DESIGNs LOOK LIKE?
- Michael HOGAN, Senior Adviser, Regulatory Assistance Project (RAP)
- Pierre JEREMIE, Head, Electricity Markets Office, DGEC, France
- Michael GRUBB, Professor of Energy and Climate Change, University College London
- Fabien ROQUES, Executive Vice President, Energy Practice, Compass Lexecon
15:30: AUSTRALIA: TOWARDS A POST-2025 MARKET DESIGN
- Audrey ZIBELMAN, CEO, Australian Energy Market Operator
16:20 NEW DEVELOPMENTS WE CAN’t MISS
- Craig GLAZER, Vice President, Federal Government Policy, PJM
- Fiona WOOLF, CMS Cameron McKeena
- Amro FARID, Associate Professor, Thaler School of Engineering, Dartmouth
- Susanne NIES, Managing Director of Strategy and Communication, ENTSO-E