Designing New Energy Markets to Promote Renewables

Giacomo Di Foggia and Massimo Beccarello

MPRA Paper from University Library of Munich, Germany

Abstract: The drive toward decarbonization has spurred the growth of renewable energy sources, reshaping energy production and consumption patterns. As the energy landscape evolves, so must the market design supporting it to steer the integration of renewable energy. Addressing the challenges of promoting distributed renewable energy is paramount for developing a cleaner energy system and meeting decarbonization targets. This study presents a modern market design that efficiently integrates renewable energy sources, long-term contracts, and flexibility technologies into a single evolved market framework. The approach described herein provides proper price signals for diverse assets and decouples renewable energy from fossil fuels, ensuring economic viability and efficient integration. Taking into consideration key barriers and drivers, the findings provide insights for perfecting energy markets, meeting decarbonization targets, and guiding policymaking to boost cleaner energy systems.

Keywords: market design; RES; Environmental economics; energy markets; energy price (search for similar items in EconPapers)
JEL-codes: H40 L88 Q48 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-ene, nep-ppm and nep-reg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Heliyon 10.10(2024): pp. E31427

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:121783

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