Long-Term Resource Adequacy in Wholesale Electricity Markets with Significant Intermittent Renewables

Frank A. Wolak

No 29033, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Growing amounts of intermittent renewable generation capacity substantially increases the complexity of determining whether sufficient energy will be available to meet hourly demands throughout the year. As the events of August 2020 in California and February 2021 in Texas demonstrate, supply shortfalls can have large economic and public health consequences. An empirical analysis of these two events demonstrates that similar supply shortfalls are likely to occur in the future without a paradigm shift in how long-term resource adequacy is determined for an electricity supply industry with significant intermittent renewables. An alternative approach to determining long-term resource adequacy that explicitly recognizes the characteristics of different generation technologies is outlined and its properties explored relative to current approaches.

JEL-codes: L22 L23 Q2 Q4 (search for similar items in EconPapers)
Date: 2021-07
New Economics Papers: this item is included in nep-ene, nep-isf and nep-reg
Note: EEE IO
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Published as Long-Term Resource Adequacy in Wholesale Electricity Markets with Significant Intermittent Renewables , Frank A. Wolak. in Environmental and Energy Policy and the Economy, volume 3 , Kotchen, Deryugina, and Stock. 2022

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