Electricity Market Mechanisms for Rewarding Flexibility
Sponsored by: Wartsila
Date: 11 December
Time: 3PM London/10AM New York
Industry viewpoints and fresh ideas on how to fix the European electricity market
The rapid expansion of intermittent renewables are depressing wholesale prices across Europe. Due to this and other reasons, running hours for gas-fired generation are at a historic low. Gas turbines are being mothballed in Europe almost weekly, and utilities are shifting their strategy away from gas. Decision makers seem to agree that more as well as new flexible capacity is needed for integrating renewables, while at the same time utilities are finding it hard to justify keeping even their existing flexible units operational in current electricity markets. Thankfully, there are several potential ways of modifying the market structures to tackle this issue.
How does the industry perceive the situation in the electricity markets? Is there really a need for flexibility, what are the alternatives, and what should the future market design look like? BNEF will present the outcome of the high-level discussion at the latest Leadership Forum, held in November.
To reveal the value of flexibility, investment into new generation capacity is needed. However, this requires a new market design, either market-oriented or one based on a centralized approach. As the European Target Model for Single Electricity Market relies on a market-based approach, it follows that flexibility should logically also be rewarded via the market. Pöyry Management Consulting will present the findings of their latest multi-client study outlining a market model that will provide signals for and ensure bankability of investment into flexible capacity, while enabling efficient cross border trading of flexibility.
The European electricity market is at a crossroads. Now is your chance to hear about the alternatives and the best way forward from industry experts. Reserve your seat by registering today!
Head of Power and Gas Services, BNEF
Mike‘s research focuses on the impact on power demand, supply and prices of renewable energy technologies and policy mechanisms. His recent analysis has been particularly directed toward capacity markets, scenario analysis and the impact of increased renewable penetration on the European thermal generators.
Mike holds an MPA in Energy Policy and Economics from the School of International and Public Affairs at Columbia University, New York and a BA in Mechanical Engineering from Cambridge University, United Kingdom.
Director, Pöyry Energy Consulting
Stephen is an expert in market reform, from high-level policy design through to the implementation of systems and processes for market participants. He specialises in the economics of transmission and interconnection; market regulatory policy across Europe and the UK and Irish electricity and gas markets.
Stephen leads Pöyry‘s business development on intermittency, smart grids and market design, and contributes to the debate on appropriate models for reward for generation capacity, transmission charging and access. Stephen has an MA in economics from the University of Cambridge.
General Manager, Liaison Office, Wärtsilä
Matti heads electricity market development in Wärtsilä Power Plants, and has been involved in several electricity market development projects in different market setups. Lately Matti’s work has focused on market mechanisms to attract investments in power generation capacity and potential approaches to reward flexibility in open and regulated markets.
Matti’s recent experience includes, among others, the Flex Ramp ancillary service development in California, Electricity Market Reform and cash-out SCR in UK, and Single Electricity Market development in Europe. Matti holds a MSc in Industrial Engineering and energy systems.
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Key Learning Objectives
- Hear industry opinions and viewpoints on need for flexibility from recent BNEF Leadership Forum.
- Learn about and understand the value of flexibility in future power systems.
- Assess the alternatives for future market design for the European Single Electricity Market.
- See the fresh-from-the-oven findings of Pöyry’s “Revealing the Value of Flexibility” study.
- Heads of Market Operations
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- Heads of Economics
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