Full Title: Electricity Markets Under Deep Decarbonization: Summary of Workshop Conversations
Author(s): Energy Systems Integration Group, Electric Power Research Institute, Argonne National Laboratory, National Renewable Energy Laboratory, Lawrence Berkeley National Laboratory, Johns Hopkins University, and the U.S. Department of Energy
Publisher(s): Energy Systems Integration Group
Publication Date: June 23, 2023
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Description (excerpt):
The energy system is going through a remarkable transition. To meet climate and carbon reduction goals, numerous local and federal government policies, corporate goals, and consumer preferences are leading toward a lower-carbon future. A key part of that low-carbon future is a low-carbon electricity supply fleet and the electrification of other sectors such as buildings and transportation. This can create challenges, as the way in which the electric power system is planned for and operated can be significantly different from what it is today. In 2019, the Energy Systems Integration Group facilitated a workshop to review several workstreams representing the challenges associated with meeting a 100% renewable energy power system and the research needs to mitigate the challenges.
On February 28 and March 1, 2023, experts were convened in Washington, DC, by the Energy Systems Integration Group, Electric Power Research Institute, Argonne National Laboratory, National Renewable Energy Laboratory, Lawrence Berkeley National Laboratory, Johns Hopkins University, and the Department of Energy for a workshop on electricity markets under deep decarbonization. This workshop brought together a set of experts to listen and debate the existing market designs and their effectiveness, solutions that have been explored and their effectiveness, and the possible actions necessary to bridge any remaining gaps. The discussions are the first of what will be many, exploring paths that will allow the markets to continue to play a role in promoting reliability and efficiency as the energy transition proceeds.