It is becoming increasingly clear that the market designs of the 1980s are no longer fit for today's electricity markets, let alone those of the next decade. Among the main reasons is the growing penetration of renewables in many markets, which operate at zero marginal cost and which typically bid their output in wholesale markets at zero, or even negative, prices while taking the market clearing price (MCP), usually set by the most expensive thermal unit dispatched to meet demand.
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