“Empowering the Energy system through flexibility” – A study presentation and debate around electricity market design
As the Commission’s proposal to review the EU electricity market design is currently being discussed by the Council and the Parliament, it is timely and relevant to bring to the attention some key aspects that can further empower the future energy system.
Whilst the goals to diminish Europe’s reliance on non-renewable energy sources and establish stable electricity prices get much attention, there is one important new aspect in this proposal: the need for sufficient flexibility to ensure the reliability of electricity supply.
It is unquestionable that flexibility needs will increase considerably as we move towards a fully decarbonised economy and have traditional power plants leave the system. At the same time, uncertainty still exists as to both flexibility needs and the deployment of technological solutions across different timeframes. A flexibility gap will exist in the energy system of the future, but how big will it be? How to efficiently address it, and close it?
Frontier Economics will present its latest study and discuss the future gaps in balancing supply and demand across different geographical areas.
It is regarding the abovementioned topics that grid operators, utilities, industry, and decisionmakers will gather to share their perspectives on how the design of an effective and efficient electricity market that promotes the transition to renewables, whilst ensuring affordable and reliable electricity for consumers, should develop.