BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:Market and regulatory design for renewables dominated systems - Da
 vid Newbery  (University of Cambridge)
DTSTART:20190318T094500Z
DTEND:20190318T104500Z
UID:TALK121141@talks.cam.ac.uk
CONTACT:INI IT
DESCRIPTION:A<br>  low-carbon electricity system has a dominance of plant 
 with high fixed costs<br>  and low variable costs\, backed up with flexibl
 e controllable generation. In a<br>  liberalised market all required new i
 nvestment will need to cover its full<br>  cost\, necessitating payments f
 or capacity\, energy and quality of service to<br>  deliver reliability (l
 ong-term adequacy) and security of supply (short term<br>  resilience to s
 hocks). Their value varies over time and space. Current<br>  liberalised m
 arkets lack futures markets and proper spatial signals to guide<br>  inves
 tment. Networks have always had high fixed\, very low variable costs and<b
 r>  long-run marginal costs well below average costs\, creating challenges
  for<br>  setting network tariffs. Consumers need to pay for these generat
 ion and<br>  network services in ways that are efficient\, equitable and a
 cceptable\, in a<br>  system that offers a greater range of scale and loca
 tion (voltage level) of<br>  options for delivering the three services of 
 capacity\, energy and quality of<br>  servic e\, requiring more careful ta
 riff design than hitherto. ICT can help<br>  deliver but cannot avoid the 
 tensions between efficiency\, equity and<br>  acceptability. The talk will
  identify the challenges\, the theoretical<br>  solutions drawing on the m
 ature subject of public economics\, and possible<br>  solutions.
LOCATION:Seminar Room 1\, Newton Institute
END:VEVENT
END:VCALENDAR