Security of Supply in European Electricity Markets—Determinants of Investment Decisions and the European Energy Union
| Autor: | Andrzej Ceglarz, Antonella Battaglini, Peter Schmidt, Saskia Ellenbeck, Andreas Beneking |
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| Rok vydání: | 2015 |
| Předmět: |
Market integration
Factor market capacity markets Control and Optimization Energy Engineering and Power Technology security of supply lcsh:Technology social institution jel:Q40 investments jel:Q jel:Q43 jel:Q42 Economics ddc:550 jel:Q41 media_common.cataloged_instance Electricity market jel:Q48 jel:Q47 Electrical and Electronic Engineering European union electricity market European Energy Union Engineering (miscellaneous) Industrial organization media_common jel:Q49 Liberalization lcsh:T Renewable Energy Sustainability and the Environment business.industry jel:Q0 Investment (macroeconomics) jel:Q4 Investment decisions Electricity Economic system business Energy (miscellaneous) |
| Zdroj: | energies, 8, 6 Energies Volume 8 Issue 6 Pages 5198-5216 Energies, Vol 8, Iss 6, Pp 5198-5216 (2015) |
| Popis: | The European Union and its Member States are seeking to decarbonize their energy systems, including the electricity sector and, at the same time, pursue market integration. However, renewable energy (RE) deployment and the liberalization of the energy-only market have raised concerns at the national level about the security of electricity supplies in the future. Some actors consider the lack of sufficient investments in generation capacities a threat to supply security. As a consequence, it was proposed that capacity markets solve these problems. The underlying assumption is that the market design is the only determining factor for investments in security of supply options. In this article, we question this narrow view and identify further determinants of the investment decisions of electricity market participants. Based on the insights of institutional sociology and economics, we understand the market to be a social institution that structures the behavioural expectations of market participants. Derived from the theoretical conceptualization and based on qualitative literature review and own work, we find four determinants for investment behaviour beyond the formal market design: Material opportunities, strategic actor behavior and identity, focusing events and discursive expectations about the future. With this perspective, we discuss the introduction of a European Energy Union as a possible tool that might have a great impact on the more informal determinants such as expectations about the future and the construction of a European energy narrative. |
| Databáze: | OpenAIRE |
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