IEA (2012), Securing Power during the Transition, IEA, Paris https://www.iea.org/reports/securing-power-during-the-transition, License: CC BY 4.0
Electricity security has been a priority of energy policy for decades due to the dependence of modern society on ongoing supply of electricity. Only a few years ago there was confidence that liberalised electricity markets in IEA member countries could deliver sufficient and timely generation investments needed to ensure security of supply. However, policies to decarbonise electricity systems have served to magnify investment risk and uncertainty. At the same time as renewable support schemes have proven effective in facilitating deployment of wind and solar photovoltaics, they also introduce new challenges to design a stable regulatory framework and well-functioning markets. Securing Power during the Transition assesses the threats and identifies options for competitive electricity markets embarking on the transition towards generating electricity from low-carbon sources. The analysis covers the impact of the global economic and financial situation, energy policy context and the implications for electricity market design. Its objective is to identify opportunities to improve regulatory and market designs to create a framework for timely and adequate investment, with a particular focus on conventional power plants.