Brussels, 19/02/2016 (Agence Europe) - The International Energy Agency (IEA) published a report on Thursday 18 February presenting recommendations on the design of the European electricity market. The report contains best practices on ways a new market design can fit the changes taking place in the electricity sector.
The report (available at http://goo.gl/yL8KtU ) details the best ways to “re-power” electricity markets - this is to say, partially or totally replacing electricity installations in order to increase output, reduce CO2 emissions created by generation (in the case of conventional installations) and reduce running costs - and ensure a secure electricity supply.
“Our challenge ahead is to make Europe number one in renewables. We must prepare for an energy system in which more than half of electricity consumption is powered by renewables”, said Energy Commissioner Miguel Arias Canete, speaking alongside IEA Executive Director Fatih Birol at the presentation of the report.
For this, short-term market frameworks need to be fit for purpose, market signals have to be precise and quick, providing the full benefits of cross-border integration and maximising the use of energy from variable sources, the Commission says.
The IEA report finds that electricity market designs have become increasingly complex with the introduction of competitive markets in most OECD countries.
The first raft of measures for implementing the energy union project, unveiled by the Commission in summer 2015, includes avenues for redesigning the electricity market so that the future pan-European electricity market can handle large-scale cross-border flows and greater amounts of electricity from renewable sources (see EUROPE 11356). (Original version in French by Emmanuel Hagry)