Forward reliability markets: Less risk, less market power, more efficiency

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A survey on electricity market design: Insights from theory and real-world implementations of capacity remuneration mechanisms (2019, background): “The choice or the cost-basis of the reference technology, and, thus, its value is often adjusted over time (Cramton and Stoft, 2007, 2008; Jenkin et al., 2016).”
Economics and Design of Capacity Markets for the Power Sector (2012, background): “…challenge, most power systems established short-term spot 1This and the other sections build on—and are partly taken from— earlier work, including Cramton and Stoft (2005, 2006, 2008), Joskow (2007), Stoft (2002), Ockenfels (2007a, 2008b), as well as on practical experiences in designing…”
Flexibility in Europe's power sector - an additional requirement or an automatic complement? (2013, background): “The provision of back-up capacity has been intensely discussed in the literature in recent years (for instance Cramton and Stoft (2008) and Joskow (2008)).”
Capacity Market Fundamentals (2013, background): “This is a standard result of selling power forward, which is what a reliability option does (e.g., Allaz and J.L. Vila 1993, Hogan and Harvey 2000, Cramton and Stoft 2008).”
Market design for a high-renewables European electricity system (2018, background): “Within the class of capacity auctions, reliability options (Cramton and Stoft, 2008) may be preferable to the capacity mechanisms currently used in GB, Italy, Spain and other parts of Europe.”