ON AN "ENERGY ONLY" ELECTRICITY MARKET DESIGN FOR RESOURCE ADEQUACY

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Balancing power and variable renewables: Three links (2015, background): “As a side benefit, this would reduce the level of scarcity prices in energy-only wholesale markets [65].”
Evolution of Wholesale Electricity Market Design with Increasing Levels of Renewable Generation (2014, background): “Revenue sufficiency has been discussed since the initial stages of electricity market design (Stoft 2002, Hogan 2005).”
Electricity Scarcity Pricing Through Operating Reserves (2013, background): “(Hogan, 2005) Wholesale electricity markets have demonstrated the feasibility of including operating reserve demand curves as part of economic dispatch.”
A Dynamic Analysis of a Demand Curve-Based Capacity Market Proposal: The PJM Reliability Pricing Model (2007, background): “1Hogan [16] and Oren [22] disagree with this position, arguing that it is feasible to transition to an energy-only market with very high or no price caps.”
On the economics of renewable energy sources (2013, background): “Müsgens and Peek, 2011; Nicolosi, 2012b) and if so what the right approach would be to tackle this problem (cf. Perez-Arriaga, 2001; Hogan, 2005; Joskow, 2006; Cramton and Stoft, 2006; Rodilla and Batlle, 2010; Cramton and Ockenfels 2012).”