{"id":581,"date":"2013-12-11T17:39:42","date_gmt":"2013-12-11T16:39:42","guid":{"rendered":"https:\/\/ceem-dauphine.eu\/?p=581"},"modified":"2024-07-01T17:41:13","modified_gmt":"2024-07-01T15:41:13","slug":"8th-session-of-seminars-on-research-in-energy-economics-at-paris-sciences-lettres","status":"publish","type":"post","link":"https:\/\/ceem-dauphine.eu\/en\/8th-session-of-seminars-on-research-in-energy-economics-at-paris-sciences-lettres\/","title":{"rendered":"8th session of seminars on research in energy economics at paris-sciences-lettres"},"content":{"rendered":"<p><strong>FAUT-IL METTRE EN PLACE UN M\u00c9CANISME DE CAPACIT\u00c9 DANS UN MARCH\u00c9 \u00c9LECTRIQUE?<\/strong><\/p>\n<p>Wednesday December 11, 2013, from 16h30 to 18h30<br \/>\nSchool of Mines Paris Tech<br \/>\n60 Boulevard Saint-Michel<br \/>\n75006 Paris<\/p>\n<p><strong>PROGRAM AND SLIDES<\/strong><br \/>\nThe Seminar on Research in Energy Economics at Paris-Sciences-Lettres is jointly organized by the CERNA, the CGEMP, the Chaire European Electricity Markets, Mines ParisTech and University Paris-Dauphine. It is animated by Fran\u00e7ois LEVEQUE (CERNA et MINES PARIS TECH) and Dominique FINON (Chaire European Electricity Markets, CNRS-CIRED).<\/p>\n<p>Thomas-Olivier LEAUTIER (Membre de l&#8217;Institut d\u2019\u00c9conomie Industrielle (IDEI), Chercheur \u00e0 la Toulouse School of Economics (TSE), professeur de gestion \u00e0 l\u2019Universit\u00e9 de Toulouse 1)<br \/>\n\u201cThe visible Hand: Ensuring optimal investment in electric power generation\u201d:<br \/>\n<a href=\"https:\/\/ceem-dauphine.eu\/assets\/dropbox\/Leautier2.pdf\">Presentation<\/a>.<\/p>\n<p><a href=\"https:\/\/ceem-dauphine.eu\/assets\/dropbox\/Leautier2.pdf\">Article sur The visible hand: Perspectives on capacity markets and mechanisms<\/a><\/p>\n<p><strong>Summary<\/strong><br \/>\nThe presentation will formally analyze the causes of underinvestment in electric power generation, and the various corrective market designs that have been proposed and implemented. It yields four main analytical findings.<br \/>\nFirst, using a simple numerical example, (a linear demand function, calibrated on the French power load duration curve), strategic supply reduction is shown to be a more important cause of underinvestment than the imposition of a price cap.<br \/>\nSecond, physical capacity certificates markets implemented the United States restore optimal investment, but increase producers\u2019 profits, beyond the imperfect competition level.<br \/>\nThird, financial reliability options, proposed in many markets, fail to restore investment incentives. If a \u201cno short sale\u201d condition is added, they are equivalent to physical capacity certificates.<br \/>\nFinally, if competition is perfect, energy only markets yield a negligible underinvestment compared to the optimum. Taken together, these findings suggest that, to ensure generation adequacy, policy makers should put more effort on enforcing competitive behavior in the energy markets, and less on designing additional markets.<\/p>\n","protected":false},"excerpt":{"rendered":"FAUT-IL METTRE EN PLACE UN M\u00c9CANISME DE CAPACIT\u00c9 DANS UN MARCH\u00c9 \u00c9LECTRIQUE? Wednesday December 11, 2013, from [&hellip;]","protected":false},"author":3,"featured_media":505,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts\/581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/comments?post=581"}],"version-history":[{"count":2,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts\/581\/revisions"}],"predecessor-version":[{"id":583,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts\/581\/revisions\/583"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/media\/505"}],"wp:attachment":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/media?parent=581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/categories?post=581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/tags?post=581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}