@article{Suski:2025:10.1109/tempr.2025.3648914,
author = {Suski, A and Spyrou, E and Green, R},
doi = {10.1109/tempr.2025.3648914},
journal = {IEEE Transactions on Energy Markets, Policy and Regulation},
title = {Missing money and market-based adequacy in deeply decarbonized power systems with long-duration energy storage},
url = {http://dx.doi.org/10.1109/tempr.2025.3648914},
year = {2025}
}
TY - JOUR
AB - The ability of deeply decarbonized power systems to ensure adequacy may increasingly depend on long-duration energy storage (LDES). A central challenge is whether capacity markets (CMs), originally designed around thermal generation, can provide efficient investment signals when storage becomes a central participant. While recent studies have advanced methods for accrediting variable renewables and short-duration storage, the effectiveness of these methods in CMs with substantial LDES penetration remains largely unexplored. To address this gap, we extend a two-stage stochastic equilibrium investment model by endogenizing continuous, duration-based capacity accreditation for storage and apply it to a Great Britain-based case using 40 years of weather-driven demand and renewable profiles under varying emission limits. Results show that well-calibrated CMs can sustain near-efficient investment and mitigate revenue volatility, but their effectiveness diminishes in deeply decarbonized systems, underscoring both their potential and the regulatory challenges of supporting large-scale LDES.
AU - Suski,A
AU - Spyrou,E
AU - Green,R
DO - 10.1109/tempr.2025.3648914
PY - 2025///
SN - 2771-9626
TI - Missing money and market-based adequacy in deeply decarbonized power systems with long-duration energy storage
T2 - IEEE Transactions on Energy Markets, Policy and Regulation
UR - http://dx.doi.org/10.1109/tempr.2025.3648914
UR - https://doi.org/10.1109/tempr.2025.3648914
ER -
Publications from colleagues on EPICS-UK outside of Imperial: