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- Claudio Facchin
Grid reliability and, importantly, resiliency is paramount and will increasingly become more important as we electrify energy demand in the quest to decarbonize the energy system. Weather patterns are more severe and changing around the world. Being resilient to weather impact is both the ability to withstand a severe event as well as recover from its impact. Emerging innovations, changes in planning and operations, and application of new technologies and techniques will all be necessary to respond to this challenge. The US federal government has recognized this need and is providing significant support in the Infrastructure Investment and Jobs Act (IIJA)for this new world.
The electric power industry is in the midst of a dramatic transformation driven by technology, policy, and regulatory change. Wind, solar, and energy storage are growing rapidly and reshaping power supply. Meanwhile, greater electrification is expected to have widespread demand-side impacts. Wholesale power markets are evolving to accommodating the shifting landscape, but further adaptation will be necessary to maintain reliable and resilient markets. What will become of energy markets in a low-carbon future? What new pricing mechanisms may emerge? Are there limits to what markets can achieve? What lessons about market design have we already learned?