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- Douglas Giuffre
With oil, gas, and coal markets in upheaval, power markets around the world are feeling the impact. Despite the rapid deployment of renewables the past decade, fossil fuel generation continues to account for 60% of global power. How will the electric power sector in Europe, North America, and Asia respond to extreme volatilities in fuel markets? Will there be an acceleration of renewable investment, particularly in Europe? How will governments balance between meeting immediate fuel needs and long-term energy transition objectives?
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?