The Value of Electricity Markets
Electricity markets need to value clean, reliable and sustainable energy for electricity trading. With the rapid rise of renewable power generation, electricity markets have obtained newfound importance. The power generation by renewable sources is even greater than the total demand in the electricity grid in some areas and has led to an increase in energy trading.
Many electricity markets have not been constructed to unlock the full benefits of clean energy sources. Even though clean energy sources have great benefits to customers, they are not valued enough to fully exploit them to their advantage. For instance, nuclear energy offers 24/7 reliability, sustainability, employment opportunities, price stability and energy independence. However, unless the nuclear energy market if utilized properly, productivity will not be high.
Why should we care about Electricity Markets?
Energy sources will continue to be hindered by economic disadvantages and competition unless electricity markets start to consider a few important aspects of electricity generation such as emission avoidance, fuel availability etc. It is vital for electricity markets to value these factors for successful and productive energy trading.
Slow electricity demand growth, inexpensive natural gas and public policies have decreased the revenue of many nuclear plants. They have been forced to shut down because of high pressure to save costs which have resulted in many losses for the regions they are built in. These losses include significant decline in air quality, job redundancies and lack of funds for schools, emergences and police forces. In addition, if any energy source shuts down, it will ultimately have a negative impact on climate change, replacing any progress made for a sustainable society.
Issues with Electricity Markets
Electricity markets should be fair and stable. Moreover, they should value energy security in the long-term, clean energy and reliable sources of power generation. However, most electricity markets responsible for electricity trading have certain problems that need to be addressed.
Firstly, markets are not designed to notice all of the useful qualities of different energy sources such as reliability, emission avoidance etc. To solve this, the state governments can enforce laws that directly value clean energy.
Another problem is that energy companies are more concerned with short-term profits than long-term benefits as they are unable to afford long-term investments. Capacity markets can be set up to fill the money problem as they will have a separate revenue stream.
Nucluer plants operate all day regardless of the cost due to market rules. Therefore, these rules should be reformed to ensure that all types of plants are able to recover their costs.
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