Delivering ‘net zero’: will the wholesale market cease to function as we approach zero-carbon
As we approach “net zero” carbon emissions across the economy, in line with Paris Agreement targets, European power markets will increasingly be dominated by low carbon, low marginal cost technologies.
Reducing power sector emissions (let alone economy-wide emissions) to net zero will require a complete transformation of the energy system as we know it – with significant deployment of low carbon generation, as well as smart technologies, and potentially vast amounts of storage. For example, National Grid’s latest Two Degree Future Energy Scenario foresees up to 110 GW of solar and wind, and 17 GW of storage technologies by 2050.
With a focus on the GB power market, Aurora’s experts will examine the following questions in this session:
- How should we define a net zero or very low carbon power system?
- How much low carbon generation will be required?
- As we approach a net zero carbon world, what would be the power market outcomes and business implications for generators?
- Will the current market design fail to function in this world?
- If so then what alternate market designs might be considered?
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