{"content":[{"text":"Designing an electricity wholesale market to \n accommodate significant renewables \n penetration: Lessons from Britain","bbox":{"left":0.15122,"top":0.141744,"width":0.7076870000000001,"height":0.11473200000000003}},{"text":"EPRG Working Paper 1719 \n Cambridge Working Paper in Economics","bbox":{"left":0.15122,"top":0.294181,"width":0.454792,"height":0.05179}},{"text":"1756","bbox":{"left":0.641722,"top":0.323008,"width":0.05241899999999999,"height":0.02296300000000001}},{"text":"David M Newbery","bbox":{"left":0.15122,"top":0.383655,"width":0.278389,"height":0.03277599999999997}},{"text":"Abstract \n The wholesale market has to address two major market failures – inadequate carbon \n prices in the EU ETS, and the learning externalities and missing futures markets for \n energy and ancillary services needed to guide flexible dispatchable plant. The paper \n discusses the importance of locational price signals to guide investment, the need to \n reform transmission pricing and renewables support. the case for capacity auctions \n for renewables and quantifies the justifiable level of renewables support. These \n proposals are consistent with the EU Clean Energy Package, but the nature of the \n renewables target and its financing should change.","bbox":{"left":0.15122,"top":0.457015,"width":0.755307,"height":0.17689100000000008}},{"text":"Keywords","bbox":{"left":0.15122,"top":0.653732,"width":0.09645200000000001,"height":0.01962699999999995}},{"text":"renewables, market failures, locational signals, contract design","bbox":{"left":0.272156,"top":0.653661,"width":0.559064,"height":0.019584000000000046}},{"text":"JEL Classification D47,D52, H23, L94, Q48, Q54","bbox":{"left":0.15122,"top":0.712669,"width":0.45273399999999997,"height":0.019697999999999993}},{"text":"Contact \n Publication \n Financial Support","bbox":{"left":0.151421,"top":0.800589,"width":0.14383300000000002,"height":0.048090999999999995}},{"text":"dmgn@cam.ac.uk \n December 2017 \n Paper commissioned by Papeles de Energy, to appear in vol. 4","bbox":{"left":0.332829,"top":0.800589,"width":0.51607,"height":0.048090999999999995}},{"text":"www.eprg.group.cam.ac.uk","bbox":{"left":0.397988,"top":0.939823,"width":0.262205,"height":0.01962699999999995}}],"images_bbox":[{"left":0.489401,"top":0.034445,"width":0.479423,"height":0.061051},{"left":0.022929,"top":-0.024412,"width":0.060136,"height":1.022841}],"images_bbox_not_text_overlap":[{"left":0.489401,"top":0.034445,"width":0.479423,"height":0.061051},{"left":0.022929,"top":-0.024412,"width":0.060136,"height":1.022841}]}