Time of event
13:00–15:00 Tokyo time
Summary
Governments across Asia and the Pacific and globally are implementing increasingly ambitious renewable energy targets. Installing wind farms and solar parks is part of the challenge of achieving these goals. Another, more technically complex task is ensuring that electricity supply systems can accommodate a high share of wind and solar energy. Post-COVID-19 fiscal stimulus packages offer a crucial opportunity to invest in renewable energy infrastructure to address these needs.
This ADBI-Stanford University Energy and Sustainable Development Program virtual workshop examined the challenges of integrating high shares of variable renewable energy into electricity markets. Participants played the role of electricity generation companies in a web-based game that included three modules.
The first module covered the basic functioning of wholesale electricity markets, including how the exercise of market power can make them less cost-effective. The second module discussed how forward contracting for electricity can discourage generators from attempting to exercise market power and how this could prevent market blow-ups. The third module explored how electricity markets will look different in a high-renewables world and how forward contracting can ensure resource adequacy.
Objectives
- Build understanding of the dynamics of electricity markets and test various renewable and climate policy scenarios
- Promote critical thinking for dealing with climate change issues and formulating effective energy policies
- Highlight experiences and policy recommendations for advancing energy market development in Asia and the Pacific
Participants
- Policy makers from Asian Development Bank (ADB) developing member countries as well as ADB renewable energy experts
Output
- Enhanced policy maker capacity to address the challenges of integrating renewable energy into electricity markets
- Greater impetus for research partnership and collaboration
- Policy brief highlighting the virtual workshop’s key messages and policy guidance
- Select workshop lecture recordings may be made publicly available
Partner
- Program on Energy and Sustainable Development, Stanford University