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The current market framework for electricity in Europe is obsolete and at odds with the twin objectives of fighting climate change and maintaining security of supply. European power markets need a major reform in order to deliver the investment required for decarbonisation and to maintain security of supply.
The 120+ page study, Toward the Target Model 2.0, provides a comprehensive assessment of the issues with the current European electricity markets such as how to coordinate investment better between network, centralised generation and decentralised generation; how to secure revenues for investors to facilitate financing and reduce cost for consumers; what lessons can be learnt from ‘hybrid markets’ in North America and in Latin America; and how to reform the carbon market and renewables support schemes to gradually introduce a level playing field for all technologies.
The study also presents a set of radical ideas for the reform of the European power and carbon markets. These include: