decarbonizing the generation stack
TRANSCRIPT
Decarbonizing the Generation StackAligning Wholesale Electricity Markets with Environmental Policy
Harvard Electricity Policy GroupOctober 1, 2019
W. Mason EmnettVice President, Competitive Market Policy
What problem are we trying to solve?
1
Sufficiency of Supply
Environmental Impacts
Diversity of Supply
The carbon challenge
2
Source: Fourth National Climate Assessment, U.S. Global Change Research Program (2018).
Decarbonization tools
3
Electrification
Emissions-Free Generation
EfficiencyPTC ITC
CarbonPricing
RPSCES
The New England example
4
White out
Source: Promoting Competitive Power Markets and Growing Zero-Emission Resources in New England, A. Joseph Cavicchi (Nov. 7, 2018)
Source: Achieving 80% GHG Reduction in New England by 2050, Jürgen Weiss and J. Michael Hagerty (Sept. 2019).
The California example
5
Source: Annual Report on Market Issues and Performance, CAISO Department of Market Monitoring (May 2019).
Source: Long-Run Resource Adequacy under Deep Decarbonization Pathways for California, E3 (June 2019).
(Re)Aligning responsibilities
6
Regional commitmentand dispatch
Operationalrequirements
(e.g., ramping needs)
Backstop procurements (e.g., local reliability, resource adequacy)
GenerationMix
RevenueSufficiency
RTO/ISOState(s)