Electric Market Enthusiasm, pt. 1: Professor Jacob Mays on Electric Market Design

professor Jacob Mays took the time to provide some remedial training on electric market design, the function of robust price formation and the purpose of resource adequacy programs

Jacob Mays, Assistant Professor in the School of Civil and Environmental Engineering at Cornell University, answers Paul’s remedial questions on how electric markets function and what the Pacific Northwest should be considering when approaching market expansion incrementally in a wide ranging and engaging conversation.

Since Professor Mays is an academic, it feels fitting to include citations for the materials referenced. Please excuse any errors in citation.

1. Mays et al., Private risk and social resilience in liberalized electricity markets, Joule (2022), https://doi.org/10.1016/j.joule.2022.01.004

2. Mays, Jacob and Jenkins, Jesse, Electricity Markets under Deep Decarbonization (April 19, 2022). USAEE Working Paper No. 22-550, Available at SSRN: https://ssrn.com/abstract=4087528 or http://dx.doi.org/10.2139/ssrn.4087528

3. Mays, J., Morton, D.P. & O’Neill, R.P. Asymmetric risk and fuel neutrality in electricity capacity markets. Nat Energy 4, 948–956 (2019). https://doi.org/10.1038/s41560-019-0476-1

4. F. A. Wolak, Economic and political constraints on the demand-side of electricity industry re-structuring processes, Review of Economics and Institutions 4 (1) (Feb. 2013). doi:10.5202/rei.v4i1.101.
   URL https://doi.org/10.5202/rei.v4i1.101

5. Grubert, E., & Hastings-Simon, S. (2022). Designing the mid-transition: A review of medium-term challenges for coordinated decarbonization in the United States. Wiley Interdisciplinary Reviews: Climate Change, e768. https://doi.org/10.1002/wcc.768

6. Mays, J., A mini-thread on my and @JesseJenkins working paper, Electricity Markets under Deep Decarbonization. (April 28, 2022). Twitter.com.

   Jacob Mays @jacob_mays

   A mini-thread on my and @JesseJenkins working paper, Electricity Markets under Deep Decarbonization (papers.ssrn.com/sol3/papers.cf…).

   

   papers.ssrn.comElectricity Markets under Deep DecarbonizationThis paper considers the evolution of electricity market design as systems shift toward carbon-free technologies. Large-scale energy system models commonly proj

7. Jenkins, J., Texas's grid is straining again, as a spring heat wave finds ERCOT with about 1/3 of thermal power plants down, some for scheduled outages (prep for summer), others forced outages due to equipment failures, including 1 coal and 6 gas units. A few threads on the situation... (May 14, 2022). Twitter.com.

   JesseJenkins @JesseJenkins

   🚨 Texas's grid is straining again, as a spring heat wave finds ERCOT with about 1/3 of thermal power plants down, some for scheduled outages (prep for summer), others forced outages due to equipment failures, including 1 coal and 6 gas units. A few threads on the situation...

   

   Daniel Cohan @cohan_ds

   There's some artful messaging in ERCOT's news release yesterday, its first since February: 1. "All generation resources available are operating" -- but nearly 1/3 of thermal resources are not available, after a Parish coal unit caught fire and 6 unnamed plants tripped offline. https://t.co/SexAcA0BAW

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