What Future(s) for Liberalized Electricity Markets: Efficient, Equitable or Innovative?
从理论和公共经济学角度提出市场设计、容量报酬、可再生能源支持和监管电价设定的原则，并以高资本成本低可变成本的电力系统为例说明，指出随着可再生能源渗透率提高，监管不善正威胁现有公用事业商业模式。
Well-designed electricity liberalization has delivered efficiency gains, but political risks of decarbonizing the sector have undermined investment incentives in energy-only markets, while poorly designed regulated tariffs have increased the cost of accommodating renewables. The paper sets out principles from theory and public economics to guide market design, capacity remuneration, renewables support and regulatory tariff setting, with an illustration from a high capital cost low variable cost electricity system. Such characteristics are likely to become more prevalent with increasing renewables penetration, where poor regulation is already threatening current utility business models. The appendix develops and applies a method for determining the subsidy justified by learning spillovers from solar PV.