Abstract: Scarcity pricing is a mechanism for improving the valuation of reserve capacity in real-time electricity markets. The goal of scarcity pricing is to mitigate the missing money problem and enhance investment in flexible resources. The implementation of scarcity pricing is underway in a number of U.S. markets, including Texas and PJM. The implementation is also currently under consideration in Belgium. As the mechanism was originally conceived in the context of a U.S.-style two-settlement system, its implementation in a European setting poses a number of interesting market design dilemmas which can affect the back-propagation of scarcity prices to forward day-ahead markets for energy and reserve capacity. We propose a modeling framework for analyzing these market design choices based on stochastic equilibrium, and use this modeling framework in order to represent and analyze a wide range of market design proposals. We report results on a case study of the Belgian electricity market.

中文翻译：

---

稀缺性定价的市场设计考虑：随机均衡框架

摘要：稀缺定价是一种提高实时电力市场备用容量估值的机制。稀缺定价的目标是缓解资金短缺问题并加强对灵活资源的投资。包括德克萨斯州和 PJM 在内的许多美国市场正在实施稀缺定价。比利时目前也在考虑实施。由于该机制最初是在美国式两次结算系统的背景下构想的，它在欧洲环境中的实施带来了许多有趣的市场设计困境，这些困境可能会影响稀缺价格的反向传播到远期日前市场能源和储备能力。我们提出了一个建模框架，用于基于随机均衡分析这些市场设计选择，并使用此建模框架来表示和分析广泛的市场设计建议。我们报告了比利时电力市场案例研究的结果。