北美容量机制二十年实践的经验教训.pptxVIP

LessonsLearnedfromTwo

DecadesofCapacity

MechanismsinNorthAmerica

OCTOBER17,2025

1.Introduction

2.CapacityMarketDesign

3.CurrentChallenges

Overview

1

*Mostjurisdictionsrelyonmorethanonemarket-basedorplanningbasedapproachtoattractresourceinvestments(e.g.primarilymarket-based,with

asmallshareofpolicycontracts;orregulatedplanningasinfluencedbymarket-price-driveneconomicincentivesandshort-termpurchases.)

INTRODUCTION

Resourceadequacyisapproachedinmanyways

ResourceAdequacyFramework

ERCOT

(*Supplements

investmentsignals

inPJM,CAISO,

SPP,MISO,NYISO,

ISO-NE)

MalaysiaBCHydro,

SaskPower,

Manitoba

Hydro

California,*SPP,WRAP

(*Supplementsinvestment signalsin

Australia)

Supplycushion

basedscarcity

pricing

PJM

ISO-NENewYork

*MISOUK

*Ontario

Italy

Ireland*Belgium

Costof

Service

Regulation

CapacityAuctions

Offer-basedscarcitypricing

Energy-Only

Strategic

reserves

Competition-Driven

InvestorsBearRisks

PoliciesviaContract/SubsidyMostCompetitive

HighestPriceVolatility

Investor-

Owned

Utility

Long-termContracts

BilateralMarket

CentralizedAuctions

AlbertaGermanyAustraliaBelgiumSwedenSingapore

Crown

Corp

PlanningOrientedCustomersBearRisks MostPolicyControl LeastCompetitive MostPricingStability

Mostof

MISO,SPP,US

West,US

Southeast

*California

Chile

Peru

Ontario

*NewYork

Sweden

Finland

*GermanyAustralia

CentralizedPlanning:Crown

corporationsorsemi-publicentitiesperformalladequacyplanning

SupplyCushionScarcity

Pricing:Energypricecapcan

betemporarilyraisedifsupply

cushionlimitsbreached

Offer-basedScarcityPricing:Energypricesallowedtoriseabove“efficient”levelsvia

economicwithholdingto

recoverfixedinvestmentcosts

CentralizedPlanning:

Resourceadequacyensuredthroughtraditionalregulatedvertically-integratedutility

planning

Long-termBilateralContracting+CentralizedCapacity

ProcurementMec