These are special times. Since the liberalization of the European electricity market in 1999, there has been ongoing discussion about whether market forces and security of supply can go hand in hand. In particular, much attention was paid to the question of whether an additional capacity market is needed to reward production resources for their availability, even if they are not actually deployed. The key point in that debate was whether society and politics would accept high prices or intervene in times of scarcity. If no action is taken, and more importantly, if investors trust that no action will be taken, the so-called energy-only market model can theoretically function well.
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