RESOURCE ADEQUACY MECHANISMS IN COMPETITIVE ELECTRICITY MARKETS IN THE WORLD

Abstract

In recent years, Vietnam's power system has often faced a shortage of power capacity during peak summer heat periods when hydropower sources are disadvantaged by weather conditions. This has exposed the limitations of resource adequacy mechanism in Vietnam's competitive electricity market. This article reviews the resource adequacy mechanisms in competitive electricity markets around the world along with an analysis of the advantages and disadvantages of each mechanism. These analyses will be meaningful for improving the resource adequacy mechanism in Vietnam's competitive electricity market