The Evolution of the PJM Capacity Market
Does It Address the Revenue Sufficiency Problem?
Joseph E. Bowring, Monitoring Analytics, LLC1
1 Introduction
There is continuing and evolving interest in whether wholesale power markets should include a capacity market in addition to an energy market. Several chapters in this book address issues related to capacity markets and other chapters address issues related to markets without capacity markets.2 The discussion sometimes misses the essential point about the role of capacity markets in wholesale market design. Capacity markets were added to solve a defined market design problem that can also be solved in other ways. Capacity markets are not the only solution to the problem. The history ...
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