The European power sector and electricity market are undergoing one of the most disruptive evolutions in their entire history.
From one side, Europe’s challenging energy transition targets, aiming to achieve 42.5% of renewable energy by 2030, are quickly and radically changing the composition of the power fleet in the region, and at the same time posing significant technical challenges to the way our power systems are operated.
On the other hand, the price volatility experienced in 2022, triggered by a combination of factors including the war in Ukraine, has brought attention back to two fundamental aspects that have been taken for granted for several years: security of supply and affordability.
To respond to this new scenario, keep electricity prices under control, ensure that investment in renewable energies will not be disrupted and that the energy transition will effectively take place, European institutions are currently undertaking a number of reforms. The most prominent is certainly the European Union’s Electricity Market Design (EMD), which aims to radically change the way electricity markets are structured and operated.
The goal of this session will be to review the impact of these reforms, discuss how the power sector is changing, and debate the possible implications of all these factors on the hydropower sector.