Publication Date:
2021-07-27
Description:
This article examines the requirements of resilience and reliability for gas to power systems planning in an era of decarbonization. It recongizes that energy transitions and decarbonization portend an increasing competition between various traditional and emerging net-zero, carbon neutral and low-carbon energy sources and technologies. Likewise, energy policy development has traditionally focused on the dimensions of affordability, sustainability, cost-efficiency through viable markets and security of supply. Recent disruptive events that may or may not be attributable to climate change have tested the resiliency of energy networks. Thus, energy policy and planning now require a more comprehensive outlook that includes the dimension of resilience. Also, there is the need to prevent or effectively manage the aftermath of disruptive events, rather than a piecemeal focus on hardening infrastructure against one or more issues such as cyber-security and functionality of energy networks in adverse conditions. This article discusses resilience and reliability as key dimensions of US energy policy from a public choice law and economics purview. It builds on the premise that politicians, administrative agencies and other stakeholders in the energy sector can be irrational and therefore unable to identify and implement the policy package that is in the public interest if not properly guided. It considers the role of investments in resilience and systems planning. It also underscores the need for developing a more efficient framework that would enable relevant stakeholders to avoid the risk of opportunity cost neglect, informational gaps and fragmented institutional coordination that could escalate the social, health, safety and economic impacts of future disruptive events such as the February 2021 winter storm Uri that tested the resilience of energy supply infrastructure in the US.
Print ISSN:
1754-9957
Electronic ISSN:
1754-9965
Topics:
Energy, Environment Protection, Nuclear Power Engineering
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Law
,
Economics
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