Electricity Markets in a Time of Change : A Call to Arms for Business Research

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Bichler, Martin ; Buhl, Hans Ulrich ; Knörr, Johannes ; Maldonado, Felipe ; Schott, Paul ; Waldherr, Stefan ; Weibelzahl, Martin:
Electricity Markets in a Time of Change : A Call to Arms for Business Research.
In: Schmalenbach Journal of Business Research. Bd. 74 (2022) . - S. 77-102.
ISSN 2366-6153
DOI: https://doi.org/10.1007/s41471-021-00126-4

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Abstract

Europe’s clean energy transition is imperative to combat climate change
and represents an economic opportunity to become independent of fossil fuels. As
such, the energy transition has become one of the most important, but also one of
the most challenging economic and societal projects today. Electricity systems of
the past were characterized by price-inelastic demand and only a small number of
large electricity generators. The transition towards intermittent renewable energy
sources changes this very paradigm. Future electricity systems will consist of many
thousands of electricity generators and consumers that actively participate in markets,
offering flexibility to balance variable electricity supply in markets with a high
spatial and temporal resolution. These structural changes have ample consequences
for market operators, generators, industrial consumers as well as prosumers.While a
large body of the literature is devoted to the energy transition in engineering and the
natural sciences, it has received relatively little attention in the recent business research
literature, even though many of the central challenges for a successful energy
transition are at the core of business research. Therefore, we provide an up-to-date
overview of key questions in electricity market design and discuss how changes in electricity markets lead to new research challenges in business research disciplines
such as accounting, business & information systems engineering, finance, marketing,
operations management, operations research, and risk management.