Dynamics and Drivers of Global Electricity Prices: Market Mechanisms, Policy Impacts, and Future Trends
Authors: Omogoye, Samuel Okeolu, Adekunle, Aina Olumide, Adebayo, Adeyinka Victor, Adebayo, Hussein Kehinde
Journal: International Journal of Energy Systems and Power Engineering (IJESPE), ISSN 3023-3607
Citation: IJESPE 5(1): 14-28, 2025-01-15.
DOI: 10.5281/zenodo.14650732
PDF: Download full-text PDF
Type: Original Research
Abstract
This paper examines the dynamics and drivers of global electricity prices, focusing on the interplay between market mechanisms, policy impacts, and technological advancements. The study analyses various market structures and explores how renewable energy integration, decarbonisation policies, and technological innovations influence electricity pricing across different regions. The paper also investigates the role of carbon pricing and subsidies in shaping the future landscape of electricity markets, considering the implications for energy security, environmental sustainability, and economic stability. Through a comparative analysis of regional markets and projections of future price trends, this study provides insights into the potential trajectories of global electricity prices and the challenges and opportunities posed by the ongoing energy transition.
Keywords
Global Electricity Prices, Market Mechanisms, Renewable Energy, Decarbonisation Policies, Carbon Pricing, Energy Policy, Electricity Markets, Energy Transition, Electricity Subsidies
Full Text
This paper examines the dynamics and drivers of global electricity prices, focusing on the interplay between market mechanisms, policy impacts, and technological advancements. The study analyses various market structures and explores how renewable energy integration, decarbonisation policies, and technological innovations influence electricity pricing across different regions. The paper also investigates the role of carbon pricing and subsidies in shaping the future landscape of electricity markets, considering the implications for energy security, environmental sustainability, and economic stability. Through a comparative analysis of regional markets and projections of future price trends, this study provides insights into the potential trajectories of global electricity prices and the challenges and opportunities posed by the ongoing energy transition.