The IMPACT of CLIMATE CHANGE on the ELECTRICITY MARKET: A REVIEW

Abstract

The Impact of climate change on Electricity market is the future challenges on organizational development on electrical energy applications. In a broader sense it is a new research field opportunity, enhancing efficient planning and operation of renewable and non-renewable power plant. In the future it could be the guideline in mitigating diverse impact by catastrophic climate changes. This paper discusses the effect of climate change on economy of electricity markets in terms of demand and supply scenario. It was also already pointed out in few reports, news and various awareness campaigns that higher temperatures are expected to raise electricity demand for cooling thereby decreasing the demand for heating. Increasing consumption of electricity annually finds supplies of electricity from renewable energy problematic, thus pressure on non-thermal sources increases. Recently, the progressive study on this topic has significantly extended knowledge, even then to mandate im[1]prove understanding of volatility of climate change on the electricity market, further research is necessary in terms of filling up gaps, common policy regulatory and sustainability of electricity market.