Jonty Flottmann

1 Introduction As liberalised electricity markets transition from traditional thermal generation to variable renewable energy (VRE) and storage, electricity market designers face (amongst others) two concurrent challenges; (1) the ability to replace the financial contracts currently sold by thermal generators and used by retailers to better reflect a physical system of firmed VRE, and (2) the capacity of large retail customers to hedge their electricity price risk as VRE increases.