TY - GEN A1 - Möbius, Thomas A1 - Riepin, Iegor A1 - Müsgens, Felix A1 - van der Weijde, Adriaan H. T1 - Risk aversion and flexibility options in electricity markets T2 - Energy Economics N2 - Investments in electricity transmission and generation capacity must be made despite significant uncertainty about the future developments. The sources of this uncertainty include, among others, the future levels and spatiotemporal distribution of electricity demand, fuel costs and future energy policy. In recent years, these uncertainties have increased due to the ongoing evolution of supply- and demand-side technologies and rapid policy changes designed to encourage a transition to low-carbon energy systems. Because transmission and generation investments have long lead times and are difficult to reverse, they are subject to a considerable – and arguably growing – amount of risk. KW - Flexibility KW - Storage KW - Demand response KW - Generation and transmission KW - expansion KW - Investment KW - Risk aversion KW - Stochastic programming Y1 - 2023 SN - 0140-9883 SN - 1873-6181 VL - 126 ER -