Market Design in an Intermittent Renewable Future

The remainder of this article first describes the key features of an efficient short-term wholesale market design: a multisettlement locational marginal pricing (LMP) market with an automatic local market power mitigation (LMPM) mechanism, which is the standard market design for all shortterm markets in the United States.The second half of the article describes a new long-term resource adequacy mechanism for the efficient short-term market design for an electricity supply industry with a large share of zero-marginal-cost, intermittent renewables.