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There is a debate if electricity markets on the basis of energy-only markets ensure a sufficient generation capacity. Various capacity mechanisms are discussed to tackle this potential problem. Capacity auctions with reliability options are seen as one market-based solution. Assuming a perfect energy-only market, this mechanism leads to an equilibrium with an optimal capacity mix. This optimum is missed if there are distorted price signals at the electricity market. This is a serious problemdoi:10.3390/en14185889 fatcat:rff3bimpy5e47czvqtdlzkyooq