Security of supply in electricity markets: Improving cost efficiency of supplying security and possible welfare gains

► Security of electricity supply is a congestible public good. ► Advanced metreing makes adequacy excludable for specific customers. ► Marginal cost of providing security in generation adequacy and network should be equal. ► Al welfare gain exist if the security level differ from willingness to pay for security (VOLL). ► Further welfare gains exist if security could be supplied equal to individual VOLL.