•Key flexibility parameters of current and future thermal power plants are quantified.•Four power mix scenarios are designed and simulated with flexibility constraints.•Low-carbon scenarios need more flexibility; which power plants can deliver.•Power plant efficiency is reduced by variable residual load, not only renewables.•The current market design only covers 84% (±30%) of total power costs per MWh.
Applied Energy – Elsevier
Published: Oct 15, 2015
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