january/february 2021 ieee power & energy magazine 27 ∗ No CM (Energy-Only Market) ∗∗ CM Proposed/Under Consideration CM Operational Capacity payments from 2006 to 2014. Flexible capacity payments from 1 May 2016 to 30 April 2017. A transitory auction-based CM approved in February 2018 was suspended in March 2019. The proposal for a new CM is under development. Tender (since November 2013). Targeted capacity payment since 2003 - reliability options approved by the European Commission in February 2018. Capacity auctions for delivery in 2022/2023 held in 2019. Strategic reserves approved by the European Commission in February 2018. First auction held in December 2019 with a delivery period of October 2020-September 2022. Strategic reserves from 2016 on, extended until the end of 2019. Market-wide CMs approved by the European Commission in February 2018. Capacity auctions conducted in December 2018 for delivery periods 2021, 2022 and 2023 and in December 2019 for delivery period 2024. A new market based mechanism is under consideration (MoE). Strategic reserve (since 2004), gradual phase-out postponed to 2025. Strategic reserve (since 2007). figure 4. The CRMs in Europe in 2019. The red color highlights the most recent changes that occurred in the last year. (Source: acer.europa.eu.) Capacity auctions operational since 2017. Auctions postponed since 2018, subject to the European Commission assessment. Capacity payments (since 2008) comprising investment incentives (only for generation capacity installed before 2016) and availability payments (removed since June 2018). Capacity requirements (certification started 1 April 2015, delivery started in 2017). New demand response scheme approved in February 2018 by the European Commission. Capacity auctions for reliability options initiated in 2018. Capacity auction Re-approved as of October 2019. Strategic reserves (since 1 November 2014), approved by the European Commission in February 2018.http://acer.europa.eu