Related papers: Estimating the Impact of Wind Generation in the UK
The energy transition is profoundly reshaping electricity market dynamics. It makes it essential to understand how renewable energy generation actually impacts electricity prices, among all other market drivers. These insights are critical…
The decision by the United Kingdom (UK) government in 2007 that the country should build a 33GW wind fleet, capable of generating 25 percent of the UK electricity requirement, was controversial. Proponents argued that it was the most…
Climate and energy policy targets of the European Commission aim to make Europe the first climate-neutral continent by 2050. For low-carbon and net-neutral energy systems primarily based on variable renewable power generation, issues…
An on-going debate in the energy economics and power market community has raised the question if energy-only power markets are increasingly failing due to growing feed-in shares from subsidized renewable energy sources (RES). The short…
The price of solar panels is decreasing rapidly and governments around the world are investing in solar power plants to increase the portion of solar energy in the smart grid. The price of electricity produced by solar power plants is much…
The large-scale deployment of wind power is central to Europe`s energy transition but faces challenges due to its social and environmental impacts on communities. Here we assess how the tolerance of local stakeholders to such impacts…
The creation of the Renewable Energy Law (Law 1715 of 2014) promotes the introduction of large-scale renewable energy generation in the Colombian electricity market. The new legislation aims to diversify the country's generation matrix,…
The use of wind and solar generation is fundamental to the decarbonisation of the United Kingdom electricity system. However, the optimal level of renewable energy as a proportion of total demand is still being debated. In this paper,…
This paper provides a detailed account of the impact of different offshore wind siting strategies on the design of the European power system. To this end, a two-stage method is proposed. In the first stage, a highly-granular siting problem…
Previous work has resulted in the development of an energy model able to calculate wind and solar fleet efficiencies. However, for investment planning purposes, it is necessary to calculate from the lowest economically acceptable…
The average revenue, or market value, of wind and solar energy tends to fall with increasing market shares, as is now evident across European electricity markets. At the same time, these markets have become more interconnected. In this…
We analyse the drivers of European Power Exchange (EPEX) wholesale electricity prices between 2012 and early 2022 using machine learning. The agnostic random forest approach that we use is able to reduce in-sample root mean square errors…
More spatially granular electricity wholesale markets promise more efficient operation and better asset siting in highly renewable power systems. Great Britain is considering moving from its current single-price national wholesale market to…
Achieving decarbonization across energy sectors requires demand-side transformation such as behavioural changes and end-use efficiency improvements to complement supply-side technological shifts. However, changing consumption patterns is…
Although recent studies have shown that electricity systems with shares of wind and solar above 80% can be affordable, economists have raised concerns about market integration. Correlated generation from variable renewable sources depresses…
In this paper we study the impact of errors in wind and solar power forecasts on intraday electricity prices. We develop a novel econometric model which is based on day-ahead wholesale auction curves data and errors in wind and solar power…
Electricity prices in liberalized markets are determined by the supply and demand for electric power, which are in turn driven by various external influences that vary strongly in time. In perfect competition, the merit order principle…
The increasing importance of renewable energy, especially solar and wind power, has led to new forces in the formation of electricity prices. Hence, this paper introduces an econometric model for the hourly time series of electricity prices…
Nothing has done more to empower the free market, enterprise, and meritocracy than the spread of electricity and power to everyone. The power system has been the precursor to the greatest period of innovation in our history and has meant…
Methods for predicting the likely upper economic limit for the wind fleet in the United Kingdom should be simple to use whilst being able to cope with evolving technologies, costs and grid management strategies. This paper present two such…