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Renewable Energy and Its Impact on Power Markets

In: Handbook of Risk Management in Energy Production and Trading

Author

Listed:
  • David Wozabal

    (Vienna University of Economics and Business)

  • Christoph Graf

    (University of Vienna)

  • David Hirschmann

    (University of Vienna)

Abstract

The widespread introduction of renewable energy production is transforming electricity markets all around the globe. The changes are often hard to anticipate for market participants and the resulting uncertainty about future market conditions, policy regimes, technologies, and prices makes participation in these markets risky. In this article, we focus on changes induced by the growing capacities of wind power and photovoltaic electricity production. We highlight some aspects of power markets that are currently changing fundamentally due to increased capacities in these technologies. In particular, we discuss technological development, predictability and stochastic modeling of wind and solar output, policy issues pertaining to subsidies for renewable energies, and effects on the electricity prices on spot markets. We illustrate our findings using data from Germany and the Californian electricity market.

Suggested Citation

  • David Wozabal & Christoph Graf & David Hirschmann, 2013. "Renewable Energy and Its Impact on Power Markets," International Series in Operations Research & Management Science, in: Raimund M. Kovacevic & Georg Ch. Pflug & Maria Teresa Vespucci (ed.), Handbook of Risk Management in Energy Production and Trading, edition 127, chapter 0, pages 283-311, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-9035-7_12
    DOI: 10.1007/978-1-4614-9035-7_12
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    Cited by:

    1. David Wozabal & Christoph Graf & David Hirschmann, 2016. "The effect of intermittent renewables on the electricity price variance," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 38(3), pages 687-709, July.
    2. Ederer, Nikolaus, 2015. "The market value and impact of offshore wind on the electricity spot market: Evidence from Germany," Applied Energy, Elsevier, vol. 154(C), pages 805-814.

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