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Impact of Stochastic Renewable Energy Generation on Market Quantities

In: Integrating Renewables in Electricity Markets

Author

Listed:
  • Juan M. Morales

    (Technical University of Denmark)

  • Antonio J. Conejo

    (University of Castilla – La Mancha)

  • Henrik Madsen

    (Technical University of Denmark)

  • Pierre Pinson

    (Technical University of Denmark)

  • Marco Zugno

    (Technical University of Denmark)

Abstract

Electricity generation from stochastic renewable energy sources, such as wind and solar power, has a non-negligible impact on electricity markets. The origins of that impact relate to the economical aspects of stochastic renewable energy in electricity markets (the socalled merit-order effect), the variability and predictability of their power output, as well as the nonlinear and bounded nature of the electric power generation process itself. The way this impact materializes for the case of different market quantities (e.g., dayahead prices, system imbalance magnitude and direction, etc.) is further analyzed, while the underlying mechanisms are presented. Methodologies for the empirical analysis of that impact are finally described and applied to the case of the Nord Pool market in Scandinavia.

Suggested Citation

  • Juan M. Morales & Antonio J. Conejo & Henrik Madsen & Pierre Pinson & Marco Zugno, 2014. "Impact of Stochastic Renewable Energy Generation on Market Quantities," International Series in Operations Research & Management Science, in: Integrating Renewables in Electricity Markets, edition 127, chapter 6, pages 173-203, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-9411-9_6
    DOI: 10.1007/978-1-4614-9411-9_6
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