Integration of non-conventional renewable energy and spot price of electricity: A counterfactual analysis for Colombia

Pérez, Alex; Rendón, John Jairo García

doi:10.1016/j.renene.2020.11.067

Cited by 41 publications

(15 citation statements)

References 35 publications

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“…In statistical terms, it is the only unit root test; the others are tests of stationarity. These results agree with the theoretical model of Perez and García-Rendón (2021), given that the determination of spot prices comes essentially from marginal costs, which in turn depend on fundamental variables (demand, water inflows, fuel prices, and the others). Since the latter have a unit root, necessarily the spot price as well.…”

Section: Resultssupporting

confidence: 88%

“…In the Colombian case the work of Perez and García-Rendón (2021) is highlighted. Works focused on reducing GHG emissions from the inclusion of renewable generation in electricity markets are Cullen (2013), Kaffine et al (2013) and Novan (2015).…”

Section: Introductionmentioning

confidence: 99%

“…This section closely follows the description of Colombia's electricity spot market inPerez and García-Rendón (2021). In general, the electricity market in Colombia has two levels, each characterized by its own institutional rules: (1) The Wholesale Market and (2) the Retail Market.…”

mentioning

confidence: 99%

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Competition and Merit Order Effect in the Colombian Electricity Market

Pérez

Carabalí

Franco

2022

IJEEP

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In this paper, we study the relationship between the merit order effect and the ownership structure of renewable resources in electricity markets. We use daily frequency data from the Colombian electricity market in 2012-2019 and designed a strategy to estimate the spot price's dependence on renewable energy. We study how the participation of multi-technology firms in renewable energy alters the spot price. Our main results show a merit order effect for the Colombian electricity market, but this weakens in the presence of greater participation of multi-technology firms in the total availability of renewable energy for the day.

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Section: Resultssupporting

confidence: 88%

Section: Introductionmentioning

confidence: 99%

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Competition and Merit Order Effect in the Colombian Electricity Market

Pérez

Carabalí

Franco

2022

IJEEP

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“…Simulations with stochastic and robust optimization for China [149], a market equilibrium model for China [150]. A modelling demand response utility function for Iran [151], and a dispatch model for Colombia [152] can be given as country specific examples. [149].…”

Section: Electricity Market Price and Load Forecasting Through Wind Energy Productionmentioning

confidence: 99%

Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy

Acaroğlu

Márquez

2021

Energies

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Forecasting the electricity price and load has been a critical area of concern for researchers over the last two decades. There has been a significant economic impact on producers and consumers. Various techniques and methods of forecasting have been developed. The motivation of this paper is to present a comprehensive review on electricity market price and load forecasting, while observing the scientific approaches and techniques based on wind energy. As a methodology, this review follows the historical and structural development of electricity markets, price, and load forecasting methods, and recent trends in wind energy generation, transmission, and consumption. As wind power prediction depends on wind speed, precipitation, temperature, etc., this may have some inauspicious effects on the market operations. The improvements of the forecasting methods in this market are necessary and attract market participants as well as decision makers. To this end, this research shows the main variables of developing electricity markets through wind energy. Findings are discussed and compared with each other via quantitative and qualitative analysis. The results reveal that the complexity of forecasting electricity markets’ price and load depends on the increasing number of employed variables as input for better accuracy, and the trend in methodologies varies between the economic and engineering approach. Findings are specifically gathered and summarized based on researches in the conclusions.

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“…In Colombia, around 70% of the electrical energy that is generated is hydraulic. Although this is a renewable energy source (Henao et al, 2020), it is important to take saving measures, since its stability can be put at risk by environmental phenomena such as "El Niño" (Perez and Garcia-Rendon, 2021); (Reyes-Calle and Grimaldo-Guerrero, 2020). On the other hand, 46% of the electrical energy generated in the country is demanded by the industrial sector (UPME, 2018) with annual demand growth of around 3.4% (Rodríguez-Urrego and Rodríguez-Urrego, 2018); (Vélez-Henao et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Identification of Savings Opportunities in a Steel Manufacturing Industry

Abraham

Causil

Santos

et al. 2021

IJEEP

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This paper aims to present a procedure that allows identifying savings opportunities in a steel manufacturing company. The procedure based on the ISO 50001, 50004, and 50006 standards comprise the use of tools such as energy baselines, the goal line, energy performance indicators, the Pareto chart, and an energy review. As a result of the implementation of the procedure, it was possible to obtain the baseline, the goal line, and energy performance indicators that allow the control of energy consumption and efficiency of the company in general and of the area with the highest electricity consumption. It was possible to identify that there is a potential savings of up to 6% throughout the company and up to 13% in the area with the highest electrical energy consumption. From an energy review carried out in the area with the highest consumption, motors operating with low load and idle for long periods were identified, as well as a lack of maintenance. Besides, the replacement of traditional technology lamps by LED technology lamps was proposed. The procedure can be generalized in steel industries with similar characteristics, which is one of the sectors that consume the most energy worldwide.

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Integration of non-conventional renewable energy and spot price of electricity: A counterfactual analysis for Colombia

Cited by 41 publications

References 35 publications

Competition and Merit Order Effect in the Colombian Electricity Market

Competition and Merit Order Effect in the Colombian Electricity Market

Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy

Identification of Savings Opportunities in a Steel Manufacturing Industry

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