The impact of wind power and electricity demand on the relevance of different short-term electricity markets: The Nordic case

Spodniak, Petr; Ollikka, Kimmo; Honkapuro, Samuli

doi:10.1016/j.apenergy.2020.116063

Cited by 47 publications

(23 citation statements)

References 20 publications

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“…The amount of money, in the form of a loan, was provided for construction of a wind farm with 111 turbinesone of the largest wind farms in the world. Spodniak et al (2021) confirm our results with an argument that Denmark is a pioneering and well-researched country that was able to integrate a large share of wind power into a system [15]. Most employees (with fluctuating character) were employed in the already mentioned wind energy sector.…”

Section: Denmarksupporting

confidence: 85%

Evaluation of development and efficiency of renewable energy sources in Nordic countries of the European Union

Čeryová

Belinska

Turčeková

et al. 2021

20th International Scientific Conference Engineering for Rural Development Proceedings

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Renewable energy sources (solar, hydropower, wind, geothermal energy, and biomass) are an alternative to fossil fuels. Using renewable energy sources, in addition to environmental benefits (e.g., reducing air pollution and greenhouse gas emissions), allows to improve the economic (e.g., increasing the state's independence from fuel and energy imports) and social (e.g., job creation) situation of countries. The cumulative effect of these benefits is the reason for the European Union support for renewable energy sources. The object of the research is the Scandinavian (or Nordic) member states of the European Union, which from all member states have made the most significant contribution to the value of gross finally energy consumption from renewable sources in the European Union. These countries -Sweden, Finland, and Denmarkhave on a long-term basis a large share of production from renewable sources. Due to the availability and variety of data, a basic data set was created, which represents data for five monitored indicators per capita of the renewable energy sector in the period 2009-2016. The results of the research part indicate the development tendency of these indicators and their statistically significant corelation using nonparametric statistical methods (such as Kruskal-Wallis test, Friedman test and Spearman's correlation coefficients). Most indicators developed very fluctuating (an exception was an indicator "electricity capacity"increasing rate). An indicator "investments from public financial institutions" was unsystematical (the largest amount in Denmark -60 dollars per capita, in Finland 5.6 dollars per capita and in Sweden 36 dollars per capita). Stochastic frontier analysis (SFA) model in the logarithmic form of Cobb-Douglas production function allowed to estimate the output-oriented technical efficiency of conversion inputs into output and compare it with other member states of the European Union. Finland has the highest level of technical efficiency (TE = 0.62), followed by Sweden (TE = 0.60) and the lowest by Denmark (TE = 0.44). In comparison to other European Union countries, the monitored countries are included in the same ranges of estimated technical efficiency as most European Union countries.

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Section: Denmarksupporting

confidence: 85%

Evaluation of development and efficiency of renewable energy sources in Nordic countries of the European Union

Čeryová

Belinska

Turčeková

et al. 2021

20th International Scientific Conference Engineering for Rural Development Proceedings

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“…The VAR model was applied in [42] for Sweden with Granger causality analysis (i.e., unit root tests and impulse-response functions), and it was shown that the prices in the IDMs responded to wind power forecast errors. The same model was applied in [73] for Denmark, Sweden, and Finland. It was found that wind forecast errors did not affect price spreads in locations with large amounts of wind power generation.…”

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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“…Governments in different countries have introduced price mechanisms [120][121][122] and incentive policies [123] to encourage renewable energy producers to produce more. The fixed electricity prices and tradable green certification mechanisms [124] that were introduced by the EU have been successful at stimulating renewable power generation.…”

Section: Mechanisms and Strategies For Renewable Energy Producers Participating In The Power Marketmentioning

confidence: 99%

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

et al. 2021

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To reach the “30·60” decarbonization target (where carbon emissions start declining in 2030 and reach net zero in 2060), China is restructuring its power system to a new energy-based one. Given this new situation, this paper reviews previous studies on the power market and highlights key issues for future research as we seek to adapt to the new power system (NPS). Based on a systematic literature review, papers on the operational efficiency of the power market, participants’ bidding strategies and market supervision were identified. In a further step, papers with high relevance were analyzed in more detail. Then, key studies that focused on market trading under China’s new power system were picked out for further discussion. New studies were searched for that pertained to new energy mechanisms and bidding, the transition from coal-fired power, flexible resources and the technical applications of simulations. The quantitative analysis supports the construction of a basic paradigm for the study of power markets that is suitable for the new power system. Finally, the theoretical basis and application suggestions for power market simulations are introduced. This study summarized the existing research on the power market and further explored the key issues relating to the power market as it adapts to the NPS, hoping to inspire better research into China’s power sector, and promote safe, low-carbon, and sustainable development in China’s power industry.

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The impact of wind power and electricity demand on the relevance of different short-term electricity markets: The Nordic case

Cited by 47 publications

References 20 publications

Evaluation of development and efficiency of renewable energy sources in Nordic countries of the European Union

Evaluation of development and efficiency of renewable energy sources in Nordic countries of the European Union

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

Key Issues and Technical Applications in the Study of Power Markets as the System Adapts to the New Power System in China

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