The impact of wind power on electricity prices

Kumler, Andrew; Brinkman, Gregory; Hodge, Bri‐Mathias

doi:10.1016/j.renene.2016.03.053

Cited by 142 publications

(53 citation statements)

References 12 publications

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“…Brancucci Martinez-Anido et al (2016) analyzed the impacts of increasing wind penetrations in ISO-NE using PLEXOS, a commercial power systems model. They examined several scenarios; the results discussed in this chapter assume that state-of-the-art, but still imperfect, forecasting methodologies are used and that wind curtailment is allowed.…”

Section: Studies With Fixed Thermal Capacity Expansionmentioning

confidence: 99%

Impacts of Variable Renewable Energy on Bulk Power System Assets, Pricing, and Costs

Wiser

Mills

Seel

et al. 2017

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and Patrick Brown (MIT). Of course, any omissions or errors that remain are solely the responsibility of the authors. penetrations increase, but sometimes come at a cost to the consumer that is not always accounted for in generation portfolio decision-making. (see Chapters 2 and 5) All generation types are unique in some respect-bringing benefits and challenges to the power system-and wholesale markets, industry investments, and operational procedures have evolved over time to manage the characteristics of a changing generation fleet. With increased VRE penetrations, power system planners, operators, regulators, and policymakers will continue to be challenged to develop methods to smoothly and cost-effectively manage the reliable integration of these new and growing sources of electricity supply. Less-liquid bilateral markets exist outside of ISO/RTO regions. Note also that substantial amounts of generation even in ISO/RTO regions are locked-into longer-term physical or financial contracts, in which case available wholesale market prices signal opportunity costs but may not affect immediate revenue generation for those existing generators; wholesale pricing will, of course, still affect market entry decisions for new generation. 2 Where active wholesale markets do not exist, the same basic dynamics hold: the declining cost of natural gas, for example, puts economic pressure on inflexible units even in markets that do not feature an ISO/RTO.

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Section: Studies With Fixed Thermal Capacity Expansionmentioning

confidence: 99%

Impacts of Variable Renewable Energy on Bulk Power System Assets, Pricing, and Costs

Wiser

Mills

Seel

et al. 2017

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“…In this respect, the conversion of CO2 into fuel may be better considered as an energy-vectoring strategy to balance electricity demand and supply as increasing amounts of renewable energy capacity is installed worldwide. Spot negative energy prices, once very rare, are now becoming more frequent even in large economies like Germany, Australia, UK, and parts of the United States (Martinez-Anido et al, 2016). Furthermore, renewable energy curtailment has grown dramatically.…”

Section: Low-carbon Fuels From Carbon Dioxidementioning

confidence: 99%

Demonstration of CO2 Conversion to Synthetic Transport Fuel at Flue Gas Concentrations

Dowson

Styring

2017

Front. Energy Res.

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“…It is obvious that a wind power plant is able to produce more energy in windy days, whereas a solar power plant is the most efficient in sunny days. The development of RES is the cause of an increase of importance of complementary markets that allow us to balance prices from the day-ahead markets in response to changes in weather conditions and other unforeseen events [2][3][4]. The major share of electricity is sold on the day-ahead markets, in which contracts on a delivery of electricity within a given time period (e.g., an hour or half an hour) during the next day are settled.…”

Section: Introductionmentioning

confidence: 99%

Optimization of Electric Energy Sales Strategy Based on Probabilistic Forecasts

Janczura

Michalak

2020

Energies

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In this paper we propose an optimization scheme for a selling strategy of an electricity producer who in advance decides on the share of electricity sold on the day-ahead market. The remaining part is sold on the complementary (intraday/balancing) market. To this end, we use probabilistic forecasts of the future selling price distribution. Next, we find an optimal share of electricity sold on the day-ahead market using one of the three objectives: maximization of the overall profit, minimization of the sellers risk, or maximization of the median of portfolio values. Using data from the Polish day-ahead and balancing markets, we show that the assumed objective is achieved, as compared to the naive strategy of selling the whole produced electricity only on the day-ahead market. However, an increase of the profit is associated with a significant increase of the risk.

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The impact of wind power on electricity prices

Cited by 142 publications

References 12 publications

Impacts of Variable Renewable Energy on Bulk Power System Assets, Pricing, and Costs

Impacts of Variable Renewable Energy on Bulk Power System Assets, Pricing, and Costs

Demonstration of CO2 Conversion to Synthetic Transport Fuel at Flue Gas Concentrations

Optimization of Electric Energy Sales Strategy Based on Probabilistic Forecasts

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