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| DOI | 10.1016/j.enpol.2020.112057 |
| Operating reserve demand curve, scarcity pricing and intermittent generation: Lessons from the Texas ERCOT experience | |
| Bajo-Buenestado R. | |
| 发表日期 | 2021 |
| ISSN | 03014215 |
| 卷号 | 149 |
| 英文摘要 | Resolving the resource adequacy problem has been usually entrusted to the imposition of some kind of long-term capacity requirements or to forward markets. The Operating Reserve Demand Curve (ORDC), which is linked to short-term market conditions and does not require central planning, has been presented as an alternative system with which to ensure long-term resource adequacy in the market. Using hourly data from the Texas ERCOT market between January 2015 and February 2019, we empirically show that ORDC prices are significantly negatively affected by wind generation. We find that, if wind generation is relatively low, a 1% increase in wind generation decreases the ORDC price by around 0.15–0.1%. This fact may preclude the ORDC from providing long-term price signals and price stability to generators. Moreover, we also find that if wind generation is greater than 9000 MW, the ORDC price is expected to be zero, which may further disincentive to increase generation capacity –especially dispatchable capacity that may be needed as a backup if the wind is not blowing. © 2020 Elsevier Ltd |
| 关键词 | Energy-only marketsIntermittencyOperating reservesRenewable energyResource adequacyScarcity pricing |
| 英文关键词 | Commerce; Alternative systems; Capacity requirement; Central planning; Generation capacity; Market condition; Operating reserve; Price stability; Resource adequacy; Costs; alternative energy; demand-side management; electricity generation; energy market; price dynamics; wind power; Texas; United States |
| 语种 | 英语 |
| 来源期刊 | Energy Policy
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/205004 |
| 作者单位 | Department of Economics, Universidad de Navarra, Spain; Baker Institute for Public Policy, Rice University, United States; Navarra Center for International Development, Universidad de Navarra, Spain |
| 推荐引用方式 GB/T 7714 | Bajo-Buenestado R.. Operating reserve demand curve, scarcity pricing and intermittent generation: Lessons from the Texas ERCOT experience[J],2021,149. |
| APA | Bajo-Buenestado R..(2021).Operating reserve demand curve, scarcity pricing and intermittent generation: Lessons from the Texas ERCOT experience.Energy Policy,149. |
| MLA | Bajo-Buenestado R.."Operating reserve demand curve, scarcity pricing and intermittent generation: Lessons from the Texas ERCOT experience".Energy Policy 149(2021). |
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