气候变化领域集成服务门户(CCPortal): The impact of wind and solar power generation on the level and volatility of wholesale electricity prices in Greece

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DOI	10.1016/j.enpol.2022.113243
	The impact of wind and solar power generation on the level and volatility of wholesale electricity prices in Greece
	Maniatis, Georgios I.; Milonas, Nikolaos T.
发表日期	2022
ISSN	0301-4215
EISSN	1873-6777
卷号	170 页码:12
英文摘要	We investigate the impact of wind and solar power generation on the level and volatility of wholesale electricity prices in the Greek electricity market from August 2012 to December 2018. In the context of a GARCH-in-Mean model the empirical findings suggest the existence of the merit-order effect which is stronger in the case of wind power. Controlling for regulatory mechanisms that may affect price volatility, we find that while overall re-newables have decreased price volatility, wind power tends to increase it and solar power tends to decrease it. Furthermore, during peak hours, wind and solar power generation tend to decrease price volatility, supporting the hypothesis that renewables' output reduces the volatility of wholesale electricity prices when it is positively correlated with the electricity load. Finally, we find that the increase in the price-cap of the Greek wholesale electricity market was associated with a reduction in the volatility of wholesale electricity prices. This finding highlights the importance of the market structure and the degree of vertical integration of participants in liberalized electricity markets, which determines their behavior while also affecting market price volatility.
英文关键词	Wholesale electricity market; Electricity price volatility; Wind power; Solar power; Price-caps; Merit-order effect
学科领域	Economics; Energy & Fuels; Environmental Sciences; Environmental Studies
语种	英语
WOS研究方向	Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology
WOS记录号	WOS:000876937700011
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/272264
作者单位	National & Kapodistrian University of Athens
推荐引用方式 GB/T 7714	Maniatis, Georgios I.,Milonas, Nikolaos T.. The impact of wind and solar power generation on the level and volatility of wholesale electricity prices in Greece[J],2022,170:12.
APA	Maniatis, Georgios I.,&Milonas, Nikolaos T..(2022).The impact of wind and solar power generation on the level and volatility of wholesale electricity prices in Greece.ENERGY POLICY,170,12.
MLA	Maniatis, Georgios I.,et al."The impact of wind and solar power generation on the level and volatility of wholesale electricity prices in Greece".ENERGY POLICY 170(2022):12.