Renewable Energy and Its Impact on Power Markets

David Wozabal (), Christoph Graf () and David Hirschmann ()
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David Wozabal: Vienna University of Economics and Business
Christoph Graf: University of Vienna
David Hirschmann: University of Vienna

Chapter Chapter 12 in Handbook of Risk Management in Energy Production and Trading, 2013, pp 283-311 from Springer

Abstract: Abstract The widespread introduction of renewable energy production is transforming electricity markets all around the globe. The changes are often hard to anticipate for market participants and the resulting uncertainty about future market conditions, policy regimes, technologies, and prices makes participation in these markets risky. In this article, we focus on changes induced by the growing capacities of wind power and photovoltaic electricity production. We highlight some aspects of power markets that are currently changing fundamentally due to increased capacities in these technologies. In particular, we discuss technological development, predictability and stochastic modeling of wind and solar output, policy issues pertaining to subsidies for renewable energies, and effects on the electricity prices on spot markets. We illustrate our findings using data from Germany and the Californian electricity market.

Keywords: Wind Power; Mean Absolute Percentage Error; Electricity Market; Electricity Price; Solar Power (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-1-4614-9035-7_12

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