Reforming the colombian electricity market for an efficient integration of renewables: A proposal
Lina Escobar Rangel and
Energy Policy, 2020, vol. 139, issue C
The Colombian short-term electricity market is characterised by a single settlement and by the clearing of a single national hourly spot price for the entire grid. This price is computed ex post, based on the real-time operation of the system. In the day ahead, there is only an operational dispatch, which does not set any binding economic commitment. A deviation from such dispatch (due, for instance, to an outage), if it is informed in advance, has no economic consequence for market agents. As recognised by Colombian regulatory institutions, this design is not suitable to efficiently integrate large shares of variable renewable resources.
Keywords: Colombian electricity market; Renewable integration; Single settlement; Multi settlement; Binding dispatch; Intraday market; Uniform pricing (search for similar items in EconPapers)
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