 Estimating the impact of wind generation and wind forecast errors on energy prices and costs in IrelandGregory Swinand and Amy O'Mahoney Renewable Energy, 2015, vol. 75, issue C, 468-473 Abstract: This paper studies the impact of wind generation on system costs and prices in Ireland. The importance of wind power and potential impacts on system costs is of interest to power system planners and policy makers globally. However, the impact of wind generation on system costs has been only studied with limited actual data from power systems with increased wind penetration. The paper uses a unique dataset of half-hourly system demand, generation, forecast and actual wind generation, along with Irish system marginal price (SMP) data from 2008 to autumn 2012. An econometric time-series model of SMP as a function of forecast and realized demand and wind generation yields results which suggest that each 1% increase in wind generation reduces SMP in Ireland by about 0.06%, while each 1% wind forecast error increases SMP about 0.02%. In absolute terms, though, at the mean the impact of wind forecast errors is small, or about 0.4€cent/MWh-wind generated. Keywords: Cost function; Econometrics; Power generation economics; Power system economics; Wind power generation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:75:y:2015:i:c:p:468-473 DOI: 10.1016/j.renene.2014.09.060 Access Statistics for this article Renewable Energy is currently edited by Soteris A. Kalogirou and Paul Christodoulides More articles in Renewable Energy from Elsevier |
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