Challenges in assessing the behaviour of nodal electricity prices in insular electricity systems: the case of new zealand

Daniela Pereira Macedo, Antonio Cardoso and Olivier Damette
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Daniela Pereira Macedo: Universidade da Beira Interior
Antonio Cardoso: Universidade da Beira Interior

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Abstract: The New Zealand electricity market is an energy-only system without capacity of interconnections with other electricity markets. Therefore, it is entirely dependent on its own electricity production to satisfy electricity demand. The integration of intermittent renewable energy sources in insular systems may provide potential benefits, by augmenting their autonomy, as well as by reducing the dependence on imported fossil fuels. Meanwhile, considering the inherent features of intermittency of wind and solar PV, their accommodation in insular systems is also challenging. The unpredictability and unrealiability of electricity systems are indeed prone to increase. Another feature that distinguishes the New Zealand electricity market is the nodal pricing mechanism. This pricing mechanism is computationally complex and thus, the data processing is also demanding. This paper elucidates the main challenges in processing electricity big data and debates the relevance of studying the impact of intermittent renewable energy sources in insular electricity systems with a nodal pricing.

Keywords: Insular Electricity Systems; Nodal Electricity Prices; New Zealand (search for similar items in EconPapers)
Date: 2022-09-14
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Published in pp.384-390, 2022, Technologies, markets and policies: bringing together economics and engineering - ICEE International Conference on Energy & Environment, 978-989-54471-2-1

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