Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2018.10.024 |
The value of flexibility in power markets | |
Goutte, Stephane1,3; Vassilopoulos, Philippe2 | |
2019-02-01 | |
发表期刊 | ENERGY POLICY
![]() |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 125页码:347-357 |
文章类型 | Article |
语种 | 英语 |
国家 | France |
英文摘要 | The concept of flexibility is not one you find in standard microeconomics textbooks, yet it already plays a major role in the remuneration of the resources that generate and consume electricity every day and is likely to play an even larger role with the penetration of large intermittent renewable capacities. In this paper we attempt to quantify the net revenues that can be captured by a flexible resource able to react to the short term price variations on the day-ahead and intraday markets in Germany. We find that the difference between day-ahead and intraday revenues for a flexible resource has been increasing (although the profitability has been decreasing on both markets). This difference is more pronounced once 15 mn price variations can be captured by a flexible resource. The net revenues from the local 15 mn auction (which is held 3 h after the hourly "coupled" day-ahead auction) are more than eight times higher than the day-ahead hourly auction but below the net revenues that can be captured with the high prices from the continuous market. The results of the backward-looking empirical estimations allow us to distinguish and quantify two components of flexibility: (1) the "immediacy" value as we are approaching real-time and the urgency of the delivery increases (this value is revealed during the continuous intraday process and is highly linked to the stochastic nature of power supply and demand (i.e., wind/solar forecasts, forced outages of thermal generation,...) forecast error risk), and (2) the "ramping capability" component based on the technical characteristics as a resource can react to variations of shorter granularity (15 mn vs. 60 mn). We model and quantify the ramping capability component using a geometric brownian motion with jumps. |
英文关键词 | Intra day Flexibility Ramping capability Auction Spot Volatility Market design |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000456758600034 |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18635 |
专题 | 气候变化 |
作者单位 | 1.Univ Paris 8 LED, 2 Rue Liberte, F-93526 St Denis, France; 2.EPEX Spot SE, Prod Design, 5 Blvd Montmartre, F-75002 Paris, France; 3.PSB, 59 Rue Natl, F-75013 Paris, France |
推荐引用方式 GB/T 7714 | Goutte, Stephane,Vassilopoulos, Philippe. The value of flexibility in power markets[J]. ENERGY POLICY,2019,125:347-357. |
APA | Goutte, Stephane,&Vassilopoulos, Philippe.(2019).The value of flexibility in power markets.ENERGY POLICY,125,347-357. |
MLA | Goutte, Stephane,et al."The value of flexibility in power markets".ENERGY POLICY 125(2019):347-357. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论