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| 1 |
ID:
150617
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| Summary/Abstract |
European energy markets have undergone a major transformation as they have advanced towards market liberalisation and it is vital that the details of these developments be carefully examined. The success of liberalisation is based on smart regulation, which has been capable of providing solutions to unforeseen events in the process. Our paper seeks to contribute to existing understanding of the unexpected and collateral effects of the liberalisation process in the power system by examining a natural experiment that occurred in Spain in 2009. In that year, the electricity supply by distribution system operators disappeared. This change in retail market competition, as we demonstrate in this paper, has had an unexpected effect in terms of the system’s balancing requirements. We undertake a rigorous assessment of the economic consequences of this policy change for the whole system, in terms of its impact on final electricity prices.
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| 2 |
ID:
150616
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| Summary/Abstract |
A successful deployment of power generation coming from variable renewable sources, such as wind and solar photovoltaic, strongly depends on the economic cost of system integration. This paper, in seeking to look beyond the impact of renewable generation on the evolution of the total economic costs associated with the operation of the electricity system, aims to estimate the sensitivity of balancing market requirements and costs to the variable and non-fully predictable nature of intermittent renewable generation. The estimations reported in this paper for the Spanish electricity system stress the importance of both attributes as well as power system flexibility when accounting for the cost of balancing services.
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| 3 |
ID:
190593
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| Summary/Abstract |
Across several power systems with market frameworks, policy-makers are proposing that balancing flexibility requirements emerging during energy transition be addressed through new reserve product markets. However, these may introduce additional costs, constraints and complexity, and even encroach upon the functions of existing operational practices. Thus, policy-makers need to assess and compare flexibility design options, and quantifying system flexibility capabilities based on current and expected resource mixes can assist in achieving this. In this article, we offer a practical method to quantify the time-varying spectrum of upwards and downwards flexibility capabilities in systems, and subsequently apply it to historical and projected resource mixes in two regions of the Australian National Electricity Market. Our results suggest that with higher penetrations of renewable energy: (1) downwards flexibility margins can be exhausted around noon if wind and solar are unable or unwilling to provide it, (2) upwards flexibility becomes more scarce during morning and evening peak demand events and (3) a greater portion of upwards flexibility is provided by energy-limited resources. Given these trends, we recommend that policy-makers examine how existing operational practices can be augmented to elicit upwards flexibility provision, and that duration specifications and sustained footroom procurement be considered for reserve products.
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| 4 |
ID:
096613
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| Publication |
2010.
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| Summary/Abstract |
This article focuses on the design of balancing markets in Europe taking into account an increasing wind power penetration. In several European countries, wind generation is so far not burdened with full balancing responsibility. However, the more wind power penetration, the less bearable for the system not to allocate balancing costs to the responsible parties. Given the variability and limited predictability of wind generation, full balancing exposure is however only feasible conditionally to well-functioning balancing markets. On that account, recommendations ensuring an optimal balancing market design are formulated and their impact on wind generation is assessed. Taking market-based or cost-reflective imbalance prices as the main objective, it is advised that: (1) the imbalance settlement should not contain penalties or power exchange prices, (2) capacity payments should be allocated to imbalanced BRPs via an additive component in the imbalance price and (3) a cap should be imposed on the amount of reserves. Efficient implementation of the proposed market design may require balancing markets being integrated across borders.
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| 5 |
ID:
097456
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| Publication |
2010.
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| Summary/Abstract |
This article focuses on the design of balancing markets in Europe taking into account an increasing wind power penetration. In several European countries, wind generation is so far not burdened with full balancing responsibility. However, the more wind power penetration, the less bearable for the system not to allocate balancing costs to the responsible parties. Given the variability and limited predictability of wind generation, full balancing exposure is however only feasible conditionally to well-functioning balancing markets. On that account, recommendations ensuring an optimal balancing market design are formulated and their impact on wind generation is assessed. Taking market-based or cost-reflective imbalance prices as the main objective, it is advised that: (1) the imbalance settlement should not contain penalties or power exchange prices, (2) capacity payments should be allocated to imbalanced BRPs via an additive component in the imbalance price and (3) a cap should be imposed on the amount of reserves. Efficient implementation of the proposed market design may require balancing markets being integrated across borders.
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