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| 1 |
ID:
191285
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| Summary/Abstract |
Effective regulatory policies, ample renewable energy potential, and a favorable business climate have led to a boom in wind farms and solar energy projects in Texas. Using a large sample of 15-min data for the six-year period of 2016–2021, we analyze per MWh revenues from solar generation and wind generation in the renewable regions of the Electric Reliability Council of Texas (ERCOT). We find that average regional revenues from variable renewable energy (VRE) for the daytime hours of 07:00–19:00 exceed the average levelized price of recently signed solar and wind power purchase agreements (PPAs), although average regional revenues for wind generation for the nighttime hours of 19:00–07:00 were lower than recent PPA prices. Moreover, VRE's 15-min regional revenues move with ERCOT's cap on the real-time market's energy price offers, regulatory price adder, daily wholesale natural gas price, 15-min nuclear energy generation, 15-min system load, 15-min regional solar energy and 15-min regional wind energy. While continued VRE development may suppress wholesale market prices, continued growth in electricity demand and increasing natural gas prices provide offsetting effects. Nevertheless, new policies are under development to mitigate the adverse effects of further VRE development on grid reliability and generation investment incentive.
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| 2 |
ID:
166947
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| Summary/Abstract |
Traditionally, there has been a premium in green pricing plans for electricity supply with high renewable energy content. Using a sample of 710 plans offered in December 2018 by Texas's competitive retailers to residents in Dallas, Houston, Corpus Christi and Abilene, we document that there is no longer a statistically significant renewable energy premium in Texas's retail electricity pricing. Attributable to the declining cost of renewable energy, this finding's policy implication is that continuing development of renewable energy is unlikely to adversely impact Texas's residents.
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| 3 |
ID:
169723
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| Summary/Abstract |
Using reliability differentiation via tolling agreements with diverse heat rates and fuel types, we propose an efficient wholesale electricity market design under demand and supply uncertainty. Mainly based on North America's market experience, our proposed design adopts an independent system operator's (ISO's) existing practice of least-cost dispatch of heterogeneous generation units, real-time energy price determination and capacity rationing. It solves the missing money problem of inadequate incentive for thermal generation investment, without requiring the ISO to operate centralized capacity auctions, make capacity payments, set high energy price caps, or subsidize market entry. It preempts independent power producers' price manipulation in the ISO's real-time market for energy, thus easing the ISO's burden of market monitoring. It suggests two-part pricing of end-use consumption and power demand of a load serving entity's retail customers, thus meaningfully linking the wholesale and retail markets. It is applicable to countries that have implemented wholesale competition or are in the process of doing so. Hence, its policy implication is that it should be considered in the ongoing debate of electricity reliability and market competition.
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