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The effects of wind power on electricity markets: A case study of the Swedish intraday market
Umeå universitet, Samhällsvetenskapliga fakulteten, Centrum för miljö- och naturresursekonomi (CERE). Department of Forest Economics at the Swedish University of Agricultural Science.
Umeå universitet, Samhällsvetenskapliga fakulteten, Centrum för miljö- och naturresursekonomi (CERE). Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi. Faculty of Economics and Business Administration at Vilnius University, Vilnius, Lithuania.
Umeå universitet, Samhällsvetenskapliga fakulteten, Centrum för miljö- och naturresursekonomi (CERE). Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet. Faculty of Economics and Business Administration at Vilnius University, Vilnius, Lithuania.
2021 (engelsk)Inngår i: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 96, artikkel-id 105159Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

We investigate the process of electricity price formation in the Swedish intraday market, given a large share of wind power in the Swedish electricity system. According to Karanfil and Li's (2017) approach, if the intraday market is efficient, with large shares of intermittent electricity in the entire electricity system, intraday prices should send signals based on scarcity pricing for balancing power. Based on this theory, we analyze Swedish electricity market data for the period 2015–2018 and find that the Swedish intraday market, despite its small trading volumes, is functioning properly. In particular, our results show that intraday price premia mostly respond to wind power forecast errors and other imbalances resulting from either supply or demand sides of the electricity market, as they should if the intraday market is efficient. The results of wind power forecast errors hold for central and southern Sweden, but not for northern Sweden where the share of wind power production is still very small. However, we find no effect of unplanned nuclear power plant outages on intraday price premia.

sted, utgiver, år, opplag, sider
Elsevier, 2021. Vol. 96, artikkel-id 105159
Emneord [en]
Day-ahead market, Electricity, Forecast errors, Intraday market, Intraday price premia, Nuclear power outages, Sweden, Wind power
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Identifikatorer
URN: urn:nbn:se:umu:diva-180992DOI: 10.1016/j.eneco.2021.105159ISI: 000634560900010Scopus ID: 2-s2.0-85101104168OAI: oai:DiVA.org:umu-180992DiVA, id: diva2:1534208
Tilgjengelig fra: 2021-03-05 Laget: 2021-03-05 Sist oppdatert: 2023-09-05bibliografisk kontrollert

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