Evaluating Resource Adequacy Impacts on Energy Market Prices Across Wind and Solar Penetration Levels

Journal Article · Sun Aug 11 00:00:00 EDT 2019 · Electricity Journal

DOI:https://doi.org/10.1016/j.tej.2019.106629· OSTI ID:1558594

Frew, Bethany A ^[1]; Stephen, Gordon W ^[1]; Sigler, Devon ^[1]; Lau, Jessica K ^[1]; Jones, Wesley B ^[1]; Bloom, Aaron P ^[1]

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1. National Renewable Energy Laboratory (NREL), Golden, CO (United States)

This study evaluates market impacts of excess capacity across various wind and solar system penetrations. First, different fleet compositions are simulated in a production cost model to yield price outputs. Price statistics reveal a strong relationship between scarcity price events, resource adequacy, and the mean and standard deviation of prices. Next, a method is presented for adjusting resource adequacy to a chosen level, which links a capacity expansion model with a probabilistic resource adequacy model.

• Research Organization: National Renewable Energy Lab. (NREL), Golden, CO (United States)
• Sponsoring Organization: USDOE Office of Energy Efficiency and Renewable Energy (EERE), Wind and Water Technologies Office (EE-4W)
• DOE Contract Number: AC36-08GO28308
• OSTI ID: 1558594
• Report Number(s): NREL/JA-6A20-71688
• Journal Information: Electricity Journal, Vol. 32, Issue 8
• Country of Publication: United States
• Language: English

Related Subjects

24 POWER TRANSMISSION AND DISTRIBUTION
29 ENERGY PLANNING, POLICY, AND ECONOMY
resource adequacy
capacity expansion modeling
production cost modeling
variable renewable energy
electricity markets