Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States

Owolabi, Olukunle O.; Schafer, Toryn L. J.; Smits, Georgia E.; Sengupta, Sanhita; Ryan, Sean E.; Wang, Lan; Matteson, David S.; Getmansky Sherman, Mila; Sunter, Deborah A.

doi:10.1080/26941899.2022.2158145

Title: Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States

Authors:

Owolabi, Olukunle O. ^[1]; Schafer, Toryn L. J. ^[2]; Smits, Georgia E. ^[2]; Sengupta, Sanhita ^[3]; Ryan, Sean E. ^[2]; Wang, Lan ^[4];

^[2]; Getmansky Sherman, Mila ^[5]; Sunter, Deborah A. ^[6]

Department of Mechanical Engineering, Tufts University, Medford, Massachusetts, USA
Department of Statistics and Data Science, Cornell University, Ithaca, New York, USA
School of Statistics, University of Minnesota, Minneapolis, Minnesota, USA
Department of Management Science, University of Miami, Coral Gables, Florida, USA
Isenberg School of Management, UMASS Amherst, Amherst, Massachusetts, USA
Department of Mechanical Engineering, Tufts University, Medford, Massachusetts, USA, Department of Civil and Environmental Engineering, Tufts University, Medford, Massachusetts, USA

Publication Date:: Wed Feb 22 00:00:00 EST 2023

Sponsoring Org.:: USDOE

OSTI Identifier:: 1958221

Grant/Contract Number:: EE9443

Resource Type:: Published Article

Journal Name:: Data Science in Science

Additional Journal Information:: Journal Name: Data Science in Science Journal Volume: 2 Journal Issue: 1; Journal ID: ISSN 2694-1899

Publisher:: Informa UK Limited

Country of Publication:: United States

Language:: English

Citation Formats


                    Owolabi, Olukunle O., Schafer, Toryn L. J., Smits, Georgia E., Sengupta, Sanhita, Ryan, Sean E., Wang, Lan, Matteson, David S., Getmansky Sherman, Mila, and Sunter, Deborah A. Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States.  United States: N. p., 2023. 
Web.  doi:10.1080/26941899.2022.2158145.

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                    Owolabi, Olukunle O., Schafer, Toryn L. J., Smits, Georgia E., Sengupta, Sanhita, Ryan, Sean E., Wang, Lan, Matteson, David S., Getmansky Sherman, Mila, & Sunter, Deborah A. Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States.  United States.  https://doi.org/10.1080/26941899.2022.2158145

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                    Owolabi, Olukunle O., Schafer, Toryn L. J., Smits, Georgia E., Sengupta, Sanhita, Ryan, Sean E., Wang, Lan, Matteson, David S., Getmansky Sherman, Mila, and Sunter, Deborah A. Wed .  
"Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States".  United States.  https://doi.org/10.1080/26941899.2022.2158145.

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@article{osti_1958221,

  title        = {Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States},

  author       = {Owolabi, Olukunle O. and Schafer, Toryn L. J. and Smits, Georgia E. and Sengupta, Sanhita and Ryan, Sean E. and Wang, Lan and Matteson, David S. and Getmansky Sherman, Mila and Sunter, Deborah A.},

  abstractNote = {},

  doi          = {10.1080/26941899.2022.2158145},

  journal      = {Data Science in Science},

  number       = 1,

  volume       = 2,

  place        = {United States},

  year         = {Wed Feb 22 00:00:00 EST 2023},

  month        = {Wed Feb 22 00:00:00 EST 2023}

}

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Title: Role of Variable Renewable Energy Penetration on Electricity Price and its Volatility across Independent System Operators in the United States

Citation Formats

The impact of wind generation on the electricity spot-market price level and variance: The Texas experience journal, July 2011

On the market impact of wind energy forecasts journal, March 2010

Impact of renewables on electricity markets – Do support schemes matter? journal, June 2016

Price volatility in wind dominant electricity markets conference, July 2013

On Bayesian Modeling of Fat Tails and Skewness journal, March 1998

Effect of wind generation on ERCOT nodal prices journal, October 2018

The impact of renewable energy on electricity prices in the Netherlands journal, September 2013

The impact of wind, solar, and other factors on the decline in wholesale power prices in the United States journal, February 2021

The Impact of Wind Generation on Wholesale Electricity Prices in the Hydro-Rich Pacific Northwest journal, November 2013

Price spikes, temporary price caps, and welfare effects of regulatory interventions on wholesale electricity markets journal, April 2022

On the impact of increasing penetration of variable renewables on electricity spot price extremes in Australia journal, September 2020

Scarcity, Market Power, and Price Caps in Wholesale Electric Power Markets journal, November 2000

Market price behavior of wholesale electricity products: Texas journal, February 2019

Impacts of variable renewable energy on wholesale markets and generating assets in the United States: A review of expectations and evidence journal, March 2020

Renewable generation and electricity prices: Taking stock and new evidence for Germany and Austria journal, December 2013

An ex-post analysis of the effect of renewables and cogeneration on Spanish electricity prices journal, December 2011

A retrospective analysis of the market price response to distributed photovoltaic generation in California journal, October 2018

Solar PV integration cost variation due to array orientation and geographic location in the Electric Reliability Council of Texas journal, October 2016

The Risk of Early Retirement of U.S. Nuclear Power Plants under Electricity Deregulation and CO2 Emission Reductions journal, July 2000

Impacts of High Variable Renewable Energy Futures on Wholesale Electricity Prices, and on Electric-Sector Decision Making report, May 2018

Early nuclear retirements in deregulated U.S. markets: Causes, implications and policy options journal, November 2017

The merit order effect of wind and photovoltaic electricity generation in Germany 2008–2016: Estimation and distributional implications journal, July 2014

Wind Power and Electricity Prices at the PJM Market journal, November 2013

Generalized Additive Models for Location Scale and Shape (GAMLSS) in R journal, January 2007

Effect of increased wind penetration on system prices in Korea's electricity markets journal, June 2013

Merit-order effects of renewable energy and price divergence in California’s day-ahead and real-time electricity markets journal, May 2016

Reducing the market impact of large shares of intermittent energy in Denmark journal, July 2010

The impact of wind generation on wholesale electricity market prices in the midcontinent independent system operator energy market: An empirical investigation journal, February 2019

Determinants of the wholesale prices of energy and ancillary services in the U.S. Midcontinent electricity market journal, March 2020

Assessing the impact of wind generation on wholesale prices and generator dispatch in the Australian National Electricity Market journal, August 2013

Power system flexibility: an overview of emergence to evolution journal, May 2019

Regression Quantiles journal, January 1978

Electricity-market price and nuclear power plant shutdown: Evidence from California journal, October 2014

The impact of wind power on electricity prices journal, August 2016

Does renewable energy generation decrease the volatility of electricity prices? An analysis of Denmark and Germany journal, February 2017

Forward contracts in electricity markets: The Australian experience journal, May 2007

Portfolio Selection journal, March 1952

Negative Wholesale Electricity Prices in the German, French and Belgian Day-Ahead, Intra-Day and Real-Time Markets journal, May 2015

Estimating the impact of wind generation and wind forecast errors on energy prices and costs in Ireland journal, March 2015

The merit-order effect: A detailed analysis of the price effect of renewable electricity generation on spot market prices in Germany journal, August 2008

Influence of wind power on hourly electricity prices and GHG (greenhouse gas) emissions: Evidence that congestion matters from Ontario zonal data journal, March 2014

A retrospective analysis of benefits and impacts of U.S. renewable portfolio standards journal, September 2016

The renewable energy policy Paradox journal, February 2018

High penetration wind generation impacts on spot prices in the Australian national electricity market journal, October 2011

Analysing the impact of renewable electricity support schemes on power prices: The case of wind electricity in Spain journal, September 2008

The impact of wind generation on the electricity spot-market price level and variance: The Texas experience
journal, July 2011

On the market impact of wind energy forecasts
journal, March 2010

Impact of renewables on electricity markets – Do support schemes matter?
journal, June 2016

Price volatility in wind dominant electricity markets
conference, July 2013

On Bayesian Modeling of Fat Tails and Skewness
journal, March 1998

Effect of wind generation on ERCOT nodal prices
journal, October 2018

The impact of renewable energy on electricity prices in the Netherlands
journal, September 2013

The impact of wind, solar, and other factors on the decline in wholesale power prices in the United States
journal, February 2021

The Impact of Wind Generation on Wholesale Electricity Prices in the Hydro-Rich Pacific Northwest
journal, November 2013

Price spikes, temporary price caps, and welfare effects of regulatory interventions on wholesale electricity markets
journal, April 2022

On the impact of increasing penetration of variable renewables on electricity spot price extremes in Australia
journal, September 2020

Scarcity, Market Power, and Price Caps in Wholesale Electric Power Markets
journal, November 2000

Market price behavior of wholesale electricity products: Texas
journal, February 2019

Impacts of variable renewable energy on wholesale markets and generating assets in the United States: A review of expectations and evidence
journal, March 2020

Renewable generation and electricity prices: Taking stock and new evidence for Germany and Austria
journal, December 2013

An ex-post analysis of the effect of renewables and cogeneration on Spanish electricity prices
journal, December 2011

A retrospective analysis of the market price response to distributed photovoltaic generation in California
journal, October 2018

Solar PV integration cost variation due to array orientation and geographic location in the Electric Reliability Council of Texas
journal, October 2016

The Risk of Early Retirement of U.S. Nuclear Power Plants under Electricity Deregulation and CO2 Emission Reductions
journal, July 2000

Impacts of High Variable Renewable Energy Futures on Wholesale Electricity Prices, and on Electric-Sector Decision Making
report, May 2018

Early nuclear retirements in deregulated U.S. markets: Causes, implications and policy options
journal, November 2017

The merit order effect of wind and photovoltaic electricity generation in Germany 2008–2016: Estimation and distributional implications
journal, July 2014

Wind Power and Electricity Prices at the PJM Market
journal, November 2013

Generalized Additive Models for Location Scale and Shape (GAMLSS) in R
journal, January 2007

Effect of increased wind penetration on system prices in Korea's electricity markets
journal, June 2013

Merit-order effects of renewable energy and price divergence in California’s day-ahead and real-time electricity markets
journal, May 2016

Reducing the market impact of large shares of intermittent energy in Denmark
journal, July 2010

The impact of wind generation on wholesale electricity market prices in the midcontinent independent system operator energy market: An empirical investigation
journal, February 2019

Determinants of the wholesale prices of energy and ancillary services in the U.S. Midcontinent electricity market
journal, March 2020

Assessing the impact of wind generation on wholesale prices and generator dispatch in the Australian National Electricity Market
journal, August 2013

Power system flexibility: an overview of emergence to evolution
journal, May 2019

Regression Quantiles
journal, January 1978

Electricity-market price and nuclear power plant shutdown: Evidence from California
journal, October 2014

The impact of wind power on electricity prices
journal, August 2016

Does renewable energy generation decrease the volatility of electricity prices? An analysis of Denmark and Germany
journal, February 2017

Forward contracts in electricity markets: The Australian experience
journal, May 2007

Portfolio Selection
journal, March 1952

Negative Wholesale Electricity Prices in the German, French and Belgian Day-Ahead, Intra-Day and Real-Time Markets
journal, May 2015

Estimating the impact of wind generation and wind forecast errors on energy prices and costs in Ireland
journal, March 2015

The merit-order effect: A detailed analysis of the price effect of renewable electricity generation on spot market prices in Germany
journal, August 2008

Influence of wind power on hourly electricity prices and GHG (greenhouse gas) emissions: Evidence that congestion matters from Ontario zonal data
journal, March 2014

A retrospective analysis of benefits and impacts of U.S. renewable portfolio standards
journal, September 2016

The renewable energy policy Paradox
journal, February 2018

High penetration wind generation impacts on spot prices in the Australian national electricity market
journal, October 2011

Analysing the impact of renewable electricity support schemes on power prices: The case of wind electricity in Spain
journal, September 2008