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Prosumers, with the ability to act both as a supplier and a consumer in a power market, have received considerable attention recently. Having distributed energy resources, their capability to operate in an isolated mode, separated from the main grid, has also been promoted as a vital option to enhance the power system's resilience. One emerging concern is the prosumer's ability to manipulate the power market as a buyer or as a seller. This thesis vets the outcomes of a power market in presence of strategic prosumers and formulates electricity markets in different frameworks depending on the prosumer's strategy to obtain the equilibria representing the market outcome.This thesis posits a situation in which a strategic prosumer owns a renewable unit with variant output and a dispatchable backup unit, and participates in a power market following a price-taker, quantity-based, or Stackelberg strategy. The prosumer is assumed to maximize its benefit by deciding amount of power to buy from or sell into the main grid, amount of renewable power to forego consumption, and amount of power to produce from backup unit. The interaction of prosumers and the main grid is modeled through shifting the residual supply curve in the wholesale market, thereby avoiding the possible numerical issues when aggregating their demand horizontally with consumers. The model is applied to a case study of the IEEE 24-bus RTS as an illustrative example. Prosumers in the market are also subject to uncertain renewable output and, as they participate in the day-ahead market, decide how much energy to consume, sell, or purchase, considering the potential imbalance due to uncertain output. The question of prosumer's risk preferences, taking into account the uncertainty in its renewable output, is investigated and the dynamics between prosumer's risk decisions and its implications for the prosumer's profit maximization are examined in a chance-constrained framework.This thesis illustrates power market outcomes in presence of strategic prosumers following price-taker, quantity-based, and Stackelberg strategies exercised by the prosumer and shows existence of market-clearing equilibria in the case of perfect and imperfect competition and demonstrate that the prosumer's position in the market does not depend on its strategy along with the fact that the prosumer is able to attain higher pay-off in the price-taker case compared to the quantity-based strategy. This thesis also shows the impact of prosumer's Stackelberg strategy on rent distribution and price formation in the marketplace in a chance-constrained framework to account for uncertainty of its renewable output. Finally, the thesis investigates prosumer risk attitudes and quantifies the impact of renewable output uncertainty and imbalance prices on prosumer's risk preferences.

Forward markets are believed to aggregate information about future spot prices and reduce the cost of producing the commodity. We develop a measure of the extent to which forward and spot prices agree in markets with transaction costs. Using this measure, we show that day-ahead prices better reflect real-time prices at all locations in California’s electricity market after the introduction of financial trading. We then present evidence suggesting that operating costs and input fuel use fell after the introduction of financial trading on days when the nonconvexities inherent to the production and transmission of electricity are especially relevant. (JEL D23, D24, G13, L94, L98, Q48)

Transitioning from fossil fuel dominated power systems to high penetrations of intermittent renewable generation is affecting classical electricity market designs. Here, a method is proposed to model and assess the absence of co-optimization of energy and reserve that prevails in the European system. Co-optimization is formulated through an optimization problem (COM), and its absence as an equilibrium problem (EQM) built on Karush-Kuhn-Tucker conditions of agents' optimization and market clearing equations. EQM cannot be reformulated as a single optimization problem. Market distortions are identified by comparing the complementarity conditions of both models. These are then discussed on system with Feed in Premium to wind generation. Parameters in the models allow to represent different market configurations regarding: available wind generation, Feed in Premium to wind, generators' risk aversion, and required reserve from wind generation.

This paper demonstrates how a binary prediction market is capable of achieving a probabilistic renewable energy forecast. In prediction markets, participants trade shares associated with the outcome of unknown future events (here, the renewable production, as a random variable), and the instantaneous price of shares represents the probability of the outcome. The focus of this study is to exploit this informational value of the prediction market price in renewable energy forecasting. To this end, in this paper three different methods of renewable probabilistic forecasting have been considered as the trading agents in a binary prediction market, the aggregated probability of the renewable output is elicited from the equilibrium price in this market and finally, the full cumulative distribution function of possible renewable output is extracted through regression analysis. The proposed method is applied to the test cases of three onshore wind farms in Australia. The simulation results suggest that the performance of the proposed method is superior to the individual models and forecasting is improved in terms of reduction in the electricity market imbalance costs.

This article examines how electricity market liquidity, renewable production and cross-border activity together in combination explain price spikes in the Hungarian Power Exchange day-ahead auctions. In the applied logit model, the dependent variable representing the price spike is binary, and the key explanatory variable is a modified bid-ask spread depicting liquidity. Weather-dependent renewable production and the difference between exports and imports appear as control variables in the model. The empirical analysis was based on data from 2017 and 2018. The results show that the control variables have no effect on the bid-ask spread and that the model explains 96 per cent of the spikes well, with an AUC-ROC of 0.75 and a Gini coefficient of 0.5. Based on the results, it may be worthwhile for traders to incorporate their data from sales and purchase curves into their forecasts, as this will improve their chances of successfully predicting extreme prices.

We present the closed-form solution to the problem of hedging price and quantity risks for energy retailers (ER), using financial instruments based on electricity price and weather indexes. Our model considers an ER who is intermediary in a regulated electricity market. ERs buy a fixed quantity of electricity at a variable cost and must serve a variable demand at a fixed cost. Thus ERs are subject to both price and quantity risks. To hedge such risks, an ER could construct a portfolio of financial instruments based on price and weather indexes. We construct the closed form solution for the optimal portfolio for the mean-VaR model in the discrete setting. Our model does not make any distributional assumption.

This paper estimates the market-wide impact of utility-scale renewables on Australia's National Electricity Market (NEM) wholesale prices from 2009 to 2020. The goal is to understand the medium-run impact of renewable generation, as opposed to the short-run impact of weather-driven changes in renewable output. The focus is, therefore, on the relationship between renewable generation (and its growth) and wholesale prices over a long period of time. In particular, we exploit the half-hourly nature of wholesale price setting in the NEM to uncover the impact of solar and wind daily production on the distribution of prices throughout the day. In contrast to the merit-order effect literature, which focuses on the short-run (contemporaneous) impact of renewables, our results suggest that the total daily solar production has a positive, although not always significant, impact on wholesale prices throughout the day during an early development stage of solar generation. For a more recent period, following a substantive increase in utility-scale solar generation, the results are more in line with the merit-order effect literature with total daily solar production reducing wholesale prices for most of the day. This impact, however, is of several orders of magnitude lower than that predicted in the literature. We also show that the daily production of wind has a small negative impact on wholesale prices for most of the day, throughout the entire period of analysis.

Uncertainty in the markets associated with COVID-19 created the need for choosing the optimal model of energy markets. At the current stage of energy markets development, oligopoly tendencies tend to prevail. The article discusses the problem of choosing an effective energy market model, using the example of the electricity market. The competitive energy market of the European Union (finalized with the adoption of the Third Energy Package) was chosen as the basic model, with which the energy markets of the Russian Federation and Azerbaijan are compared. The basic indicators of the EU market were defined and compared with similar indicators for the Russian and Azerbaijani markets. The article explored the main tendencies as well as deadweight losses for Russian and Azerbaijani markets. Recommendations for improving the competitiveness of the markets are developed. The study showed that the level of market competitiveness was directly associated with the economic security of the energy market. The ways of increasing market liberalization in Russia and Azerbaijan were proposed. The proposed gradual liberalization of electricity markets involves the transition from a closed monopolistic to an open competitive electricity market, changing the institutional structure, the search for new and effective mechanisms of interaction between the buyer and seller of electricity. It also creates an opportunity to improve the quality of electricity supply, increase the investment attractiveness of the sector at large, and reduce the cost of electricity.Keywords: degree of competition; electrical power; energy markets; European Union; market model.JEL Classifications: D43, D47DOI: https://doi.org/10.32479/ijeep.11634

The aim of this paper is to measure the impact of certain factors on the formation of the price of electricity, which is obtained from conventional and renewable energy sources, in the deregulated markets of developing countries, such as Montenegro. Another goal is to identify and analyze the criteria that can lead to a change in the electricity market structure. This study was especially inspired by the fact that no similar research has been conducted in this domain, according to the authors’ knowledge. A regression model is applied in the paper, which can be used to display the fluctuation of electricity prices based on the analyzed factors. In addition to price as a dependent variable, the model also examined eight factors that are independent variables. Apart from the basic model, another model has been formulated which, in addition to a price as dependent variable and the examined factors, also takes into consideration the production of electricity from renewable sources. The results of the research showed that an increase in the amount of electricity produced will lead to a slight increase in price, which is to be expected considering there is still one large producer servicing the market, which, despite the deregulation of the market, still has significant monopoly power. The generation of electricity by small hydropower plants will not significantly affect price change, and these entities will behave as if they were in a market of perfect competition. Further opening up the market to new competitors would lead to a fall in the price of electricity. Based on the predicted capacity of electricity generation from small hydropower plants, the electricity deficit could be reduced; in another words it could lead to the reduction of imports. Based on the results of the study, energy policy makers will be able to adopt informed strategies and make decisions related to developments in the energy market, most notably the creation of a common EU energy market. Also, the results of the conducted research expand the theoretical body of work dealing with the determination of the price of electricity. Future studies could address the issue of using natural potential for the generation of electricity from renewable sources, such as solar energy, wind energy and other sources.

Despite increasing deployment of intermittent renewable energies at lower generation costs, wholesale electricity price has been falling while retail electricity prices go up. This has triggered the debate on the cost-effectiveness of this source of energy. Therefore, the aim of this paper is to present a literature survey on the effect of intermittent renewable energy generation on electricity prices. Researches have used different methodological approaches, different periods and countries to examine the impacts of intermittent renewable energy on electricity prices. Most of the studies found evidence of the merit-order effect, which means that an increase in intermittent source generation would reduce the spot electricity market price. Finally, the few studies that address the retail market found that retail electricity could either increase or decrease.

Coal-fired generation is being retired in many regions. Some argue that these retirements are exacerbated by renewable–generation policy supports. Based on these claims, there are suggestions that renewable supports be phased-out or that coal-fired generators receive their own supports. Given the inherent policy implications, we examine the impacts of renewable–energy supports and other market changes (e.g., low natural–gas prices and carbon policy) on generator profitability. Renewable–energy policy supports can affect negatively the economics of coal-fired generators. However, empirical analyses in the literature find that the main contributor to declining coal-fired generation is low natural-gas prices. To investigate these findings further, we analyze a case study that is based on Japan’s wholesale electricity market. Through this case study, we examine the relative impacts of renewable–energy and other policy and market changes on the economics of coal-fired generation. Renewable–energy policy can impact the financial viability of coal-fired generators. However, natural-gas-price decreases have a much greater impact on the profitability of coal-fired generators than renewables do at current penetration levels.

Accepted for IEEE Transactions on Power SystemsAbstract:Wind power producers participating in day-ahead electricity markets are compelled to pay imbalance costs if they do not generate the same amount of power as they had bid for. These imbalance costs comprise a significant proportion of their income. To reduce the risk of such financial losses, this paper employs the idea of trading in a separate prediction market, as a hedging method. In prediction markets, participants trade shares associated with a certain outcome of an event. We propose that the wind power producers might participate in a prediction market to trade the future value of the wind power and by taking an opposite position in comparison to the electricity market, the imbalance costs will be offset through payouts in the prediction market. Wind power is modelled as a stochastic variable and an optimal trading strategy is developed where the trading volume in the prediction market is analytically derived and formulated by minimising the maximum possible loss and pricing of shares is determined via indifference utility condition. The results suggest that the proposed method limits the loss values and improves the risk measures.

In recent years, the liberalization of energy markets (especially electricity) by many countries has led to much attention being paid to their modeling. The energy market modeling under the framework of probability theory is valuable when the distribution function is close enough to the actual frequency. However, due to the complexity and variability of the world, economic reasons and changing government policies, this assumption is not applicable in some cases. Under such circumstances, we propose an uncertain two-factor model based on uncertain differential equations to evaluate the electricity spot price dynamics. Then, several essential indicators of electricity are investigated and generalized moment estimation for unknown parameters is also provided. Two case studies by using electricity data from the Oslo and Stockholm regions illustrate our approach. We also compare the proposed model with one-factor uncertain model driven by Liu process and the electricity stochastic model. A detailed numerical study illustrates the efficiency of the proposed model to evaluate electricity spot prices.

We analyze the procurement problem in the electricity supply chain, focusing on the interaction between futures and spot prices. The supply chain network analyzed in our study includes risk-averse generators and retailers, both with the ability to use conditional value at risk (CV@R) in their decision processes. In this supply chain, the futures price is computed to clear the futures market, without imposing the constraint that the expected spot price equals the futures price. As major methodological contributions: we compute the Nash equilibrium of the problem using CV@R and considering conjectural variations; we derive analytical relationships between the futures and the spot market outcomes and study the implications of demand and marginal cost uncertainty, as well as the level of the players’ risk aversion, on market equilibrium; we introduce the concept of risk-adjusted expectation to derive the futures market price as a function of the players’ expected losses or profits in the spot market; and we use consistent spot and wholesale price derivatives to calculate the players’ reaction functions. Finally, we illustrate our model with several numerical examples in the context of the Spanish electricity market, studying how the shape of the forward curve and the relationship between spot and futures prices depend on seasonality, risk aversion, generators’ market power, and hydrological resources. Surprisingly we observed that risk aversion increases the profit and reduces firms’ risk, and that the consumer utility is higher in the scenarios in which retailers behave a la Cournot in the wholesale market.

As the EU countries are working on adapting the Electricity Directive to allow independent aggregation (IA) of demand response (DR) in all the electricity markets, this paper provides an assessment of potential benefits from DR in the day-ahead market, which has proven particularly challenging for the IA regulatory framework development. The model devised in this study uses data of the public wholesale market price curve from the Nord Pool power exchange to simulate market clearing results with introduction of certain amounts of DR that, via independent aggregation, competes alongside generation and is able to shift the supply curve. The simulated new market equilibrium point allows estimating price reduction capability of demand response, the total system-wide benefits, as well as analysing the potential remuneration mechanisms for independent aggregators and implications on their business models. While the results demonstrated a high value from DR during the peak hours, the overall benefits during average price periods were rather low, thus exposing the unpredictability of the revenue stream and questioning the business case for IA in the day-ahead market. The proposed approach can be used for further analysis of different IA compensation mechanisms, considering the system-wide benefits it brings to the wholesale market.

The worldwide wave of reforms investing power industry has created new challenges to both supply demand side management. After deregulation, electric utilities restructured their opera-tions from vertically integrated mechanisms to open market systems in order to establish a new competitive sector. Reform has involved also the Italian power sector, but competition, as lar-gely shown by the empirical literature particularly in the first years of reform, has been far to be reached, and the electricity markets has been characterized by conditions of oligopoly and exercise of market power. This paper aims to analyze welfare loss and deviation from the competitive equilibrium recorded in the day ahead Italian electricity market after the first wave of reforms was almost implemented. The study presents a theoretical and empirical model to construct a competitive equilibrium, estimating market power, both, on the supply and demand sides of the day ahead electricity market. Results show the effect of non-competitive equilibriums for the hourly markets in the period 2013-2014. In an ideal competitive market, prices would be lower than historical prices by about 2-5% and quantities would be higher by about 0.5-1%.

Energy transition is prevalent nowadays, and Colombia is no exception to this phenomenon. Energy coming from non-conventional renewable resources is one of the main feature of this phenomenon. Consequently, this paper evaluates the impact of this new kind of renewable energy resource in the Colombian wholesale electricity market. This evaluation uses a counterfactual scenario based on a structural model of an energy firm’s behavior that offers 1000 MW in 2018. Our results suggest that the spot price decreases on average 12.75 COP$/kWh (4.31 US$/MWh) per day. We find that 6.75 COP$/kWh (2.28 US$/MWh) is due to the firms’ strategies, and 6 COP$/kWh (2.03 US$/MWh) is a merit order effect.

The orderly release of electricity plan is an important measure for China’s electricity market reform which also lead to excessive pressure for coal power units caused by the low planned electricity quantity. Allowing high-priced units to participate in the market can effectively alleviate the market pressure. However, the participation of high-priced units in electricity market will have an impact on the declaration behavior of other generators. In this context, an evolutionary game model of bidding for two groups of generators considering the market liberalizing degree (MLD) is proposed. Above all, the profit model of two kinds of generators is proposed under two bidding strategies considering the MLD. On this basis, an evolutionary game model of generators’ bidding is built to qualitatively analyze the market equilibrium solution which is affected by the MLD coefficient. Thus, the expected evolutionary stable equilibrium of bidding can be formed spontaneously in electricity market by adjusting the MLD coefficient. The case studies are performed for demonstrating the proposed evolutionary game model of generators’ bidding, and simulation results show that different MLD and the initial state of bidding behavior of generators will influence the final evolutionary stable equilibrium of bidding market, and it also shown that the government can make the electricity market develop towards​ the expected state by adjusting MLD and supervising the bidding behavior of generators.

Electricity markets are considered to be the most volatile amongst commodity markets. The non-storability of electricity and the need for instantaneous balancing of demand and supply can often cause extreme short-lived fluctuations in electricity prices. These fluctuations are termed price spikes. In this paper, we employ a multiclass Support Vector Machine (SVM) model to forecast the occurrence of price spikes in the German intraday electricity market. As price spikes, we define the prices that lie above the 95th quantile estimated by fitting a Generalized Pareto distribution in the innovation distribution of an AR-EGARCH model. The generalization ability of the model is tested in an out-of-the-sample dataset consisting of 4080 hours. Furthermore, we compare the performance of our best SVM model against Neural Networks (NNs) and Gradient Boosted Machines (GBMs).

This research analyses the non-linear and complex effects of drivers of system imbalance prices in the GB electricity market. Unlike day-ahead prices, the balancing settlement prices are comparatively under-researched, yet their importance is growing with greater market risks. The fundamental drivers of these prices are analysed over 2016-2019. The result of a non-linear modelling approach reveals that system imbalance price exhibits a regime-switching behaviour, driven by weather and demand forecast errors, as well as other system effects. Surprisingly, balancing prices are predictable out of sample and a regime switching specification is more accurate than a linear model for prediction.

The contribution of solar energy to electricity production has intensified in recent years. In this study, we aim to measure the impact of higher solar penetration on electricity prices across regional and national electricity markets in Australia. Using daily data, we also estimate volatility transmission among the Australian electricity markets. Univariate and multivariate GARCH models are employed to achieve the objectives of the study. The results show that increasing solar penetration decreases electricity prices in the regional electricity markets of Queensland, South Australia and Tasmania. However, the results further reveal that the joint negative effect of solar energy on electricity prices is outweighed by the positive impact of natural gas prices. Finally, the findings show that there are many significant own-volatility and cross-volatility spillovers among the Australian electricity markets. Among the regional electricity markets, the New South Wales electricity market emerged as the most critical market in terms of cross volatility.

This article analyses Japan’s renewable energy policy changes, with a focus on the interaction of multiple catalysts on changing positions, beliefs and interests of dominant-group members, and inducing non-incremental renewable policy changes (an innovative but less effective Renewable Portfolio Standard (RPS) in 2003 as well as a partial FIT for photovoltaics in 2009 and ultimately a more effective full-scale FIT to promote renewables in 2011). The examined multiple catalysts include the governing coalition change from the Liberal Democratic Party (LDP) to the Democratic Party of Japan (DPJ) in 2009 and four other catalysts (the oil crisis, climate change, electricity market liberalisation, and nuclear accidents) that relate to the values underlying Japan’s energy policymaking: energy security, environment, economic efficiency, and safety (3E+S). The article concludes that the latter four catalysts were critical in creating and expanding cleavages among dominant-group members over a long period sufficient to realise the introduction of RPS and a partial FIT, but not sufficient to introduce the full-scale FIT. The 3/11 disaster after the governing coalition change was indispensable to achieving a full-scale FIT as it affected dominant-group members’ interests in removing Kan Naoto from office, after Kan made the FIT law passage one of the conditions for his voluntary resignation. Based on the empirical study, this article also addresses one of the underexplored theoretical questions, the effects of and relationship between multiple catalysts in non-incremental policy change.

The purpose of this paper is to examine how rising wind energy generation (in MWh) impact the wholesale power market’s volatility (in SEK) across four bidding regions in Sweden. Prior investigations show that though the increase in electricity production from wind energy lowers the average day-ahead electricity wholesale prices, however, uncertainty and volatility of market price could rise due to wind energy’s intermittent nature. This study results show that Swedish power market experiences higher price volatility in long-run frequency when the generation of wind electricity increases. The reason for this high and volatile electricity price might be found from inflexible baseload power generation. The paper further suggests that volatility in the Swedish power market could be increased due to ambitious renewable electricity target by the Swedish government. The analysis concludes by providing the evidence that further adjustment in regard to the energy and regulatory policies might foster the better integration of a higher share of renewables into the power system.Keywords: Renewable Electricity, Wind Energy, Electricity Market, Price Volatility, Regulatory PoliciesJEL Classification: Q470DOI: https://doi.org/10.32479/ijeep.10756

The ongoing regulatory transformation towards a single European electricity market started several years ago. The rationale of this transformation is that the liberalisation of monopolistic energy structures should lead to the building of sustainable and flexible energy ecosystems, through an energy policy that sets goals in line with the requirements of our epoch, such as sustainable development, energy security, and the promotion of renewable energy sources. In this context, the liberalisation of the electricity market in Greece is explored, which is a complicated case in terms of development as it has only recently begun to exit from a long-term socio-economic crisis and strict adjustment programs. The concepts of energy market liberalisation, energy ecosystems, and energy policy are presented and compared to the main directions of the EU institutional environment and the evolution of the political and institutional framework of Greece. In Greece, an attempt has been made in recent years to liberalise the electricity market, which is hindered for a long time by socio-economic forces favoured by the monopolistic system of the market. This liberalisation process is also an opportunity for the country to move towards enhancing the structures that can lead to faster and more sustainable development and to maintain the pace of “coupling” with the most developed energy economies of Europe.Keywords: Energy market liberalisation, Electricity market liberalisation, Energy business ecosystem, Energy policy, EU energy packages, Greek energy system JEL Classifications: Q40, Q43, Q49 DOI: https://doi.org/10.32479/ijeep.10804

Modeling probability distributions for the long-term dynamics of electricity prices is of key importance to value long-term investments under uncertainty in the power sector, such as investments in new generating technologies. Starting from accurate modeling of the short-term behavior of electricity prices, we derive long-term stationary probability distributions. Then, investments in new baseload generating technologies, namely gas, coal and nuclear power, are discussed. In order to compute the stochastic Net Present Value of investments in new generating technologies, the revenues from selling electricity in power markets as well as the costs which come from buying fuels at uncertain market prices must be evaluated over very long time horizons, i.e., over the whole lifetime of the plants. Starting from accurate short-term stochastic models of fuel prices in addition to electricity prices, we provide long-run probability distributions which are used to compute revenues and costs incurring during the whole lifetime of the plants. Five sources of uncertainty are taken into account, namely electricity market prices, fossil fuel prices (natural gas and coal prices), nuclear fuel prices and $$\hbox {CO}_{\text{2 }}$$ CO 2 prices. Our evaluation model is calibrated on empirical data to account for both historical market prices and macroeconomic views about future trends of electricity and fuel prices. The full probability density of the stochastic Net Present Value is thus determined for each generation technology considered in this study.

Genel anlamda gezegenin, iklim değişikliğinin bir sonucu olarak çevresel felaketlerle karşı karşıya olduğuna inanıldığı için Avrupa Birliği, sürdürülebilir bir yeşil geçişe ilham vermeyi amaçlamaktadır. Avrupa Komisyonu, ısınan atmosfere, iklim değişikliğine ve kirli havaya tepki olan bu öncü motivasyonun bir göstergesi olarak “Avrupa Yeşil Mutabakatı”nı ortaya koymuştur. Avrupa Yeşil Mutabakatı, Avrupa Birliği ülkeleri ve vatandaşları açısından 2050 yılına kadar sera gazı emisyonlarının sıfır olacağı adil ve rekabetçi bir dönüşümü amaçlamaktadır. Ayrıca Avrupa Yeşil Mutabakatı, aynı zamanda diğer ülkelerin sera gazı emisyonları açısından da ilgili dönüşümü sağlamaya kararlıdır. Avrupa ile ticaret hacmi açısından önde gelen ülkelerden biri olan Türkiye, karbon emisyonları konusunu detaylı olarak incelemek zorundadır. Aksi halde Avrupa Birliği ve özellikle elektrik sektörü gibi Sera Gazı Emisyonu ile yüksek derecede ilişkili olan sektörlerden birine sahip Türkiye arasındaki ticari anlaşmalar, karbon kaçağı riskini azaltmayı amaçlayan Komisyon'un karbon sınırı ayarlama mekanizması kapsamında sekteye uğrama riskine sahiptir. Bu çalışmanın amacı, Avrupa Yeşil Mutabakatı’nın sonucunda karbon limitlerinden veya uygulamasından etkilenecek olan Türkiye elektrik piyasası üzerindeki etkilerini hem arz hem de talep yönünden incelemektir. Ayrıca karşılaştırmalı olarak inceleme yapılan bu çalışmada, Avrupa Yeşil Mutabakatı gereklilikleri kapsamında Türkiye elektrik piyasası için bir yol haritası sunulmaktadır., As it is commonly believed that the planet is facing environmental disasters as a consequence of climate change, the European Union intends to inspire a sustainable green transition. The European Commission presented “The European Green Deal” as an indicator of this leading mission, which is a reaction to a warming atmosphere, climate change and polluted air. The European Green Deal aims to transform the countries and citizens of the European Union into a fair and competitive environment where greenhouse gas emissions will be zero by 2050. Above all, the European Green Deal is also committed to transforming the greenhouse gas emissions of other countries. Turkey, one of the leading countries in terms of the volume of trade with Europe, is required to examine the issue of carbon emissions in detail. If it were not, the European Union and Turkey could end the commercial agreements under the carbon-border adjustment mechanism of the Commission aimed at reducing carbon leakage risk, where the electricity sector is one of Turkey's most associated greenhouse gas emissions sectors. The objective of this study is to examine the effects of the Green Deal on Turkey’s electricity market from both the supply and demand side, which will be affected by the Deal's carbon limits or enforcement. In addition, in this study, a road map for Turkey’s electricity market is offered via comparative analysis method under the requirements of The European Green Deal.

Wind generation fluctuation results in the electricity supply uncertainty of the company in electricity market. And this uncertainty has an important impact on hourly electricity price. In our pape...

Large reductions in the cost of renewable energy technologies, particularly wind and solar, as well as various instruments used to achieve decarbonization targets (e.g., renewable mandates, renewable auctions, subsidies, and carbon pricing mechanisms) are driving the rapid growth of investments in these generation technologies worldwide.