Nowadays, with the introduction of different types of variable renewable energy sources, generators and other actors in the electricity market are faced with a new layer of complexity they have to adapt to. This upsets the electrical consumption profile power generation production has mostly followed and the established merit order, which was assumed on the basis that power generators bid their short run marginal costs (SRMC). This paper attempts to determine what the transition into renewable energy while minimising disruptions from intermittent resources does to price fluctuations in the British electricity market. We look at three different types of renewables that we believe will be among those having the largest impact on the electricity prices and the overall energy picture of the United Kingdom (UK). These are wind power, photovoltaic (PV) solar power, and wave power. We reserve tidal and biomass inclusion for the purposes of our future work. The goal is to see what profiles of renewables will allow for the new capacity to be integrated to the established market with minimum impact on prices and variability.
|Title of host publication||International Conference on the European Energy Market, EEM|
|Publisher||Institute of Electrical and Electronics Engineers (IEEE)|
|Publication status||Published - 25 Jul 2016|
|Event||13th International Conference on the European Energy Market, EEM 2016 - Porto, Portugal|
Duration: 6 Jun 2016 → 9 Jun 2016
|Conference||13th International Conference on the European Energy Market, EEM 2016|
|Period||6/06/16 → 9/06/16|