The impact of renewable energy resources on the electricity prices of the United Kingdom

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

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.

Original languageEnglish
Title of host publicationInternational Conference on the European Energy Market, EEM
PublisherInstitute of Electrical and Electronics Engineers (IEEE)
Volume2016-July
ISBN (Print)9781509012978
DOIs
Publication statusPublished - 25 Jul 2016
Event13th International Conference on the European Energy Market, EEM 2016 - Porto, Portugal
Duration: 6 Jun 20169 Jun 2016

Conference

Conference13th International Conference on the European Energy Market, EEM 2016
CountryPortugal
CityPorto
Period6/06/169/06/16

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