Association Webinars: The impact of renewable energy forecasts on intraday electricity price



  

 

In this webinar we study the impact of errors in wind and solar power forecasts on intraday electricity prices. We develop a novel econometric model which is based on day-ahead wholesale auction curves data and errors in wind and solar power forecasts. The model shifts day-ahead supply curves to calculate intraday prices. We apply our model to the German EPEX SPOT data. Our study allows us to conclude that errors in renewable energy forecasts exert a non-linear impact on intraday prices. We demonstrate that additional wind and solar power capacities induce non-linear changes in the intraday price volatility. Finally, we comment on economical and policy implications of our findings.

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Speaker:

Prof. Dr. Florian Ziel
Since 2017, Florian Ziel is Assistant Professor of Environmental Economics at the House of Energy Markets and Finance at the University of Duisburg-Essen, Germany. He received his M.Sc. in statistics from University College Dublin (Ireland, 2012), his Diplom in mathematics from Dresden University of Technology (Germany, 2013) and his Ph.D. on forecasting in energy markets from the European-University Viadrina in Frankfurt Oder (Germany, 2016). His research interests include empirical modeling of energy markets and systems. He is author of various peer-reviewed journal articles, most notably in top-tier Energy Economics, The Energy Journal, Economics of Energy and Environmental Policy, IEEE Transactions on Power Systems, Applied Energy and Renewable and Sustainable Energy Reviews.


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Event Date: March 28, 2022

Event Time: 9:30 - 10:30 AM Eastern Time

Topic: The impact of renewable energy forecasts on intraday electricity price

Speaker: Florian Ziel

Price: FREE


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