Dynamic Analysis of the German Day-Ahead Electricity Spot Market:
This paper analyzes the dynamic behavior of day-ahead spot prices in the German electricity spot market due to positive structural shocks in wind and solar power. It uses a dynamic structural vector autoregressive model to estimate the related structural impulse response functions. The estimates sug...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Oldenburg
Univ., Department of Economics
2014
|
| Schriftenreihe: | Oldenburg discussion papers in economics
V ; 368 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper analyzes the dynamic behavior of day-ahead spot prices in the German electricity spot market due to positive structural shocks in wind and solar power. It uses a dynamic structural vector autoregressive model to estimate the related structural impulse response functions. The estimates suggest that wind power shocks have a more prolonged negative e ect on spot prices than solar power shocks. These may be explained by signi cant autocorrelations of wind power for larger lags. The total negative merit order e ect of a solar power shock, however, is larger. One reason might be that solar power shocks coincide with demand peaks. Past empirical results show di erences in the total average negative merit order e ects. The inherently dynamic nature of wind and solar power could explain these di erences because the dynamics, which are ignored by past studies on the subject using static ordinary least squares estimations, could be transferred to the merit order e ects. |
| Beschreibung: | 1 Online-Ressource |
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| spelling | Paschen, Marius Verfasser aut Dynamic Analysis of the German Day-Ahead Electricity Spot Market Marius Paschen Oldenburg Univ., Department of Economics 2014 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Oldenburg discussion papers in economics : V 368 This paper analyzes the dynamic behavior of day-ahead spot prices in the German electricity spot market due to positive structural shocks in wind and solar power. It uses a dynamic structural vector autoregressive model to estimate the related structural impulse response functions. The estimates suggest that wind power shocks have a more prolonged negative e ect on spot prices than solar power shocks. These may be explained by signi cant autocorrelations of wind power for larger lags. The total negative merit order e ect of a solar power shock, however, is larger. One reason might be that solar power shocks coincide with demand peaks. Past empirical results show di erences in the total average negative merit order e ects. The inherently dynamic nature of wind and solar power could explain these di erences because the dynamics, which are ignored by past studies on the subject using static ordinary least squares estimations, could be transferred to the merit order e ects. Oldenburg discussion papers in economics V ; 368 (DE-604)BV039810434 368 http://www.uni-oldenburg.de/fileadmin/user_upload/wire/fachgebiete/vwl/V-368-14.pdf Verlag kostenfrei Volltext |
| spellingShingle | Paschen, Marius Dynamic Analysis of the German Day-Ahead Electricity Spot Market Oldenburg discussion papers in economics |
| title | Dynamic Analysis of the German Day-Ahead Electricity Spot Market |
| title_auth | Dynamic Analysis of the German Day-Ahead Electricity Spot Market |
| title_exact_search | Dynamic Analysis of the German Day-Ahead Electricity Spot Market |
| title_full | Dynamic Analysis of the German Day-Ahead Electricity Spot Market Marius Paschen |
| title_fullStr | Dynamic Analysis of the German Day-Ahead Electricity Spot Market Marius Paschen |
| title_full_unstemmed | Dynamic Analysis of the German Day-Ahead Electricity Spot Market Marius Paschen |
| title_short | Dynamic Analysis of the German Day-Ahead Electricity Spot Market |
| title_sort | dynamic analysis of the german day ahead electricity spot market |
| url | http://www.uni-oldenburg.de/fileadmin/user_upload/wire/fachgebiete/vwl/V-368-14.pdf |
| volume_link | (DE-604)BV039810434 |
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