Projects per year
Abstract
This paper reports recent findings from IEA Wind TCP Task 25, which compiles international experiences and research related to large-scale integration of wind and other renewable energy. In the paper, we address the main challenges for market integration of variable renewable energy, relating to price formation, cost recovery, balancing and other grid services. The paper gives an overview of recent scenario studies on electricity price impacts of (1) various generation, energy storage and demand types in different markets, and (2) different market designs and energy/climate policies. Studying markets with very high shares of variable renewable energy requires an improved set of analysis tools for forecasting market outcomes, estimating flexibility needs and sources, and assessing resource adequacy. Key market features need to be investigated within these improved analytical capabilities for systems transitioning to high shares of variable renewable energy, storage and flexible demand. System services that can be supported by markets will likely need to be revisited. Finally, this paper identifies open questions and suggested future market design work for supporting systems with very high shares of variable renewable energy, which are to be addressed in follow-up work of Task 25 collaborative research.
Original language | English |
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Title of host publication | 18th International Conference on the European Energy Market, EEM 2022 |
Publisher | IEEE Institute of Electrical and Electronic Engineers |
Number of pages | 8 |
ISBN (Electronic) | 978-1-66540-896-7 |
DOIs | |
Publication status | Published - 2022 |
MoE publication type | A4 Article in a conference publication |
Event | 18th International Conference on the European Energy Market, EEM 2022 - Ljubljana, Slovenia Duration: 13 Sept 2022 → 15 Sept 2022 |
Conference
Conference | 18th International Conference on the European Energy Market, EEM 2022 |
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Country/Territory | Slovenia |
City | Ljubljana |
Period | 13/09/22 → 15/09/22 |
Keywords
- cost recovery
- electricity prices
- market design
- Variable renewable energy
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Dive into the research topics of 'Addressing Market Issues in Electrical Power Systems with Large Shares of Variable Renewable Energy'. Together they form a unique fingerprint.Projects
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IEA Wind Task 25 Design and Operation of Energy Systems with Large Amounts of Variable Generation
Helistö, N. (Participant) & Kiviluoma, J. (Participant)
1/01/06 → 31/12/24
Project: Other