The impact of market design on transmission and generation investment in electricity markets

Grimm Veronika; Ruckel Bastian; Solch Christian; Zottl Gregor

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The impact of market design on transmission and generation investment in electricity markets

机译：市场设计对电力市场传播和发电投资的影响

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In this paper we propose an equilibrium model in order to analyze the impact of electricity market design on generation and transmission expansion in liberalized electricity markets. In a multi-level structure, our framework takes into account that generation investment and operation is decided by private investors, while network expansion and redispatch is decided by a regulated transmission system operator - as well as the different objectives of firms (profit maximization) and the regulator (welfare maximization). In order to illustrate the possibilities to quantify long term economic effects with our framework, we calibrate our model for the German electricity market. We consider various moderate adjustments of the market design: (i) the division of the market area into two price zones, (ii) the efficient curtailment of renewable production and (iii) a cost-benefit-driven balance between network expansion and network management measures. We then analyze the impact of these market designs on generation and transmission investment in case those design elements are anticipated upon network development planning. The resulting investment and production decisions are compared to a benchmark that reflects the current German electricity market design and to an overall optimal first-best benchmark. Our results reveal that price zones do have a significant impact on locational choice of generators and result in a reduced need for network expansion, but lead to only moderate annual welfare gains of approximately 0.9% of annual total system costs. Anticipation of optimal curtailment of renewables and a cost-benefit-driven use of redispatch operations upon network expansion planning, however, implies a welfare gain of over 4.9% of annual total system costs per year as compared to the existing market design, which equals 85% of the maximum possible welfare gain of the first-best benchmark. (C) 2020 Published by Elsevier B.V.

机译：在本文中，我们提出了平衡模型，以分析电力市场设计对自由化电力市场中的发电和传播扩展的影响。在多级结构中，我们的框架考虑到私人投资者决定生成投资和运作，而网络扩展和重新分类由受监管的传输系统运营商决定 - 以及公司的不同目标（利润最大化）和监管机构（福利最大化）。为了说明与我们的框架量化长期经济影响的可能性，我们校准了我们的德国电力市场模型。我们考虑各种适度的市场设计调整：（i）市场地区的司进入两个价格区，（ii）的可再生生产的有效削减和（iii）网络扩展和网络管理之间的成本效益驱动的平衡措施。然后，我们分析了这些市场设计对发电和传输投资的影响，以防网络开发规划的那些设计要素。由此产生的投资和生产决策与反映当前德国电力市场设计和整体最佳首先基准的基准进行比较。我们的结果表明，价格区确实对发电机的位置选择产生了重大影响，并导致网络扩展的需求减少，但仅导致年度总系统成本约为0.9％的中等福利增益。然而，预期可再生能源的最佳缩减和网络扩展规划在网络扩展规划中的成本效益驱动的运作情况涉及每年年度总系统成本的4.9％的福利增益，相比，与现有的市场设计等于85占最佳基准的最大可能福利增益的百分比。（c）2020由elsevier b.v发布。

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来源
《Energy economics》 |2021年第1期|104934.1-104934.21|共21页
作者
Grimm Veronika; Ruckel Bastian; Solch Christian; Zottl Gregor;
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作者单位

Friedrich Alexander Univ Erlangen Nurnberg Chair Econ Theory Lange Gasse 20 D-90403 Nurnberg Germany|Energie Campus Nurnberg Nurnberg Germany;

Friedrich Alexander Univ Erlangen Nurnberg Ind Org & Energy Markets Lange Gasse 20 D-90403 Nurnberg Germany|Energie Campus Nurnberg Nurnberg Germany;

Friedrich Alexander Univ Erlangen Nurnberg Chair Econ Theory Lange Gasse 20 D-90403 Nurnberg Germany|Friedrich Alexander Univ Erlangen Nurnberg Ind Org & Energy Markets Lange Gasse 20 D-90403 Nurnberg Germany|Energie Campus Nurnberg Nurnberg Germany;

Friedrich Alexander Univ Erlangen Nurnberg Ind Org & Energy Markets Lange Gasse 20 D-90403 Nurnberg Germany|Energie Campus Nurnberg Nurnberg Germany;

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收录信息美国《科学引文索引》(SCI);美国《工程索引》(EI);
原文格式 PDF
正文语种 eng
中图分类
关键词
Electricity markets; Network expansion; Generation expansion; Investment incentives; Market design; Congestion management; Computational equilibrium models;

机译：电力市场;网络扩张;生成扩张;投资激励措施;市场设计;拥堵管理;计算均衡模型;

The impact of market design on transmission and generation investment in electricity markets

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