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Has renewable energy induced competitive behavior in the Spanish electricity market?

机译：可再生能源是否在西班牙电力市场中引发了竞争行为？

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摘要

Recent energy policy has favored a massive introduction of Renewable Energy Sources on electricity markets, which has greatly impacted their performance. First, the electricity price has decreased as a consequence of the so-called merit-order effect. Another relevant effect is associated to the intermittent nature of Renewable Energy, which has increased the cost of ancillary services. A third and important aspect, less addressed in the literature, is the induced change in the strategic behavior of the conventional electricity producers. In principle, the entry of new generators in a concentrated market would make it more competitive and change the strategic behavior of the incumbents. We test this hypothesis for the Spanish wholesale market. While we find no significant change in behavior for Nuclear, Hydropower and Coal, a change is observed in Combined Cycle bidding strategies after the entry of renewable generators. Our analysis shows that the massive entry of Renewable Energy Sources made other generators' behavior more competitive in the short run, but the effect was not persistent.
机译：最近的能源政策支持在电力市场上大量使用可再生能源，这极大地影响了其性能。首先，由于所谓的功绩效应，电价下降了。另一个相关的影响与可再生能源的间歇性有关，这增加了辅助服务的成本。在文献中很少涉及的第三个重要方面是常规电力生产商的战略行为的诱发变化。原则上，新发电机进入集中市场将使其更具竞争力，并改变现有公司的战略行为。我们针对西班牙批发市场检验了这一假设。虽然我们发现核能，水力发电和煤炭的行为没有明显变化，但在可再生发电机进入后，联合循环招标策略已观察到变化。我们的分析表明，可再生能源的大量涌入使其他发电机的行为在短期内更具竞争力，但这种影响并不持久。

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