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Price Volatility and Banking in Green Certificate Markets

机译:绿色证书市场中的价格波动和银行业务

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摘要

There is concern that prices in a market for Green Certificates (GCs) primarily based on volatile wind power will fluctuate excessively, leading to corresponding volatility of electricity prices. Applying a rational expectations simulation model of competitive storage and speculation of GCs the paper shows that the introduction of banking of GCs may reduce price volatility considerably and lead to increased social surplus. Banking lowers average prices and is therefore not necessarily to the benefit of "green producers". Proposed price bounds on GC-prices will reduce the importance of banking and even of the GC system itself.
机译:令人担忧的是,主要基于波动性风力发电的绿色证书(GC)市场价格会过度波动,从而导致电价相应波动。通过运用合理的竞争性储藏和投机的预期模拟模型,论文表明,引入GC的银行业务可能会大大降低价格波动并导致社会盈余增加。银行降低了平均价格,因此不一定有利于“绿色生产者”。提议的GC价格价格界限将降低银行业务乃至GC系统本身的重要性。

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