Modelling the Impact of Wind Power Production on Electricity Prices by Regime-Switching Levy Semistationary Processes

Author(s):  
Almut Veraart
2017 ◽  
Vol 28 (5-6) ◽  
pp. 621-638 ◽  
Author(s):  
Vika Koban

This paper investigates the impact of market coupling on (1) electricity prices of Hungarian and Romanian markets and (2) the influence of renewable generation on price regimes by employing the Markov regime-switching model with time-varying transition probabilities. The study provides the evidence of the changes in regimes since market coupling. The results show that the persistence and occurrences of Hungarian price drops are significantly increased. Meanwhile, Romanian prices exhibit less and shorter living price jumps. Considering time-varying transition probabilities as functions of wind power production in Romania, the study also reveals that market coupling changed the influence of wind power production on the regime-switching mechanism of electricity prices.


2016 ◽  
Vol 94 ◽  
pp. 474-487 ◽  
Author(s):  
Carlo Brancucci Martinez-Anido ◽  
Greg Brinkman ◽  
Bri-Mathias Hodge

2019 ◽  
Vol 58 (9) ◽  
pp. 2019-2032 ◽  
Author(s):  
Jennie Molinder ◽  
Heiner Körnich ◽  
Esbjörn Olsson ◽  
Peter Hessling

AbstractA novel uncertainty quantification method is used to evaluate the impact of uncertainties of parameters within the icing model in the modeling chain for icing-related wind power production loss forecasts. As a first step, uncertain parameters in the icing model were identified from the literature and personal communications. These parameters are the median volume diameter of the hydrometeors, the sticking efficiency for snow and graupel, the Nusselt number, the shedding factor, and the wind erosion factor. The sensitivity of these parameters on icing-related wind power production losses is examined. An icing model ensemble representing the estimated parameter uncertainties is designed using so-called deterministic sampling and is run for two periods over a total of 29 weeks. Deterministic sampling allows an exact representation of the uncertainty and, in future applications, further calibration of these parameters. Also, the number of required ensemble members is reduced drastically relative to the commonly used random-sampling method, thus enabling faster delivery and a more flexible system. The results from random and deterministic sampling are compared and agree very well, confirming the usefulness of deterministic sampling. The ensemble mean of the nine-member icing model ensemble generated with deterministic sampling is shown to improve the forecast skill relative to one single forecast for the winter periods. In addition, the ensemble spread provides valuable information as compared with a single forecast in terms of forecasting uncertainty. However, addressing uncertainties in the icing model alone underestimates the forecast uncertainty, thus stressing the need for a fully probabilistic approach in the modeling chain for wind power forecasts in a cold climate.


2020 ◽  
Vol 1618 ◽  
pp. 062032
Author(s):  
Bedassa R Cheneka ◽  
Simon J Watson ◽  
Sukanta Basu

2012 ◽  
Author(s):  
Yuewen Xiao ◽  
David B. Colwell ◽  
Ramaprasad Bhar

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