This paper analyses a future German electricity market with increasing shares of RES. We analyse a partialequilibrium, i.e. adjustments in thermal capacity are taken into account. We thus analyse a system where excesscapacities, currently lowering both prices and price spreads in Europe, have been reduced to an efficientendowment. We show how the price structure, in particular the variance of electricity prices, is driven by fluctuatingRES and the availability of flexibility options. We thus provide a new aspect in an ongoing discussion on RESinfluence on risk and price volatility.
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