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Short-term effects of PV integration on global welfare and CO2 emissions. An application to the Iberian electricity market

dc.contributor.authorArcos-Vargas A.
dc.contributor.authorNuñez F.
dc.contributor.authorRomán-Collado R.
dc.date.accessioned2020-09-02T22:12:25Z
dc.date.available2020-09-02T22:12:25Z
dc.date.issued2020
dc.identifier10.1016/j.energy.2020.117504
dc.identifier.citation200, , -
dc.identifier.issn03605442
dc.identifier.urihttps://hdl.handle.net/20.500.12728/3603
dc.descriptionThis work analyses the effect on the daily electricity market of the authorisation of 3909 MW of new photovoltaic (PV) power in Spain in 2017 –as a contribution to the EU environmental objectives for 2030. To estimate the impact of this additional offer, we use real data from the supply and demand curves of the Iberian (Spain and Portugal) daily electricity market. Our data is available for all the hours of the full year between August 1, 2016 and July 31, 2017. In this period, more than 800 agents have participated in the market, generating more than 15 million operations. In order to calculate the new supply function for each hour, the hourly production of these new facilities is added to the offer at zero price, since their marginal costs are very close to zero and correspond to the offers that are being made by the current PV bidders. By using static and dynamic (multilevel) analyses, the variations of prices, quantities, emissions and surpluses of buyers and sellers are calculated. As the economic theory foresees, the new supply curve causes a decrease in average prices of 2.7 €/MWh in daylight hours (or 1.5€/MWh considering all the hours of the year), and an 8% reduction in the income of the PV plants currently in operation (incumbents). The substitution of combined cycle energy (the technology expulsed) by PV energy brings about a saving of 2.2 million Mt of CO2 eq. In terms of economic welfare, the incorporation of PV power produces an increase in the total surplus of about 300 M€ each year. © 2020
dc.language.isoen
dc.publisherElsevier Ltd
dc.subjectC02 emissions
dc.subjectCompetitive markets
dc.subjectEconomic welfare
dc.subjectPhotovoltaic
dc.subjectRenewable support policy
dc.subjectSurplus sharing
dc.subjectCarbon dioxide
dc.subjectEconomic analysis
dc.subjectElectric industry
dc.subjectPhotovoltaic cells
dc.subjectPhotovoltaic effects
dc.subjectPower markets
dc.subjectBuyers and sellers
dc.subjectEconomic theories
dc.subjectEconomic welfare
dc.subjectEnvironmental objectives
dc.subjectIberian electricity market
dc.subjectShort-term effects
dc.subjectSupply and demand
dc.subjectSupply function
dc.subjectCosts
dc.subjectcarbon emission
dc.subjectcost analysis
dc.subjectdemand analysis
dc.subjecteconomic theory
dc.subjectelectricity generation
dc.subjectelectricity supply
dc.subjectenergy market
dc.subjectEuropean Union
dc.subjectglobal change
dc.subjectphotovoltaic system
dc.subjectIberian Peninsula
dc.subjectPortugal
dc.subjectSpain
dc.titleShort-term effects of PV integration on global welfare and CO2 emissions. An application to the Iberian electricity market
dc.typeArticle


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