{"title":"关于水电作为 2021-2022 年西班牙电力市场边际价格制定者的说明","authors":"Juan Ignacio Peña","doi":"10.1016/j.jup.2024.101726","DOIUrl":null,"url":null,"abstract":"<div><p>From January 2021 to March 2022, wholesale Spanish spot electricity prices reached a record high of €700/MWh. Surprisingly, hydropower set the marginal market price for 52% of the hours in 2021 and 43% in the first quarter of 2022. Combined-cycle gas-fired units, which typically determine the marginal price, were marginal in only 16% and 21% of the hours in 2021 and 2022, respectively. Hydropower set prices between 3% and 12% higher than an estimate of their opportunity cost, and they were responsible for charging 69% of the prices above €500/MWh. The empirical evidence suggests that 2021 was an unusual year compared to 2018 and 2019 because the role played by hydropower as a marginal price setter was relatively more prominent.</p></div>","PeriodicalId":23554,"journal":{"name":"Utilities Policy","volume":null,"pages":null},"PeriodicalIF":3.8000,"publicationDate":"2024-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0957178724000195/pdfft?md5=abb9b178aca50fb097cb55e8ac712644&pid=1-s2.0-S0957178724000195-main.pdf","citationCount":"0","resultStr":"{\"title\":\"A note on hydropower as a marginal price setter for Spain's electricity market in 2021–2022\",\"authors\":\"Juan Ignacio Peña\",\"doi\":\"10.1016/j.jup.2024.101726\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>From January 2021 to March 2022, wholesale Spanish spot electricity prices reached a record high of €700/MWh. Surprisingly, hydropower set the marginal market price for 52% of the hours in 2021 and 43% in the first quarter of 2022. Combined-cycle gas-fired units, which typically determine the marginal price, were marginal in only 16% and 21% of the hours in 2021 and 2022, respectively. Hydropower set prices between 3% and 12% higher than an estimate of their opportunity cost, and they were responsible for charging 69% of the prices above €500/MWh. The empirical evidence suggests that 2021 was an unusual year compared to 2018 and 2019 because the role played by hydropower as a marginal price setter was relatively more prominent.</p></div>\",\"PeriodicalId\":23554,\"journal\":{\"name\":\"Utilities Policy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.8000,\"publicationDate\":\"2024-02-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S0957178724000195/pdfft?md5=abb9b178aca50fb097cb55e8ac712644&pid=1-s2.0-S0957178724000195-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Utilities Policy\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0957178724000195\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ENERGY & FUELS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Utilities Policy","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0957178724000195","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ENERGY & FUELS","Score":null,"Total":0}
A note on hydropower as a marginal price setter for Spain's electricity market in 2021–2022
From January 2021 to March 2022, wholesale Spanish spot electricity prices reached a record high of €700/MWh. Surprisingly, hydropower set the marginal market price for 52% of the hours in 2021 and 43% in the first quarter of 2022. Combined-cycle gas-fired units, which typically determine the marginal price, were marginal in only 16% and 21% of the hours in 2021 and 2022, respectively. Hydropower set prices between 3% and 12% higher than an estimate of their opportunity cost, and they were responsible for charging 69% of the prices above €500/MWh. The empirical evidence suggests that 2021 was an unusual year compared to 2018 and 2019 because the role played by hydropower as a marginal price setter was relatively more prominent.
期刊介绍：
Utilities Policy is deliberately international, interdisciplinary, and intersectoral. Articles address utility trends and issues in both developed and developing economies. Authors and reviewers come from various disciplines, including economics, political science, sociology, law, finance, accounting, management, and engineering. Areas of focus include the utility and network industries providing essential electricity, natural gas, water and wastewater, solid waste, communications, broadband, postal, and public transportation services.
Utilities Policy invites submissions that apply various quantitative and qualitative methods. Contributions are welcome from both established and emerging scholars as well as accomplished practitioners. Interdisciplinary, comparative, and applied works are encouraged. Submissions to the journal should have a clear focus on governance, performance, and/or analysis of public utilities with an aim toward informing the policymaking process and providing recommendations as appropriate. Relevant topics and issues include but are not limited to industry structures and ownership, market design and dynamics, economic development, resource planning, system modeling, accounting and finance, infrastructure investment, supply and demand efficiency, strategic management and productivity, network operations and integration, supply chains, adaptation and flexibility, service-quality standards, benchmarking and metrics, benefit-cost analysis, behavior and incentives, pricing and demand response, economic and environmental regulation, regulatory performance and impact, restructuring and deregulation, and policy institutions.
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