出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：Exposing wind and solar power to the market price signal allows for cost-ecient investment decisions, asit incentivizes investors to account for the marginal value (MV el) of renewable energy technologies. Asshown by Lamont (2008), the MV el of wind and solar power units depends on their penetration level. Morespeci cally, the MV el of wind and solar power units is a function of the respective unit's capacity factorand the covariance between its generation pro le and the system marginal costs. The latter componentof the MV el (i.e., the covariance) is found to decline as the wind and solar power penetration increases,displacing dispatchable power plants with higher short-run marginal costs of power production and thusreducing the system marginal costs in all generation hours. This so called `system price e ect' is analyzedin more detail in this paper. The analysis complements the work Lamont (2008) in two regards. First of all,an alternative expression for the MV el of wind and solar power units is derived, which shows that the MV elof uctuating renewable energy technologies depends not only on their own penetration level but also on avariety of other parameters that are speci c to the electricity system. Second, based on historical wholesaleprices and wind and solar power generation data for Germany, a numerical `ceteris paribus' example forGermany is presented which illustrates that the system price e ect is already highly relevant for both windand solar power generation in Germany
