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An Electricity Market Model with Generation Capacity Investment under Uncertainty

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  • Schröder, Andreas
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    Abstract

    This article presents an electricity dispatch model with endogenous electricity generation capacity expansion for Germany over the horizon 2035. The target is to quantify how fuel price uncertainty impacts investment incentives of thermal power plants. Results point to ndings which are in line with general theory: Accounting for stochasticity increases investment levels overall and the investment portfolio tends to be more diverse. --

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    Bibliographic Info

    Paper provided by Verein für Socialpolitik / German Economic Association in its series Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century with number 62068.

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    Date of creation: 2012
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    Handle: RePEc:zbw:vfsc12:62068

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    1. Pineau, Pierre-Olivier & Rasata, Hasina & Zaccour, Georges, 2011. "Impact of some parameters on investments in oligopolistic electricity markets," European Journal of Operational Research, Elsevier, Elsevier, vol. 213(1), pages 180-195, August.
    2. Pierre-Olivier Pineau & Hasina Rasata & Georges Zaccour, 2011. "A Dynamic Oligopolistic Electricity Market with Interdependent Market Segments," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 4), pages 183-218.
    3. Gabszewicz, J.J. & Poddar, S., . "Demand fluctuations and capacity utilization under duopoly," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1269, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Veronika Grimm & Gregor Zoettl, 2006. "Capacity Choice under Uncertainty: The Impact of Market Structure," Working Paper Series in Economics, University of Cologne, Department of Economics 23, University of Cologne, Department of Economics.
    5. Weigt, Hannes & Hirschhausen, Christian von, 2008. "Price formation and market power in the German wholesale electricity market in 2006," Energy Policy, Elsevier, Elsevier, vol. 36(11), pages 4227-4234, November.
    6. Weigt, Hannes & Jeske, Till & Leuthold, Florian & von Hirschhausen, Christian, 2010. ""Take the long way down": Integration of large-scale North Sea wind using HVDC transmission," Energy Policy, Elsevier, Elsevier, vol. 38(7), pages 3164-3173, July.
    7. Thure Traber & Claudia Kemfert, 2009. "Gone with the Wind?: Electricity Market Prices and Incentives to Invest in Thermal Power Plants under Increasing Wind Energy Supply," Discussion Papers of DIW Berlin 852, DIW Berlin, German Institute for Economic Research.
    8. de Vries, Laurens & Heijnen, Petra, 2008. "The impact of electricity market design upon investment under uncertainty: The effectiveness of capacity mechanisms," Utilities Policy, Elsevier, Elsevier, vol. 16(3), pages 215-227, September.
    9. Genc, Talat S. & Sen, Suvrajeet, 2008. "An analysis of capacity and price trajectories for the Ontario electricity market using dynamic Nash equilibrium under uncertainty," Energy Economics, Elsevier, Elsevier, vol. 30(1), pages 173-191, January.
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