How does Germany's green energy policy affect electricity market volatility? An application of conditional autoregressive range models
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Published in: | Energy policy |
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Main Author: | |
Format: | Article |
Language: | English |
Published: | 2016 |
Subjects: | |
Online Access: | http://dx.doi.org/10.1016/j.enpol.2016.08.037 http://search.proquest.com/docview/1833108183 |
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245 | 1 | 0 | |a How does Germany's green energy policy affect electricity market volatility? An application of conditional autoregressive range models |
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520 | |a Based on a dynamic model for the high/low range of electricity prices, this article analyses the effects of Germany's green energy policy on the volatility of the electricity market. Using European Energy Exchange data from 2000 to 2015, we find rather high volatility in the years 2000-2009 but also that the weekly price range has significantly declined in the period following the year 2009. This period is characterised by active regulation under the Energy Industry Law (EnWG), the EU Emissions Trading Directive (ETD) and the Renewable Energy Law (EEG). In contrast to the preceding period, price jumps are smaller and less frequent (especially for day-time hours), implying that current policy measures are effective in promoting renewable energies while simultaneously upholding electricity market stability. This is because the regulations strive towards a more and more flexible and market-oriented structure which allows better integration of renewable energies and supports an efficient alignment of renewable electricity supply with demand. [web URL: http://www.sciencedirect.com/science/article/pii/S0301421516304621] | ||
650 | 4 | |a Studies | |
650 | 4 | |a Energy policy | |
650 | 4 | |a Emissions trading | |
650 | 4 | |a Volatility | |
650 | 4 | |a Alternative energy | |
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