Impact of Renewables on Power Markets (ON-DEMAND) - IRPM
Course Summary
Renewable power generation supplies around 10% of the world’s electricity but has a much higher share in some regions. The two main technologies - wind and solar - have intermittent output and generate at very low marginal cost. These characteristics can present major challenges for electricity markets that were originally designed with fossil fuel units in mind.
In this course, we will review some relevant aspects of power market design, then introduce the main renewable energy technologies and their characteristics. You will learn about the impacts on energy markets of renewable energy sources, and also of the government financial incentive programs that often accompany them. You will explore how renewables have started to impact the main trading markets in Europe, North America and elsewhere in the world. The course finishes with a look at how growing renewables capacity can be better accommodated using both new technologies and market design changes.
Course Content
You will learn to:
- Identify some common features of electricity market design
- Recognize how generators are dispatched and rewarded in different market models
- Recognize the main technologies employed in renewable energy generation
- Point out the key characteristics of renewables that can cause problems in energy markets
- Identify the degree to which wind and solar output can be predicted and controlled
- Distinguish between the main types of government financial incentive programs for renewables
- Point out the objectives and international treaty obligations behind the drive towards renewables
- Identify the impacts that renewable generation can have on wholesale and retail electricity prices
- Recognize the impact of renewables on net demand patterns
- Recognize the different approaches to market design and energy policy in Europe and the USA
- Point out some examples of impacts of renewables on energy markets around the world
- Recognize the value of capacity payments in markets with renewables
- Identify some possible technology developments that could help resolve market issues with renewables
Practice exercises and self-assessment quizzes are included to help reinforce key topics introduced throughout the course.
A comprehensive final test will be given at the end of the course.
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