期刊
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
卷 285, 期 1, 页码 343-359出版社
ELSEVIER
DOI: 10.1016/j.ejor.2020.01.024
关键词
OR in energy; Stochastic programming; Uncertainty modeling; Electricity market modeling; Multilevel programming
资金
- Bavarian State Government
- Emerging Field Initiative (EFI) of the Friedrich-Alexander-Universitat Erlangen-Nurnberg
- Emerging Talents Initiative (ETI) of the Friedrich-Alexander-Universitat Erlangen-Nurnberg
- Deutsche Forschungsgemeinschaft [Sonderforschungsbereich/Transregio 154]
- Dr. Theo and Friedl Scholler Research Center through a Scholler Fellowship
- UK Engineering and Physical Sciences Research Council [EP/P001173/1]
Ongoing policy discussions on the reconfiguration of bidding zones in European electricity markets induce uncertainty about the future market design. This paper deals with the question of how this uncertainty affects market participants and their long-run investment decisions in generation and transmission capacity. Generalizing the literature on pro-active network expansion planning, we propose a stochastic multilevel model which incorporates generation capacity investment, network expansion, and market operation, taking into account uncertainty about the future bidding zone configuration. Using a stylized two-node network, we disentangle different effects that uncertainty has on market outcomes. If there is a possibility that future bidding zone configurations provide improved regional price signals, welfare gains materialize even if the change does not actually take place. As a consequence, welfare gains of an actual change of the bidding zone configuration are substantially lower due to those anticipatory effects. Additionally, we show substantial distributional effects in terms of both expected gains and risks, between producers and consumers and between different generation technologies. (C) 2020 Elsevier B.V. All rights reserved.
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