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Wind power production and electricity price volatility : an empirical study of the effect of increased wind power production on electricity price volatility in Norway

Gjerland, Celine Flugstad; Gjerde, Malin
Master thesis
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URI
https://hdl.handle.net/11250/2679448
Date
2020
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  • Master Thesis [3384]
Abstract
As renewable energy sources are gaining increasing importance on the global electricity

scene, the importance of understanding their implications increases accordingly. This thesis

aims to increase electricity market participants’ understanding of how the introduction of

intermittent renewables in the energy mix will affect electricity price dynamics. Specifically,

we examine whether wind power production has an effect on electricity price volatility in

Norway. By doing so, we provide research on an unexamined market, which is particularly

interesting due to its hydro-reliance and wind power potential.

In our analysis, based on electricity price data from 2013 to 2019, we have found that

there is a significant positive relationship between wind power production and intraweekly electricity price volatility in Norway. This finding has implications for Norwegian

electricity consumers and producers, as increased price volatility creates both challenges

and opportunities. Increased price volatility encourages investment in flexible supply and

consumption, and we argue that such an investment may offset the disadvantages of the

uncertainty associated with price fluctuations. In the analysis of wind power’s effect on

intra-daily volatility, however, we do not find an equivalent significance. Thus this finding

provides interesting opportunities for future research as global investments in wind power

continue to increase.

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