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Three Essays on Electricity Markets
Luňáčková, Petra ; Janda, Karel (advisor) ; Tashpulatov, Sherzod (referee) ; Knápek, Jaroslav (referee) ; Möst, Dominik (referee)
DISSERTATION - Abstract in English Three Essays on Electricity Markets Author: PhDr. Petra Luňáčková Academic Year: 2017/2018 This thesis consists of three papers that share the main theme - energy. The articles introduce characteristics and behavior of electricity focusing on its unique properties. The dissertation aims at the Czech electricity market and analyzes also highly discussed solar power plants. The first article studies long term memory properties of electricity spot prices through the detrended fluctuation analysis, as electricity prices are dominated by cycles. We conclude that Czech electricity prices are strongly mean reverting yet non-stationary. The second part of the dissertation investigates possible asymmetry in the gas - oil prices adjustment. Oil prices determine the price of electricity during the times of peak demand, as the reaction of power plants fueled by oil is quick but marginal costs are high. We chose the gasoline - crude oil relationship known as "rockets and feathers" effect and offer two new tests to analyze such type of relationship as we believe that error correction model is not the most suitable tool. Analyzing international dataset we do not find statistically significant asymmetry. The third study assesses the impact of renewable energy sources, solar plants in...
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The merit order effect of photovoltaic generation in Slovakia
Koščová, Michaela ; Janda, Karel (advisor) ; Filip, Ondřej (referee)
Photovoltaics in Slovakia have been experiencing a fast development in the last years, benefiting from a large support in various forms - be it generous subsidies and guaranteed feed-in tariff or legal preferential treatment. Due to very low - close to zero marginal costs it may appear that the green energy generated by solar power plants is "free" thus we expect a decrease in the wholesale electricity price. Indeed, in several countries the so- called merit order effect has been proven and the spot price of electricity declines thanks to the generation from the photovoltaics and/or other renewable sources. This thesis evaluates the impact of the solar energy penetration into energy mix on spot prices, seeks evidence of the merit order effect in the Slovak electricity market and quantifies it thanks to publicly available data. The multivariate regression analysis takes into consideration the full years 2011-2016. The merit order effect estimated by an OLS time series model is negative, however, the spot price reduction attributable to the photovoltaics is not sufficient for resulting savings to outweigh the costs of the support scheme borne by end users what implies a consumer loss. Keywords: renewable energy sources, photovoltaics, merit order effect, energy sub sidies, feed-in tariff 1
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