MODELING ELECTRICITY MARKETS BY INTEGRATING RENEWABLE ENERGY

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2022-9-27

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PAKYARDIM, YUSUF KENAN

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Sustainability concerns arising from anthropogenic climate change necessitated fundamental changes in the electricity sector. As set out in the 2015 Paris Agreement, the key element to deal with the threat posed by climate change is to increase the shares of renewable sources in exchange for reducing the shares of fossil fuels. Nevertheless, the traditional electricity systems have not evolved in a way to accommodate large-scale renewable energy smoothly. The large-scale integration of renewable energy poses several challenges for almost all components of the electricity sector. The energy transition towards low-carbon energy now faces a multifaceted implementation problem. The problems are economic efficiency and managerial problems rather than technical difficulties. This dissertation comprises three analytical essays on analysis of the challenges of renewable energy integration. The first essay studies the problems in the wholesale markets. Particularly, the distortion of equilibrium prices in wholesale market because of the negligibly small marginal cost of production of renewables, impacts of different renewable subsidization mechanisms, and impacts of the industrial organization of renewable energy generation are analyzed in a Cournot-Nash competition framework. The second essay proposes a novel retail market model based on a Demand Response mechanism and market segmentation. The model includes dynamic programming involving the dynamic interaction of retailers and consumers decision making processes and addresses the problem due to the intermittency of renewable energy. The last essay analyzes and compares the day-ahead hourly demand forecasting performances of three different forecasting methods on Turkish electricity markets.

Subject Keywords

Renewable Energy Integration, Demand Response, Wholesale Competition, Forecasting Hourly-load

URI

https://hdl.handle.net/11511/99490

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Graduate School of Social Sciences, Thesis

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Citation Formats

Y. K. PAKYARDIM, “MODELING ELECTRICITY MARKETS BY INTEGRATING RENEWABLE ENERGY,” Ph.D. - Doctoral Program, Middle East Technical University, 2022.