气候变化领域集成服务门户(CCPortal): Texas's operating reserve demand curve's generation investment incentive

CCPortal

DOI	10.1016/j.enpol.2019.111143
	Texas's operating reserve demand curve's generation investment incentive
	Zarnikau J.; Zhu S.; Woo C.K.; Tsai C.H.
发表日期	2020
ISSN	0301-4215
卷号	137
英文摘要	Faced with reserve margin projections well below the adopted target of 13.75% of the system peak forecast, the Public Utility Commission of Texas on 01/17/2019 ordered the state's grid operator, the Electric Reliability Council of Texas, to “right shift” the operating reserve demand curve (ORDC) to increase generators' revenue from energy sales in ERCOT's real-time market (RTM). Using a large sample of 15-min data for the backcast period of 01/01/2015 through 12/31/2018, we calculate the ORDC shift's impact on RTM prices and investment incentives for natural-gas-fired generation (NGFG). Had the ORDC shift been in effect in the backcast period, the resulting RTM price increases in 2018 could suffice to justify NGFG investment, though not in the prior years of 2015, 2016 and 2017. While the actual ORDC shift occurred on 03/01/2019 had a large impact on RTM prices in the ensuing six-month period of March–August 2019, Texas's planned renewable generation is expected to erode NGFG's operating profit, thus diminishing the ORDC's investment incentive over time. Hence, Texas's energy-only market design will likely need further refinements to solve the missing money problem of inadequate NGFG investment incentive. © 2019 Elsevier Ltd
英文关键词	ERCOT; Investment incentive; Missing money problem; Natural-gas-fired generation; Operating reserve demand curve
学科领域	Commerce; Costs; Natural gas; Proven reserves; Public utilities; Demand curves; ERCOT; Gas-fired generation; Investment incentives; Missing money problem; Investments; alternative energy; demand-side management; electricity generation; electricity industry; electricity supply; energy market; incentive; investment; Texas; United States
语种	英语
scopus关键词	Commerce; Costs; Natural gas; Proven reserves; Public utilities; Demand curves; ERCOT; Gas-fired generation; Investment incentives; Missing money problem; Investments; alternative energy; demand-side management; electricity generation; electricity industry; electricity supply; energy market; incentive; investment; Texas; United States
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/118189
作者单位	Department of Economics, University of Texas at Austin, 2225 Speedway, Austin, TX 78712, United States; Frontier Energy, 1515 S. Capital of Texas Highway, Suite 110, Austin, TX 78746, United States; Department of Asian and Policy Studies, Education University of Hong Kong, 10 Lo Ping Road, Tai Po, New Territories, Hong Kong; MISO, 2985 Ames Crossing Road, Eagan, MN 55121, United States
推荐引用方式 GB/T 7714	Zarnikau J.,Zhu S.,Woo C.K.,et al. Texas's operating reserve demand curve's generation investment incentive[J],2020,137.
APA	Zarnikau J.,Zhu S.,Woo C.K.,&Tsai C.H..(2020).Texas's operating reserve demand curve's generation investment incentive.Energy Policy,137.
MLA	Zarnikau J.,et al."Texas's operating reserve demand curve's generation investment incentive".Energy Policy 137(2020).