Cross-border Effects between the Spanish and French Electricity Markets: Asymmetric Dynamics and Benefits in the Light of European Market Integration
研究了欧盟市场一体化下西班牙与法国电力市场的跨境动态，发现西班牙电价受法国影响，电网整合收益不对称，西班牙用户受益更多，且进口绿色电力有助于西班牙脱碳和保障供应安全。
We investigate cross-border dynamics between the Spanish and French electricity markets in the light of EU’s market integration. The analysis is highly relevant given the isolation of the Iberian Peninsula from the rest of European markets and its unique electricity market design. Results show the shift in the merit order curve in each market. Electricity prices in Spain follow the dynamics of the French ones, fostered by Spain’s import-dependence. Benefits of grid integration are asymmetric, with Spanish users taking advantage of the market integration with France. The substitution effect between domestic fuel-based units and imported green electricity allows Spain to further decarbonize its energy mix and increase the security of supply. The expansion of the cross-border grid until 2030 will be key for a successful phasing out of the remaining coal-based units. Our findings should be considered in support schemes for integration projects to align the incentives of participants.