Quantifying the short-term asymmetric effects of renewable energy on the electricity merit-order curve
利用北欧小时电力数据，采用面板非对称固定效应方法，发现可再生能源增加导致的电价降幅小于其减少导致的电价升幅，并分析了区域间输电的非对称性，对政策制定和投资决策有参考价值。
Amidst the growing significance of renewable energy, this paper examines the asymmetric effects of renewable energy on electricity prices and transmission flows in the Nordics using hourly electricity data. Employing a novel panel asymmetric fixed-effects method, we quantify the non-linear impact of renewable generation technologies on the electricity supply curve. Contrary to previous research, our analysis challenges the assumption of wind having symmetric effects in electricity markets. Specifically, we suggest that an increase in renewable energy cannot lead to price reductions of the same magnitude as the price increases caused by a decrease in wind. In addition, we investigate interconnections between regions and explore asymmetries in transmission flows due to wind generation. Our findings reveal the presence of asymmetric effects in the Nordic electricity market, highlighting their significance in achieving a secure electricity system. These results offer valuable insights for governments, policymakers, and market participants for optimizing the electricity generation mix, prioritizing flexible systems, and making informed investment decisions.