What Fuels the Volatility of Electricity Prices?
利用燃煤发电机紧急停运作为外生冲击，研究边际燃料变化如何影响实时电价波动，发现天然气边际发电增加反而降低批发价格波动。
We use emergency outages of coal generators as an exogenous source of variation in the power generation stack to study how changes in marginal fuel affect real-time price volatility. Contrary to anecdotal evidence, we find that wholesale prices are less volatile when natural gas is on the margin more often.