Cleaner but Volatile Energy? The Effect of Coal Plant Retirement on Market Competition in the Wholesale Electricity Market
研究了煤电向气电转型对批发电力市场竞争的影响，发现气电边际成本波动可能加剧市场力量，但转型路径的设计（如由谁投资新气电厂）可缓解不利影响。
ABSTRACT The energy transition from coal to gas is reshaping the power sector to rely more on gas generation, which is cleaner but has more variable input costs. Using counterfactual analysis, I study the competitive effects of this transition, by considering several transition paths that differ in the types of firms involved in retiring coal plants and investing in gas plants. I show that the variable nature of the marginal cost of gas generation creates an environment in which market power could increase after the transition. However, the transition's impact on competition depends on the characteristics of the firms investing in new gas generation; the adverse impact is mitigated under a well‐planned transition that leads to a more competitive industry structure.