| 研究実績の概要 |
This study examines the impact of renewable energy power supply on reducing spot prices and on the realized price volatility in an imperfectly competitive market. Us- ing the hourly supply data of renewable energy sources collected from nine traditional electric power companies, and the spot price data collected from the Japan Electric Power Exchange (JEPX), this study investigates how the increase in renewable power generation affects spot prices and realized volatility in the JEPX. Our results suggest that renewable power production decreases market spot prices with regional differences, and the impact of price reduction depends on not only the renewable power generation, but also the stability of renewable power supply in different local electricity markets. Moreover, an electricity shortage decreases the price-reducing effect on renewable power in the JEPX due to the substitution of thermal power for renewable power. Furthermore, we investigate annual differences in the impact on spot prices, and find that the effects are gradually enhanced as electricity market reform deepened. However, the increase in renewable power production has positive effects on realized volatility in the nationwide market. Our results indicate that increasing renewable power generation has both positive and negative impacts on realized volatility for dif- ferent areas in Japan; the opposite volatility effects are due to not only the stability of renewable electricity supply, but also renewable power generation being curtailed or transmitted to other areas.
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