Real-Time Pricing and the Cost of Clean Power

• 成果类型: Article
• 署名作者: Imelda; Fripp, Matthias; Roberts, Michael J.
• 署名单位: Environmental Defense Fund; University of Hawaii System; University of Hawaii System
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20220506
• 发表日期: 2024
• 页码: 100-141
• 关键词: Renewable Energy; electricity; EFFICIENCY; systems; impacts; switch

摘要

Solar and wind power are now cheaper than fossil fuels but are intermittent. The extra supply-side variability implies growing benefits of using real-time retail pricing (RTP). We evaluate the potential gains of RTP using a model that jointly solves investment, supply, storage, and demand to obtain a chronologically detailed dynamic equilibrium for the island of Oahu, Hawai'i. We find that, holding demand assumptions fixed, RTP reduces costs in high-renewable systems by roughly 6 to 12 times as much as in fossil systems, markedly lowering the cost of clean energy integration.