Abstract: Electricity production is a key sector in global decarbonization efforts, and variable renewable energy (VRE) technologies are a primary way to produce carbon-free electricity. We study an electricity market where generation is 100 % VRE, while storage and elastic demand resolve temporal supply-demand imbalances. We model hourly market equilibrium to analyze price formation and imperfect, Cournot-type competition with varying levels of ownership concentration. Market power is exerted either with storage-only or with both VRE and storage. In such a system, prices are determined dynamically by demand and intertemporal storage decisions, breaking the static logic of "merit order" with dispatchable generation. The numerical results indicate that market power with storage has a relatively moderate effect on prices and market efficiency. However, market power exerted with VRE has far larger welfare impacts, resulting from curtailed generation. However, such actions could be more readily observed by a regulator via monitoring.

中文翻译：

---

100％可变可再生能源和存储的定价与竞争

摘要：电力生产是全球脱碳努力的关键领域，可变可再生能源（VRE）技术是生产无碳电力的主要方式。我们研究了发电量为100％VRE的电力市场，而存储和弹性需求解决了暂时的供需失衡。我们对小时市场均衡进行建模，以分析价格形成和所有权集中程度不同的不完美的古诺式竞争。仅使用存储或同时使用VRE和存储都可以发挥市场力量。在这样的系统中，价格是由需求和跨期存储决策动态确定的，从而打破了“功绩订单”的静态逻辑和可调度的生成。数值结果表明，具有存储能力的市场力量对价格和市场效率的影响相对较小。但是，由于发电量减少，VRE发挥的市场力量对福利的影响要大得多。但是，监管机构可以通过监视更容易观察到此类行为。