Using data from Texas’s wholesale electricity market, we investigate the relationship between nodal prices and investment location decisions of utility-scale generation. We find some evidence that new investment arises in areas with recently elevated nodal prices. However, we find no evidence that new generation resources receive a nodal price premium post-entry as projected by the expectation of higher nodal prices. Further, a logit regression analysis suggests that the probability of natural-gas-fired generation investments tends to increase with expected nodal prices in peak hours. However, the estimated relationship is statistically and economically weak and sensitive to model specification. These findings suggest other factors are more important drivers than nodal prices of location decisions for utility-scale generation investments in Texas.

中文翻译：

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区位边际定价是否会影响发电投资区位决策？德克萨斯州电力批发市场分析

使用得克萨斯州电力批发市场的数据，我们研究了节点价格与公用事业规模发电投资地点决策之间的关系。我们发现一些证据表明，新的投资出现在节点价格最近上涨的地区。但是，我们找不到证据表明，如预期的更高节点价格所预测的那样，新一代资源在进入后会获得节点价格溢价。此外，logit回归分析表明，天然气发电投资的可能性会随着高峰时段预期的节点价格而增加。但是，估计的关系在统计和经济上均较弱，并且对模型规格敏感。这些发现表明，对于得克萨斯州的公用事业规模发电投资，其他因素比地点决定的节点价格更为重要。