Cross-Border Effects on Swiss Electricity Prices in the Light of the Energy Transition

被引:9
作者
Frauendorfer, Karl [1 ]
Paraschiv, Florentina [1 ,2 ]
Schurle, Michael [1 ]
机构
[1] Univ St Gallen, Inst Operat Res & Computat Finance, Bodanstr 6, CH-9000 St Gallen, Switzerland
[2] Norwegian Univ Sci & Technol, NTNU Business Sch, N-7491 Trondheim, Norway
关键词
Swiss electricity prices; renewable energy; fundamental model; cross-border effects;
D O I
10.3390/en11092188
中图分类号
TE [石油、天然气工业]; TK [能源与动力工程];
学科分类号
0807 ; 0820 ;
摘要
Given the perspective of the Swiss energy policy to support investments in renewable energy sources, it becomes highly relevant at this point to understand cross-border effects of imported electricity on the Swiss electricity prices. We found that German (Phelix) and Swiss (Swissix) electricity prices are cointegrated, given that the two markets are interconnected. We examined the cross-border effects of the German market fundamentals on Swissix, taking into account seasonality aspects. In the context of a dynamic fundamental model, we found that there is a continuous adaption process of electricity prices to market fundamentals and that this effect depends on the season of the year and the time of the day. Model results reveal the substitution effect between traditional fuels and renewable energies due to their alternative use in production and the shift in the merit order curve. Results are of great relevance to Swiss policy makers: Switzerland imports lower electricity prices due to the energy transition in Germany. In particular, because of the high infeed of PV (photovoltaic) during peak hours, the spread between Swissix peak and off-peak prices narrowed significantly over time. Incentives for investments in renewable energies in Switzerland as well as subsidies for hydropower should be considered in the light of these insights.
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页数:30
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