• Program Utilities & Renewables Utilities & Renewables
  • Type Discussion paper
  • Date 17 June 2025
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Abstract

The increasing integration of variable renewable energy sources introduces new complexities into electricity markets. This paper investigates their effects on price dynamics by utilizing unplanned wind power plant outages as exogenous shocks. Using data from the Turkish electricity market from 2019 to 2023, we examine the short- and long-term impacts on interactions within wholesale markets. Our findings show that unplanned outages significantly affect short-term price dynamics, while long-term effects are limited. The results underscore the need for greater grid flexibility, demand response strategies, and energy storage solutions to accommodate the growing share of VREs.

Authors

Selahattin Murat Sirin

Senior Fellow- Utilities & Renewables Dr. Selahattin Murat Sirin is a Research Fellow at KAPSARC specializing in regulation, business economics, electricity markets, and sustainable energy.…

Dr. Selahattin Murat Sirin is a Research Fellow at KAPSARC specializing in regulation, business economics, electricity markets, and sustainable energy. He earned his Ph.D. from Ivey Business School at Western University and holds an M.P.A. in Public Administration from Harvard University, an M.S. in European Studies from the Middle East Technical University, and a B.A. in Economics from Ankara University. He has published academic papers and reports on subjects, such as renewable energy policies and electricity markets.

Expertise

  • Electricity Market
  • Policy Analysis
  • Energy Transition

Publications See all Selahattin Murat Sirin’s publications

Amro Elshurafa

Executive Director- Utilities & Renewables Dr. Elshurafa is the Executive Director of the Utilities and Renewables Department and possesses 20+ years of experience garnered on…

Dr. Elshurafa is the Executive Director of the Utilities and Renewables Department and possesses 20+ years of experience garnered on three continents. His research interests lie in renewable energy policy, electricity market design and regulation, and power systems modeling. He has led and executed several national modeling initiatives at distributed and utility scales. Some aspects of his research have been adopted by BP in their seminal annual Statistical Review. He is listed among the top 2% scientists globally as per Stanford, and he is a board member of the Saudi Water and Electricity Regulatory Authority. Credited with 50+ papers and patents, he holds a Ph.D. in Engineering and an MBA in Finance.

Expertise

  • Renewable Energy Policy
  • Electricity Market Design and Regulation
  • Power Sector Modeling

Publications See all Amro Elshurafa’s publications

Nurullah Cakmak

Nurullah Cakmak

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