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.

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

The Impact of Variable Renewables on Price Dynamics Within Wholesale Electricity Markets
The increasing integration of variable renewable energy sources introduces new complexities into electricity markets. This…
17th June 2025
The Green Transition and Tech Firms’ Financial Performance: Insights from Patent Data
The increasing integration of variable renewable energy sources introduces new complexities into electricity markets. This…
27th May 2025