Weather conditions, climate change, and the price of electricity

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dc.contributor.authorMosquera López, Stephanía
dc.contributor.authorUribe Gil, Jorge Mario
dc.contributor.authorJoaqui Barandica, Orlando
dc.date.accessioned2025-06-02T10:10:06Z
dc.date.available2025-06-02T10:10:06Z
dc.date.issued2024-07-23
dc.date.updated2025-06-02T10:10:06Z
dc.description.abstractWe estimate the effect of temperature, wind speed, solar radiation, and precipitation on wholesale electricity prices for six European countries, analyzing the full distribution of the weather variables. We provide evidence on nonlinear and extreme weather effects on electricity prices. In all countries, reductions in temperature below a certain threshold increase electricity prices, yet these thresholds tend to be lower for colder countries than for warmer ones. In addition, warmer countries have an upper threshold above which temperatures also increase prices. The precipitation threshold is near the maximum for countries with limited hydroelectric generation and much lower for others with high hydropower capacity, such as Norway. Wind speed has a similar effect on electricity prices across countries, while irradiance has a statistically significant effect in countries with the highest solar capacity and higher average irradiance. Ultimately, the impact of weather conditions on electricity prices is influenced by a country's initial climatic conditions, generation mix, policies, energy efficiency levels, and behavioral factors. Policies aimed at reducing the disproportionately negative impacts of climate change on vulnerable populations should ideally be informed by accurate quantification of the impact of weather on electricity prices.en
dc.description.sponsorshipJM Uribe acknowledges support from Departament de Recerca i Universitats, the Departament d’Acció Climàtica, Alimentació i Agenda Rural, and the Fons Climàtic of the Generalitat de Catalunya (2023 CLIMA 00012)en
dc.identifier.citationMosquera-López, S., Uribe, J. M., & Joaqui-Barandica, O. (2024). Weather conditions, climate change, and the price of electricity. Energy Economics, 137. https://doi.org/10.1016/J.ENECO.2024.107789
dc.identifier.doi10.1016/J.ENECO.2024.107789
dc.identifier.issn0140-9883
dc.identifier.urihttps://hdl.handle.net/20.500.14454/2900
dc.language.isoeng
dc.publisherElsevier B.V.
dc.rights© 2024 The Author(s)
dc.subject.otherClimate change
dc.subject.otherElectricity prices
dc.subject.otherNonlinear effects
dc.subject.otherWeather
dc.titleWeather conditions, climate change, and the price of electricityen
dc.typejournal article
dcterms.accessRightsopen access
oaire.citation.titleEnergy Economics
oaire.citation.volume137
oaire.licenseConditionhttps://creativecommons.org/licenses/by-nc-nd/4.0/
oaire.versionVoR
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