DOI: https://doi.org/10.32515/2663-1636.2024.11(44).221-227
Price Management of Energy Resources by Using Systems of Their Efficient Accumulation and Storage
About the Authors
Oleksandr Holovchenko, Associate Professor, PhD in Economics (Candidate of Economic Sciences), Doctoral student, Central Ukrainian National Technical University, Kropyvnitskyi, Ukraine, ORCID: https://orcid.org/0000-0002-7420-3797, e-mail: gaa211177@gmail.com
Anatoly Muzychenko, Professor, Doctor in Economics (Doctor of Economic Sciences), Professor of the Department of Economics, Management and Commercial Activity, Central Ukrainian National Technical University, Kropyvnitskyi, Ukraine, ORCID: https://orcid.org/0000-0002-5824-7933, e-mail: masinter.ua@gmail.com
Nataliia Holovchenko, Associate Professor, PhD in Economics (Candidate of Economic Sciences), analytic, Consulting company "MAС-PRICE", Kyiv, Ukraine, ORCID: https://orcid.org/0000-0002-9742-1703, e-mail: natali.holovchenko@gmail.com
Abstract
In the article, the issue of the influence of systems of accumulation and storage of energy resources on the pricing of the relevant markets is considered in various ways. The publications of the expert environment, devoted to the technical aspects of energy accumulation and storage, legislative regulation of this activity on the domestic market, were systematically reviewed. The insufficient disclosure of the impact of energy storage and energy storage systems on the market prices of the relevant resources is emphasized.
It has been established that market prices for energy resources have significant volatility, which systematically depends on certain cycles of generation and consumption of such energy. As a result, according to general economic laws, prices for energy resources rise significantly in periods of increased demand and fall sharply, very often below the cost of their production, in periods of reduced demand. The specified regularity is shown on the examples of domestic and European energy markets. The article shows the structure of the sale of energy resources on the day-ahead market in relation to the average price on the example of a specific trading day. It was established that the vast majority of trading hours, as well as most of the energy resource in the physical dimension, are sold at a price lower than the average. The graphs show the actual spreads in selling prices relative to the optimal price. Based on the analysis of spreads of actual prices in relation to the weighted average, a conclusion was made about the expediency of using systems of energy accumulation and storage as a tool for price regulation of the market.
Calculations and examples of the positive impact of energy accumulation and storage systems on the prices of sellers (generation) and prices of buyers (consumers) are given. The positive impact of energy accumulation and storage systems for producers of renewable energy is separately formulated. Attention is focused on the need to integrate energy storage and energy storage service providers into the information platforms of the relevant markets in order to exchange data on the availability of free capacities and the availability of the accumulated resource.
Keywords
energy resources, accumulation, storage, market prices, weighted average price, spread, volatility
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References
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Citations
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Copyright (c) 2024 Oleksandr Holovchenko, Anatoly Muzychenko, Nataliia Holovchenko
Price Management of Energy Resources by Using Systems of Their Efficient Accumulation and Storage
About the Authors
Oleksandr Holovchenko, Associate Professor, PhD in Economics (Candidate of Economic Sciences), Doctoral student, Central Ukrainian National Technical University, Kropyvnitskyi, Ukraine, ORCID: https://orcid.org/0000-0002-7420-3797, e-mail: gaa211177@gmail.com
Anatoly Muzychenko, Professor, Doctor in Economics (Doctor of Economic Sciences), Professor of the Department of Economics, Management and Commercial Activity, Central Ukrainian National Technical University, Kropyvnitskyi, Ukraine, ORCID: https://orcid.org/0000-0002-5824-7933, e-mail: masinter.ua@gmail.com
Nataliia Holovchenko, Associate Professor, PhD in Economics (Candidate of Economic Sciences), analytic, Consulting company "MAС-PRICE", Kyiv, Ukraine, ORCID: https://orcid.org/0000-0002-9742-1703, e-mail: natali.holovchenko@gmail.com
Abstract
Keywords
Full Text:
PDFReferences
1. Kolisnyk M. (2023) How energy storage technologies are transforming the global energy market. Ekonomichna pravda. https://www.epravda.com.ua/columns/2023/10/16/705525 [in Ukrainian].
2. Panel discussion. Energy storage facilities in the energy system of Ukraine. State and prospects of development. Global Compact. https://globalcompact.org.ua/news/ установки-зберігання-енергії-в-енерг-2 [in Ukrainian].
3. On electric energy market: Law of Ukraine. (2024, March 08) № 2019-VIII (2017, April 13). https://zakon.rada.gov.ua/laws/show/2019-19#Text
4. Results of DAM auctions. (2024, May 31) Electric energy market operator. https://www.oree.com.ua/index.php/control/results_mo/DAM [in Ukrainian].
5. Sweden's Ingrid Capacity is ready to develop energy storage in Ukraine - "Ukrenergo". InterFax-Ukraine. https://interfax.com.ua/news/economic/947548.html [in Ukrainian].
6. WHITE PAPER: "Energy storage facilities in the energy system of Ukraine. State and prospects of the rootstock". ExPro. https://expro.com.ua/statti/white-paper-ustanovki-zbergannya-energ-v-energosistem-ukrani-stan-ta-perspektivi-rozvitku [in Ukrainian].
7. Commission Recommendation of 14 March 2023 on Energy Storage – Underpinning a decarbonised and secure EU energy system 2023/C 103/01. (2023, March 14). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023H0320%2801%29&qid=1679302898964 [in English].
8. Europe passes Net-Zero Industry Act amidst mixed fortunes for local battery gigafactories. Energy Storage News. (2024, May 30). https://www.energy-storage.news/europe-passes-net-zero-industry-act-amidst-mixed-fortunes-for-local-battery-gigafactories [in English].
9. Hydropower Special Market Report. IEA. https://www.iea.org/reports/hydropower-special-market-report/executive-summary
10. Natural gas market data. EEX Natural gas Futures. https://www.eex.com/en/market-data/natural-gas/futures
11. Natural gas market data. EEX Natural gas Spot. https://www.eex.com/en/market-data/natural-gas/spot
12. Power market data. EEX Power Futures. https://www.eex.com/en/market-data/power/futures
13. Top 10 Energy Storage Trends in 2023. BloombergNEF. (2023, January 11). https://about.bnef.com/blog/top-10-energy-storage-trends-in-2023 [in English].
14. Volatility is volatile: Battery storage revenues discussed at RER 2024. Energy Storage News. (2024, May 30). https://www.energy-storage.news/volatility-is-volatile-battery-storage-revenues-discussed-at-rer-2024 [in English].
Citations
1. Колісник М. Як технології накопичення енергії трансформують глобальний енергоринок. Економічна правда. 2023. 16 жовтня. URL: https://www.epravda.com.ua/columns/2023/10/16/705525/ (дата звернення: 01.03.2024).
2. Панельна дискусія. Установки зберігання енергії в енергосистемі України. Стан та перспективи розвитку. Global Compact. 2024. 29 лютого. URL: https://globalcompact.org.ua/news/установки-зберігання-енергії-в-енерг-2/ (дата звернення: 01.03.2024).
3. Про ринок електричної енергії: Закон України від 13.04.2017 р. № 2019-VІІІ: станом на 08 берез. 2024 р. URL: https://zakon.rada.gov.ua/laws/show/2019-19#Text (дата звернення: 01.03.2024).
4. Результати торгів РДН. Оператор ринку електричної енергії. 2024. 01 березня. URL: https://www.oree.com.ua/index.php/control/results_mo/DAM (дата звернення: 01.03.2024).
5. Шведська Ingrid Capacity готова розвивати energy storage в Україні – «Укренерго». InterFax-Україна. 2023. 14 листопада. URL: https://interfax.com.ua/news/economic/947548.html (дата звернення: 01.03.2024).
6. WHITE PAPER: «Установки зберігання енергії в енергосистемі України. Стан та перспективи розвитку». ExPro. 2024. 29 лютого. URL: https://expro.com.ua/statti/white-paper-ustanovki-zbergannya-energ-v-energosistem-ukrani-stan-ta-perspektivi-rozvitku (дата звернення: 01.03.2024).
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9. Natural gas market data. EEX Natural gas Futures. URL: https://www.eex.com/en/market-data/natural-gas/futures (дата звернення: 01.03.2024).
10. Natural gas market data. EEX Natural gas Spot. URL: https://www.eex.com/en/market-data/natural-gas/spot (дата звернення: 01.03.2024).
11. Power market data. EEX Power Futures. URL: https://www.eex.com/en/market-data/power/futures (дата звернення: 01.03.2024).
12. Top 10 Energy Storage Trends in 2023. BloombergNEF. 2023. January 11. URL: https://about.bnef.com/blog/top-10-energy-storage-trends-in-2023/ (дата звернення: 01.03.2024).
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