Efficiency Loss for Variable Renewable Energy Incurred by Competition in Electricity Markets

Variable renewable energy (VRE) has undergone rapid development worldwide. Currently, VRE is gradually accepted as a regular power source to participate in the power market. However, due to the fluctuating and uncertain nature, the strategic offering behaviors of VRE generation companies (GENCOs), especially in terms of available capacity withholding, are difficult to supervise and regulate. To ex...