Market Risks and Strategies in Power Systems Integrating Renewable Energy

Energy businesses are going through a series of swift and radical transformations to meet the growing demands for sustainable energy. The integration of wind and solar introduces more low marginal costs suppliers to power markets, as no fuels are needed to produce electricity. Most power produced by renewable energy sources is however variable and difficult to predict by nature, putting current power system operations under pressure and causing prices to fluctuate heavily. Increased competition, new production technologies and volatile prices completely changed operations in today’s power markets. In this dissertation, we assess the integration of intermittent renewable energy sources in relation to agents' risk preferen