Peak producers of non-storable products, such as electricity, provide crucial flexible operating capacity to respond to infrequent and transient high demand periods. Faced with these uncertain revenue-earning opportunities, despite often having significant price-setting power, they need to...

Increasing variable renewable power generation (e.g., wind) is expected to reduce wholesale electricity prices by virtue of its low marginal production cost. This merit-order effect of renewables displacing incumbent conventional (e.g., gas) generation forms the theoretical underpinning for...