Future electricity systems with tight constraints on carbon emissions will rely much more on wind and solar generation, with zero marginal cost, than today. We use capacity expansion modelling of Texas in 2050 to illustrate wholesale price distributions in future energy-only, carbon-constrained...

Constraints on electric power system carbon emissions will make optimal increased reliance on variable renewable energy (VRE, mainly wind and solar generation), which has near zero marginal operating costs. Using capacity expansion modeling of electric power systems in three US regions in...