Accurate prediction of offshore wind power generation is essential for efficient power scheduling and grid integration. This study introduces an innovative hybrid forecasting approach to address variability in power output due to different climatic conditions and challenges in measuring offshore...

Negative environmental externalities associated with wind power plants depend on the physical characteristics of turbine installations and associated power lines and the geographical siting. We derive analytically an environmental taxation scheme for achieving the efficient spatial distribution...

In this paper, we present an innovative electricity spot price model, wherein the prices explicitly depend on the realized wind power production. The proposed arithmetic multi-factor approach captures numerous stylized facts of empirical spot price behavior like seasonal variations,...

On the one hand, wind power production is necessary for decarbonizing the electricity sector. On the other hand, we risk replacing one environmental problem with other environmental problems, that is, stopping climate change in exchange with increased loss of pristine land and biodiversity. The...

This paper studies the impact of wind power production on electricity prices in the European energy market. We propose a new modelling framework based on so-called regime-switching Levy semimstationary processes to account for forward-looking information consisting of predicted wind power...