Wind power is crucial to decarbonizing electricity markets but is intermittent, which complicates operational management. We assess the welfare impact of wind power on the Spanish electricity market during the years 2009-2018. We estimate modest adverse effects of wind intermittency on...

We study the static and dynamic impacts of market integration on renewable energy expansion. Our theory highlights that statically, market integration improves allocative efficiency by gains from trade, and dynamically, it incentivizes new entry of renewable power plants. Using two recent grid...