Evaluation of the impact of the feed-in generation in the prices of the Iberian Electricity Market in 2013

E alua ion o he Impac o he Feed-in Gene a ion in he P ices o he Ibe ian Elec ici y Ma ke in 2013 Ped o P. Gonçal es DEEC/FEUP – Faculdade de Engenha ia da Uni . do Po o Rua D . Robe o F ias, 4200 465 Po o, Po ugal ee09103@ e.up.p João Tomé Sa ai a DEEC/FEUP – Faculdade de Engenha ia da Uni . do Po o Rua D . Robe o F ias, 4200 465 Po o, Po ugal [email p o ec ed] Abs ac — Powe indus y has been deeply es uc u ed in ecen decades. Along his pe iod e ically in eg a ed s uc u es e ol ed o mo e disagg ega ed models in which some ac i i ies a e now p o ided unde compe i ion as gene a ion and e ailing while some o he s a e p o ided unde egula ed monopolies as ne wo k ansmission and dis ibu ion. Simul aneously, mos coun ies s a ed o encou age he use o enewable sou ces, namely o cope wi h en i onmen al issues and o enla ge he ene gy independency. Ha ing in mind hese ideas and gi en he de elopmen o he Ibe ian Elec ici y Ma ke and he inc ease o he ins alled capaci y in uni s paid by eed-in a i s, i becomes impo an o es ima e he impac o his eed-in gene a ion in he ma ke p ices. This pape desc ibes he app oach ha was de eloped o es ima e his impac and he implemen ed so wa e applica ion. This applica ion was hen used o e alua e he impac on p ices on all ading hou s o 2013 o he Po uguese pho o ol aic gene a ion, he Po uguese wind gene a ion, all he Po uguese eed-in gene a ion and also all he Ibe ian eed-in gene a ion. Index Te ms-- Elec ici y ma ke s, Ibe ian Elec ici y Ma ke , eed-in gene a ion. I. I NTRODUCTION The inc easing sha e o eed-in gene a ion in he gene a ion mix o Po ugal and Spain makes i impo an o e alua e he impac o he p esence o his ype o gene a ion in he p ices o he Ibe ian Elec ici y Ma ke , MIBEL. In Po ugal, Special Regime Gene a ion, SRG, includes wind, pho o ol aic, co-gene a ion, biomass as well as small hyd os ill 10 MVA o ins alled capaci y. SRG di e s om No mal Regime Gene a ion, NRG, in wha conce ns he emune a ion and he dispa ch. SRG is paid by eed-in a i s ha depend on he echnologies in he sense ha hese a i s include a so called en i onmen al e m ha is echnology dependen . Di e en ly, NRG es ablishes bila e al con ac s o bids on MIBEL day-ahead ma ke being paid a he pool ma ke p ices. NRG includes all mo e adi ional powe s a ions as coal and na u al gas s a ions as well as la ge hyd os. Apa om he emune a ion, he e is ano he impo an dis inc ion be ween SRG and NRG. In ac , he legal s a us o SRG ensu es ha all he gene a ed elec ici y is accep ed in he ne wo ks while NRG bids on he pool ma ke and so i may e en ually no ope a e. Al hough no subjec o a ma ke bid based dispa ch, he o ecas ed SRG gene a ion is aken in o accoun by he Ma ke Ope a o when building he agg ega ed selling cu es o he nex day. In ac , SRG gene a ion supplies demand and i is ob ious ha mo e SRG gene a ion means ha less demand is a ailable o be supplied by NRG. In o de o conside he SRG in he ma ke cu es, o each hou o he nex day a ze o p ice segmen is included in he agg ega ed selling cu e hus en o cing i s dispa ch [1]. On he o he hand, including hese ze o p ice segmen s co esponds o shi o he igh he selling cu e ha includes he bids om NRG hus con ibu ing o lowe he inal ma ke p ice. The impac o SRG in he pool p ices was es ima ed conside ing se e al scena ios in which we assume ha ze o p ice segmen s associa ed o speci ic SRG echnologies a e elimina ed om he clea ing p ocess, ha is, om he ma ke cu es p o ided by he Ma ke Ope a o . A e doing his, he ma ke p ice o each hou is compu ed again assuming ha he demand cu e emained unchanged. In o de o au oma e hese calcula ions i was de eloped an applica ion in VBA (Visual Basic o Applica ions) ha uses he da a abou he buying and selling bids aken om he Ibe ian Ma ke Ope a o webpage, builds he ma ke cu es, elimina es he SRG selec ed by he use and ecalcula es he ma ke p ice o he pe iod unde analysis. This applica ion was used o es ima e he impac o SRG on he hou ly p ices along 2013 conside ing ou scena ios: wi hou Po uguese pho o ol aic gene a ion, wi hou Po uguese wind gene a ion, wi hou all Po uguese SRG gene a ion and wi hou all Po uguese and Spanish SRG. This esea ch was de eloped in he scope o he MSc Thesis p epa ed by he i s au ho and submi ed and app o ed a he Faculdade de Engenha ia da Uni e sidade do Po o by Ma ch 2015 [2]. Acco ding o hese ideas, his pape is s uc u ed as ollows. A e his In oduc ion, Sec ion II p o ides an o e iew on he ading pla o ms o MIBEL, Sec ion III de ails he algo i hm ha was implemen ed o es ima e he men ioned impac o SRG on he ma ke p ices and Sec ion IV p esen s he esul s ha we e ob ained o 2013. Finally, Sec ion V d aws he mos ele an conclusions. II. I BERIAN E LECTRICITY M ARKET - MIBEL The es uc u ing o elec ici y indus y in Eu opean coun ies o igina ed he de elopmen o se e al egional ma ke s. In his scope, he Ibe ian Elec ici y Ma ke was c ea ed in 2007 in ol ing Po ugal and Spain and i includes wo ading ope a o s – he OMIE co esponding o an en i y ha is physically loca ed in Spain and ha manages he day ahead and he in aday ma ke s and he OMIP, physically loca ed in Po ugal and in cha ge o longe e m ades and inancial mechanisms [3]. The daily ma ke ope a es in e ms o a symme ic and olun ee day-ahead mechanism ha admi s bo h selling and buying bids. The ading pe iod is 1 hou and selling en i ies can submi simple bids in e ms o pai s (a ailable quan i y; minimum selling p ice) as well as complexi y condi ions, namely inc easing and dec easing amps and a minimum e enue o be ob ained along he ading day. Fo each ading hou o he nex day, he ma ke ope a o builds he agg ega ed selling and buying cu es and ob ains he clea ed quan i y and he ma ke p ice in he in e sec ion o hese cu es. Then, i checks whe he complexi y condi ions a e alid and i no i i e a es he p ocedu e in oducing changes in he ini ial schedule [4, 5]. In gene al, his co esponds o elimina e selling bids associa ed wi h iola ed cons ain s, as o ins ance he minimum e enue equi emen . This elimina ion means ha cheap ini ially clea ed bids a e no conside ed in he nex i e a ion and so he emaining agg ega ed cu e is shi ed o he le side de e mining a p og essi e p ice inc ease as he clea ing p ocedu e de elops. Apa om he day ahead ading pla o m, he ma ke ope a o also manages an in aday ma ke ha cu en ly has 6 sessions as a way o adjus he selling o buying posi ions close o he ope a ion hou . Fo he las wen y yea s se e al coun ies adop ed policies o induce in es men s in enewable gene a ion (namely wind pa ks, small hyd os’s, pho o ol aic´s and biomass uni s) and in non- enewable uni s as cogene a ion as a way o use mo e in ensi ely endogenous esou ces and o con ibu e o inc ease he ene gy independency. Among he mos success ul coun ies owa ds his objec i e, Po ugal and Spain inc eased his ype o capaci y o 6.500 MW ou o 18.000 MW in Po ugal and o 35.000 MW ou o 102.000 MW in Spain. Rega ding he gene a ion om hese sou ces, in Po ugal i co esponded o a alue close o 40 % in 2012 ( om which 25% om wind pa ks) while in Spain i eached 38% o he o al ( om which 20% om wind pa ks). I is impo an o no ice ha hese alues do no include he gene a ion om la ge hyd o s a ions. I hese s a ions a e conside ed, hen in 2013 60% o he Po uguese demand was supplied by enewables, 20% by coal s a ions and 15% by CCGT s a ions while he emaining 5% we e impo s. As i s legal designa ion sugges s, he huge capaci y inc ease o Special Regime Gene a ion, SRG, is ce ainly due o he pa icula ules ha we e adop ed o pay he gene a ion om hese uni s. In Po ugal he i s legisla ion o ame he ope a ion o hese uni s was passed in 1988 and i cu en ly co esponds o a eed-in mechanism in which he inal p ice depends on a oided in es men and ope a ion cos s and on an en i onmen al echnology dependen e m. The a oided in es men and ope a ion cos s a e ob ained ega ding he adi ional he mal uni s ha a e no necessa y o build and ope a e, CCGT in his case. Finally, he en i onmen al e m p izes cleane o s ill less ma u e echnologies. As a esul , he a e age p ice paid o wind pa ks is cu en ly close o 80 €/MWh and is abo e 200 €/MWh o small pho o ol aic uni s. In Spain SRG gene a ion can op be ween a egula ed eed-in a i o ecei ing he ma ke p ice plus a p ize ha co esponds o a pe cen age o a egula ed e e ence alue. Figu e 1. Mon hly esul s o he Ibe ian Elec ici y Ma ke in 2008: da k blue - a e age p ice in Spain (€/MWh); ed – a e age p ice in Po ugal (€/MWh); ligh blue – aded ene gy (GWh) (sou ce OMIE web page). Figu e 2. Mon hly esul s o he Ibe ian Elec ici y Ma ke in 2013: da k blue - a e age p ice in Spain (€/MWh); ed – a e age p ice in Po ugal (€/MWh); o ange – aded ene gy in MIBEL (GWh); ligh blue – ade ene gy plus bila e al con ac s (GWh) (sou ce OMIE web page). The impac o such la ge olumes o SRG gene a ion is e y impo an , namely conside ing ha he a e age p ice in he day ahead ma ke common o Po ugal and Spain is ypically below he eed in a i le els o he di e en SRG echnologies, namely o wind. Fo example, Figu e 1 shows he mon hly e olu ion o he a e age ma ke p ice in Po ugal and in Spain in 2008. In his yea , he a e age ma ke p ice was 69,98 €/MWh in Po ugal and 64,43 €/MWh in Spain, sugges ing ha ma ke spli ing was equen and ha conges ion occu ed in he di ec ion om Spain o Po ugal. In 2013, he a e age ma ke p ices declined o 43,37 €/MWh in Po ugal and o 44,26 €/MWh in Spain, ha is 38% and 31% below he alues o 2008 in he wo coun ies. I is impo an o no ice ha in 2013 he wo a e age p ices a e much close compa ed o 2008 sugges ing ha conges ion was a e (in ac i occu ed in less o 15% o he hou s in 2013) and ha when ma ke spli ing was ac i a ed i was applied mo e equen ly in he di ec ion om Po ugal o Spain. Gi en he le el o SRG eed in gene a ion, i is clea ha he p esence o his gene a ion has a s ong impac on he inal p ices. Al hough no being paid he hou ly ma ke p ice, SRG es ima es a e conside ed in he ma ke clea ing o each hou o he nex day because hey con ibu e o balance he supply and he demand. In p ac ice, ze o p ice segmen s a e added o he selling bid cu e co esponding o he es ima ed hou ly SRG gene a ion. As a esul , when SRG gene a ion is la ge he ma ke p ices decline and less adi ional he mal gene a o s a e clea ed. This ul ima ely means ha he o al numbe o hou s hese he mal gene a o s ope a e has been declining hus educing hei income. III. E STIMATION OF THE I MPACT OF SRG As men ioned be o e, SRG gene a ion mus be conside ed when building he agg ega ed hou ly ma ke cu es in o de o balance he global demand and gene a ion. This is done including in he selling agg ega ed cu e ze o p ice segmen s wi h quan i ies based on he es ima es o each hou o he nex day o he gene a ion o each SRG echnology. I is he e o e clea ha in pe iods in which SRG gene a ion is la ge he selling bid cu e om o he gene a ion agen s and echnologies shi s o he igh side and so he ma ke p ice ge s educed. On he con a y, i o ins ance wind gene a ion ( he mos ele an SRG) is small hen he co esponding ze o p ice segmen is less ex ended, he elec ici y p ice inc eases and mo e he mal selling bids a e accep ed. I a e y windy pe iod occu s oge he wi h la ge hyd o in lows (as i is ypical in No embe ill Ma ch/Ap il) hen ma ke p ices ha e sha p declines and can con inuously be a 0,00 €/MWh o se e al hou s as i occu ed in Ma ch and Ap il 2013. As an example, in he 9 h o Ap il 2013 he ma ke p ices we e less han 1,00 €/MWh o 19 hou s o ha day, and du ing 13 o which he p ice was 0,00 €/MWh. Figu e 3. Agg ega ed selling and buying cu es o he Ibe ian elec ici y ma ke o hou 1 o Ma ch 12, 2013 (sou ce OMIE web page). Figu e 3 illus a es his impac showing he selling and buying cu es o hou 1 o Ma ch 12 2013. A his hou he ma ke p ice was 0,00 €/MWh as a esul o he in e sec ion o he buying (blue) and selling ( ed) cu es. The 0,00 €/MWh selling bid segmen amoun s o 32.000 MWh esul ing om abou 7.000 MWh om nuclea s a ions, 13.000 MWh om hyd o s a ions and 12.000 MWh om wind pa ks. I his 12.000 MWh segmen was no p esen , hen he selling cu e would be shi ed o he le as illus a ed by he black line and so he ma ke p ice would inc ease om 0,00 o abou 38,00 €/MWh. This illus a es he impac o he SRG subsidized gene a ion in he ma ke p ice and in he schedule. Apa om he educ ion o he ma ke p ice, conside ing he SRG 0,0 p ice segmen in he selling cu e educes he numbe o accep ed bids om he mal gene a o s. Globally, he income ob ained by he mal s a ions is educed no only because he ma ke p ice ge s educed bu also because he numbe o hou s hey a e dispa ched also ge s smalle . As a consequence, he numbe o ope a ion hou s o combined cycle powe s a ions ( he ma ginal echnology in mos pe iods) is ge ing mo e and mo e educed in ecen yea s and only some coal s a ions a e dispa ched. Using his easoning, we analysed he impac o SRG gene a ion on he ma ke p ices du ing he en i e yea o 2013 conside ing he ollowing ou cases: i = 1 Clea ing p ocess no conside ing he wind gene a ion loca ed in Po ugal; i = 2 Clea ing p ocess no conside ing he pho o ol aic gene a ion loca ed in Po ugal; i = 3 Clea ing p ocess no conside ing all he SRG gene a ion loca ed in Po ugal. This includes no only wind and pho o ol aic, bu also small hyd os, cogene a ion, biomass and esidue powe s a ions; i = 4 Clea ing p ocess no conside ing all he SRG gene a ion om bo h Po ugal and Spain. In o de o es ima e he impac on he p ices i was necessa y o know he gene a ion alues o each o hese ou cases o each hou o 2013. These hou ly alues o each SRG echnology we e p o ided by EDP Ges ão da P odução SA, he la ges Po uguese gene a ion company. Then, o a pa icula case i=1 o 4 and o a pa icula hou k o 2013 he nex s eps we e ollowed: 1. in he i s place, he da a ega ding he submi ed and he accep ed selling and buying bids was downloaded om he web page o he Ibe ian Ma ke Ope a o (www.omie.es). Le us also assume ha ik,SRG P is he SRG gene a ion associa ed wi h case i o hou k. Fo ins ance, o i=1 i co esponds o he gene a ed powe om wind pa ks loca ed in Po ugal in hou k; 2. secondly, he o al amoun o powe bid a 0,00 €/MWh a hou k was ob ained adding all he powe om ze o p ice bids. Le us deno e his 0,00 p ice powe quan i y as To alk,00,0 P ; 3. hen, he selling bid o To alk,00,0 P a 0,00 €/MWh was elimina ed om ha da a downloaded in 1. and subs i u ed by a bid a 0,00 €/MWh wi h powe gi en by ik,SRGTo alk,00,0 PP −. When building he new agg ega ed selling cu e his means ha he o iginal selling cu e is shi ed o he le side by ik,SRG P; 4. using he downloaded da a and conside ing he change in oduced in s ep 3 on he selling bids a 0,00 €/MWh, i is sol ed he linea op imiza ion p oblem gi en by (1-4) o maximize he Social Wel a e Func ion, SWF. This p oblem was sol ed using he linp og unc ion o he Op imiza ion Toolbox o Ma Lab®. This p ocedu e was applied o he MIBEL esul s o he hou s wi hou conges ion and o he Po uguese a ea esul s o conges ed hou s. max  =  = −= G N 1i i Pg. i Cg D N 1j j Pd. j CdZ (1) subjec máx j Pd j Pd0 ≤≤ (2) máx i Pg i Pg0 ≤≤ (3)  =  = =G N 1i i Pg D N 1j j Pd (4) In his o mula ion j Cd and i Cg a e he buying and selling p ices, max j Pd and max i Pg a e he maximum demand and gene a ion bid quan i ies, j Pd and i Pg a e he demand and gene a ion a he inal solu ion and D N and G N a e he numbe o buying and selling bids. The objec i e unc ion Z in (1) is subjec o limi s on he demand (2) and on he gene a ion (3) bids and o he demand / supply balance equa ion (4). In his simula ion we did no conside he selling bids ha we e emo ed by he Ma ke Ope a o along he i e a i e clea ing p ocess o check he complexi y cons ain s, as desc ibed in he second pa ag aph o Sec ion II; 5. once he abo e p oblem is sol ed o case i and hou k, he dual a iable o he powe balance equa ion (4) co esponds o he new ma ke clea ing p ice. In o de o enable analyzing a ull yea in an au oma ed way i was implemen ed an applica ion in VBA (Visual Basic o Applica ions) ha allows he use o selec he pe iod unde analysis and he simula ion o pe o m in e ms o he SRG echnology o analyse. The applica ion au oma ically assesses he Ma ke Ope a o web page and downloads he ma ke da a equi ed o he analysis. Then, all da a conce ning he SRG gene a ion on he pe iod unde analysis is also au oma ically ob ained om he ile p o ided by EDP Ges ão da P odução, SA. Once he da a download is comple ed, he applica ion begins o es ima e he new ma ke p ice o each hou o he selec ed case, by igno ing he co esponden alue o SRG gene a ion. Gi en ha 0,00 €/MWh bids we e elimina ed, he clea ing p ocess equi es accep ing selling bids ha we e no ini ially clea ed so ha he new ma ke p ice co esponds once again o he in e sec ion poin o he agg ega ed o e and demand cu es. As soon as he applica ion inishes unning, all in e media e esul s a e made a ailable o he use , including all alues and g aphs o e e y hou . The a e age p ices a e also calcula ed o he pe iod unde analysis, allowing a global iew on he es ima ed esul s. IV. R ESULTS O BTAINED FOR 2013 In his Sec ion we will de ail he esul s ha we e ob ained applying he app oach de ailed in Sec ion III o he yea o 2013. In he i s place, we will de ail he esul s ob ained o hou 11 o he 9 h o Ap il 2013 on which he o iginal ma ke p ice was 1,00 €/MWh. Then, agg ega ed esul s will be p esen ed o ypical win e and summe mon hs (Janua y and July) and also o Ap il because his is ypically a e y windy mon h and in 2013 i was also a e y ainy pe iod. Finally, sec ion E p esen s agg ega ed a e age esul s o 2013. A. Resul s o he hou 11 o 9 h o Ap il 2013 The o iginal ma ke p ice ob ained by he ma ke ope a o o he hou 11 o 9 h o Ap il 2013 was 1,00 €/MWh. Then, Table I p esen s he esul s ha we e ob ained o he ou analysed cases (wi hou Po uguese wind gene a ion, wi hou Po uguese PV gene a ion, wi hou all he Po uguese SRG gene a ion and wi hou all he Po uguese and Spanish SRG gene a ion). I should be no iced ha when elimina ing he Po uguese PV gene a ion, case i=2, he ma ke p ice emained unchanged gi en he e y educed Po uguese PV gene a ion a ha hou (33,75 MWh). No conside ing all he Po uguese SRG gene a ion lead o a p ice inc ease o 11,00 €/MWh ( om 1,00 o 12,00 €/MWh) and as expec ed, he la ges impac occu s when all Po uguese and Spanish SRG gene a ion is no conside ed. In his case, he ma ke p ice inc eases om 1,00 o 60,06 €/MWh. TABLE I. – R EAL AND ESTIMATED PRICES FOR HOUR 11 OF A PRIL 9 2013. hou 11 wi hou Po . wind wi hou Po . PV wi hou all Po . SRG wi hou all MIBEL SRG p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) 1,00 10,00 1,00 12,00 60,06 In a g aphical way, he e alua ion o he impac o SRG on he ma ke p ice is illus a ed in Figu e 4. The ed cu e ep esen s he agg ega ed buying cu e and he blue cu e is he agg ega ed buying cu e shi ed o he le side by an ammoun ha co esponds o he SRG gene a ion associa ed wi h he case i=1...4 unde analysis. In his case, his Figu e is associa ed wi h case i=4 and so he o iginal selling cu e was shi ed o he le by 22.983 MWh co esponding o all he Po uguese and Spanish SRG gene a ion a his hou . The e o e, he ma ke p ice inc eased om 1,00 €/MWh o 60,06 €/MWh as indica ed be o e. Figu e 4. Agg ega ed selling and buying cu es o he case i=4 o hou 11 o Ap il 9, 2013. [2] B. Resul s o Janua y 2013 Table II p esen s he mon hly a e age p ices ob ained o Janua y 2013. The eal a e age p ice was 48,34 €/MWh and his alue emained almos unchanged when no conside ing he Po uguese PV gene a ion, no only due o he educed ins alled capaci y (abou 250 MW, less han 1,5% o he ins alled capaci y in he coun y) bu also because o he educed numbe o insula ion hou s in Janua y. The la ge impac occu ed again o case i=4 when no conside ing all he Po uguese and Spanish SRG gene a ion gi en ha he a e age ma ke p ice ose om 48,34 €/MWh o 95,85€/MWh, which almos co esponds o i s duplica ion. TABLE II. – R EAL AND E STIMATED P RICES FOR J ANUARY 2013. Janua y 2013 wi hou Po . wind wi hou Po . PV wi hou all Po . SRG wi hou all MIBEL SRG p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) 48,34 56,50 48,39 64,10 95,85 C. Resul s o Ap il 2013 In Ap il 2013 he a e age ma ke p ice was 16,01 €/MWh. This alue almos doubled no conside ing all he Po uguese SRG gene a ion and mo e han iples no conside ing all he Po uguese and Spanish SRG. Table III p esen s he a e age p ices ha we e ob ained o his mon h. I should be no iced ha he a e age ma ke p ice in Ap il educes ega ding he alue in Janua y ( educ ion om 48,34 o 16,01 €/MWh) con i ming he la ge p esence o wind SRG gene a ion modeled by he ze o p ice segmen s in he clea ing p ocess, and also he in ensi e use o hyd o s a ions. TABLE III. – R EAL AND ESTIMATED AVERAGE PRICES FOR A PRIL 2013. Ap il 2013 wi hou Po . wind wi hou Po . PV wi hou all Po . SRG wi hou all MIBEL SRG p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) 16,01 22,00 16,16 29,26 52,09 D. Resul s o July 2013 Table IV p esen s he esul s o July 2013. The impac o no conside ing he Po uguese wind gene a ion is now much smalle because July is ypically no a windy mon h. Al hough he numbe o insula ion hou s is now la ge , he impac o he Po uguese PV gene a ion emains e y educed because in 2013 he PV ins alled capaci y was s ill educed. TABLE IV. – R EAL AND ESTIMATED AVERAGE PRICES FOR J ULY 2013. July 2013 wi hou Po . wind wi hou Po . PV wi hou all Po . SRG wi hou all MIBEL SRG p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) 51,30 53,12 51,41 55,55 79,31 E. A e age esul s o 2013 Once all he scena ios we e analysed o e e y hou o 2013, i was possible o compu e he a e age yea ly ma ke p ices as de ailed in Table V. TABLE V. R EAL AND ESTIMATED AVERAGE PRICES FOR 2013. Yea 2013 wi hou Po . Wind wi hou Po . PV wi hou all Po . SRG wi hou all MIBEL SRG p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) p ice (€/MWh) 43,37 49,13 43,53 54,11 82,63 In he i s place, he a e age ma ke p ice o MIBEL in 2013 was 43,37 €/MWh. This alue would inc ease by 5,76 €/MWh no conside ing he Po uguese wind gene a ion, by 0,16 €/MWh no conside ing he Po uguese pho o ol aic gene a ion, by 10,74 €/MWh wi hou all he Po uguese SRG gene a ion and inally by 39,26 €/MWh i all he SRG gene a ion bo h in Po ugal and Spain was igno ed. Rega ding hese esul s i should be no iced ha Po ugal had in 2013 a wind ins alled capaci y o 4.730 MW which co esponds o he la ges alue pe echnology. I his gene a ion was igno ed, he a e age ma ke p ices would ise by 13,25%. Howe e , i no Po uguese SRG was conside ed, hen he p ice would inc ease by 24,76%. Gi en he small impac o pho o ol aic gene a ion, we can conclude ha he di e ence is mainly due o small hyd o’s, cogene a ion and uni s using esidues, al hough hei ins alled capaci y is only 1.900 MW. This ob iously sugges s ha small hyd o’s, cogene a ion and esidue uni s ha e a much la ge numbe o ope a ion hou s when compa ed o he wind ins alla ions. The e o e, al hough ha ing 2,5 imes less ins alled capaci y ega ding wind pa ks, he impac o no conside ing hese uni s is almos he same as he impac o wind gene a ion. V. C ONCLUSIONS This pape epo s he esul s ega ding he es ima ion o he impac o he eed in gene a ion in he p ices o he day ahead ma ke common o Po ugal and Spain. This analysis is ele an gi en he la ge ins alled capaci y bene i ing om eed in ules. These uni s a e conside ed in he ma ke clea ing p ocess by including 0,0 €/MWh p ice segmen s in he agg ega ed selling cu e hus shi ing o he igh side he bids om he emaining gene a ion agen s. As a whole, we es ima ed ha no conside ing SRG gene a ion om bo h Po ugal and Spain would inc ease he a e age p ice in 2013 om 43,37 €/MWh o 82,63 €/MWh. The p esence o SRG educes he ma ke p ice and he numbe o ope a ion hou s o uni s using adi ional he mal echnologies s ongly con ibu ing o educe he e enues o hese uni s. This impac should be ca e ully e alua ed o check i in he long e m his does no isk he secu i y o supply gi en he ola ile na u e o he esou ces used by se e al SRG uni s. A CKNOWLEDGMENT The i s au ho wishes o hank EDP Ges ão da P odução SA, namely o Eng. José Sousa o all he insigh s, discussions and da a ega ding SRG gene a ion ha was p o ided. R EFERENCES [1] In o ma ion on he Special Regime Gene a ion, ERSE, Po uguese Regula o y Agency o he Ene gy Se ices, A ailable in: h p://www.e se.p /p /desempenhoambien al/p od egesp/Documen s/In o_mensal/SIPREin oJun14.pd [las access 08/12/2014]. [2] P. P. Gonçal es, "E alua ion o he Impac O he Special Regime Gene a ion in he Ma ke P ices o MIBEL" (in Po uguese), MSc. disse a ion, DEEC/FEUP, Ma ch 2015. [3] OMIE and OMIP (in Po uguese), A ailable in: h p://www.omip.p /OMIP/OMIE/ abid/71/language/p - PT/De aul .aspx. [las access 07/12/204]. [4] Con ac ing Ene gy in MIBEL (in Po uguese), ERSE, Po uguese Regula o y Agency o he Ene gy Se ices. A ailable in: h p://www.e se.p /p /supe isaodeme cados/me cadodeelec icidade/co n a acao/Paginas/de aul .aspx. [las access 06/12/2014]. [5] The MIBEL Daily Ma ke (in Po uguese), ERSE, Po uguese Regula o y Agency o he Ene gy Se ices. A ailable in: h p://www.e se.p /p /supe isaodeme cados/me cadodeelec icidade/m e cadodia io/Paginas/de aul .aspx. [las access 07/12/2014].