Correlation analysis between Carbon-free energy and system marginal price in CBP/PBP market

This paper conducted a correlation analysis to determine the impact of renewable energy generation on system marginal prices in the CBP and PBP markets, and compared the results. Data on renewable energy generation, system marginal prices, and electricity demand at hourly intervals were used for Korea and California. The analysis revealed a strong negative correlation in the PBP market, but a minimal correlation in the CBP market. This correlation stems from differences in market structure and the proportion of renewable energy generation facilities deployed. Furthermore, the impact is expected to intensify in Korea as renewable energy deployment expands. By quantitatively comparing the relationship between renewable energy and system marginal prices, this study suggests directions for future research.