Correlation of Day Ahead Electric Energy Market Price with Renewable Energy Sources Generation and Load Forecast

An increase in the share of renewable energy sources has an impact on generation variability and generation forecast error, which is also reflected in the formation of the day ahead electric energy market price. This paper analyses the impact of variable renewable energy sources and load forecast on the day ahead German electric energy market. A correlation between the market price, renewable energy sources generation and load forecasts was analysed. Results show that there is a significant correlation between the forecast of renewable energy sources generation as well as the load on day ahead electric energy market price. However, a residual load, which represents the difference between the load and the renewable generation, has the biggest impact on the day ahead price.