Abstract
The paper describes a quantitative stochastic
optimization model for the simultaneous balance in the
markets for el-certificates (green certificates) and electric
power. In the model solution, the storage of el-certificates
is managed optimally and certificate prices are given by
the shadow price on the certificate storage. Case studies
show how simulated prices are affected by the capacity for
renewable electricity generation and by the value of certificates at the end of the study period.1
optimization model for the simultaneous balance in the
markets for el-certificates (green certificates) and electric
power. In the model solution, the storage of el-certificates
is managed optimally and certificate prices are given by
the shadow price on the certificate storage. Case studies
show how simulated prices are affected by the capacity for
renewable electricity generation and by the value of certificates at the end of the study period.1