Examinando por Materia "Precio spot de la electricidad"

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    Las FNCER como direccionadoras del spot energético
    (Universidad EAFIT, 2026-05-26) Torres Parra, Laura Daniela; Castrillón Graciano, Isabela; Yepes Raigosa, David Alejandro
    This study analyzes how the integration of Non-Conventional Renewable Energy Sources (NCRES) has affected the spot price of electricity in Colombia during the period 2018–2025. The Colombian electricity market currently relies heavily on hydropower generation, making it highly sensitive to climate phenomena such as El Niño and La Niña, which can reduce water availability and increase generation costs. In this context, the country has promoted the use of renewable energy sources, such as solar and wind power, to diversify its energy matrix and reduce this dependence. For the analysis, electricity market data obtained from XM and the Oceanic Niño Index (ONI) as a climate variable are used. A Vector Error Correction Model (VECM) is estimated to examine both the long-run relationships and the short-run adjustments among the variables. Additionally, hydropower and thermal generation variables are included to account for the most important factors affecting electricity prices. The results show that an increase in NCRES generation is associated with a decrease in the spot price, which is consistent with the merit-order effect. However, the variability of these energy sources may also lead to changes in price behavior. Overall, this study provides evidence of the role of renewable energy sources in the Colombian electricity market and highlights their importance in the country's energy transition process.