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Exploring Wholesale Energy Price Trends: The Renewables and Wholesale Electricity Prices (ReWEP) tool, Version 2024.1

Publication Type

Policy Brief

Date Published

05/2024

Authors

Millstein, Dev, Eric O'Shaughnessy, Ryan Wiser

Abstract

The technical brief describing trends in wholesale electricity pricing and renewable generation in 2024 can be found at this link (pdf)

The Renewables and Wholesale Electricity Prices (ReWEP) visualization tool from Berkeley Lab has been updated with nodal electricity pricing and wind and solar generation data through the end of 2023. ReWEP users can explore trends in wholesale electricity prices and their relationship to wind and solar generation. ReWEP includes nodal pricing trends across locations, regions, and different timeframes. The tool consists of maps, time series, and other interactive figures that provide: (1) a general overview of how average pricing, negative price frequency, and extreme high prices vary over time, and (2) a summary of how pricing patterns are related to wind and solar generation. Interactive functionality allows investigation by year, season, time of day, and region, where region is defined as the Independent System Operators (ISO) or Regional Transmission Organizations (RTO) region. ReWEP also contains prices throughout much of the western United States from the Western Energy Imbalance Market and the Western Energy Imbalance Service Market.

Year of Publication

2024

Notes

The ReWEP tool can be viewed here.