Winkler, JennyJennyWinklerEmmerich, RouvenRouvenEmmerichRagwitz, MarioMarioRagwitzPfluger, BenjaminBenjaminPflugerSenft, ChristianChristianSenft2022-03-052022-03-052017https://publica.fraunhofer.de/handle/publica/24776410.1177/0958305X16688810The proportion of renewable energy has rapidly increased in many countries during the last few years. Due to the specific characteristics of variable renewables, this development influences the price on electricity markets as well as flexibility requirements in the electricity system. New developments regarding market liberalisation and support schemes for renewables encourage the active participation of renewables in the electricity market. This paper analyses the effects of such a participation of renewables in different electricity market segments. In particular, we investigate how the active marketing of renewables on the day-ahead, intra-day, balancing and futures markets dampen their effects on markets and systems. Using German data for 2013, we determine the effect of direct marketing on average market price levels and price volatility, the possible contribution of renewables to balancing, the profitability of flexible generation from biomass, and the additional revenues that renewables can generate from participating in different markets. Price effects of shifting renewables between markets, and limits in intra-day market liquidity are included in the assessment.en333journal article