(In)flexibility in Power Markets with Supply from Variable Renewable Sources

With the deployment of variable renewable sources such as wind or solar photovoltaic power, electricity markets face increasing inflexibility constraints, or, in other words, increasing difficulties to swiftly adjust demand or supply in order to keep the grid in balance. The present thesis studies the impact that variable renewable energy sources have on power prices, showing that in a world with more variable renewables the flexibility needs of power markets increase.