The effects of renewable energy generation on electricity prices

Summary

How does the choice of energy sources affect the price of electricity in Denmark, Finland, Sweden, and Norway? By analysing data from 2004 to 2021 on the shares of electricity originating from hydro power, solar power, wind power, nuclear power, and combustible fuels respectively, as well as the oil price, consumed amount of electricity, amount of electricity imported, and amount of electricity exported, regression models for all four countries will help to explain this. The results show that Finland would benefit from increasing their shares of hydro power, wind power, and nuclear power, Sweden should increase their share of hydro power, export and import, and decrease their share of combustible fuels, and Norway should decrease their share of hydro power, combustible fuels, and consumption of electricity. None of the variables used will affect the electricity price in Denmark.