Replication data and code for photovoltaic market-value erosion in Spain's day-ahead electricity market (2016–2025)

This record contains the replication dataset, Python scripts, figures, tables, and supporting diagnostics associated with the manuscript entitled "Photovoltaic market-value erosion in Spain’s day-ahead electricity market: Evidence from captured prices and penetration-based operating states".

The study examines photovoltaic (PV) market-value erosion in the Spanish peninsular day-ahead electricity market over 2016–2025. The analysis focuses on technology-specific captured prices, capture ratios, price spreads relative to the all-hours pool benchmark, and operating states defined by PV penetration.

The replication package includes:

• A consolidated hourly dataset constructed from electricity market and power-system series obtained from Red Eléctrica de España's ESIOS platform.

• Seven Python scripts (00–06) for data preparation, descriptive figures, captured-price calculations, PV operating-state analysis, regression tables, and independent regression diagnostics.

• The numerical outputs underlying Tables 1–3 and Figures 2–5 of the main manuscript, together with Tables S1–S2 and Figures S1–S7 of the Supplementary Material.

• Documentation describing the input data, processing conventions, computational environment, and execution sequence.

The analysis defines 20 global PV-generation-weighted penetration bins, grouped into four operating states: Low, Medium, High, and Very High. Daily regression specifications include renewable penetration measures, electricity demand, calendar controls, and event indicators, with HAC/Newey–West standard errors. A robustness exercise excludes the months with the highest daily-price volatility.

The main README provides instructions for reproducing the results using Python 3.11.9. Figure 1 of the manuscript is an editable methodological diagram prepared separately and is not generated by the Python scripts.

Data source: Red Eléctrica de España (REE), ESIOS platform. The original data provider should be acknowledged when reusing the underlying information.

Access: The files are subject to a temporary embargo associated with the manuscript's editorial review and publication process. Record metadata remain publicly accessible during the embargo.