scholarly journals Estimating the Volatility of Electricity Prices: The Case of the England and Wales Wholesale Electricity Market

2011 ◽  
Author(s):  
Sherzod N. Tashpulatov
Keyword(s):  
Electricity Market ◽  
Electricity Prices ◽  
England And Wales ◽  
Wholesale Electricity Market

scholarly journals The Impact of Regulatory Reforms on Demand Weighted Average Prices

Mathematics ◽  
2021 ◽  
Vol 9 (10) ◽  
pp. 1112
Author(s):  
Sherzod N. Tashpulatov
Keyword(s):  
Electricity Market ◽  
Weighted Average ◽  
England And Wales ◽  
On Demand ◽  
Volatility Model ◽  
History Of ◽  
Wholesale Electricity Market ◽  
Model Residuals ◽  
The Impact ◽  
Regulatory Reforms

Average prices are popularly used in the literature on price modeling. Calculating daily or weekly prices as an average over hourly or half-hourly trading periods assumes the same weight ignoring demand or traded volumes during those periods. Analyzing demand weighted average prices is important if producers may affect prices by decreasing them during low-demand periods and increasing them during high-demand periods within a day. The prediction of this price manipulation might have motivated the regulatory authority to introduce price caps not only on annual average prices but also on annual demand weighted average prices in the England and Wales wholesale electricity market. The dynamics of demand weighted average prices of electricity has been analyzed little in the literature. We show that skew generalized error distribution (SGED) is the appropriate assumption for model residuals. The estimated volatility model is used for evaluating the impact of regulatory reforms on demand weighted average prices during the complete history of the England and Wales wholesale electricity market.

scholarly journals Household electricity demand, the intrinsic flexibility index and UK wholesale electricity market prices

2020 ◽  
Author(s):  
Jacopo Torriti
Keyword(s):  
Electricity Market ◽  
Power Plants ◽  
Electricity Demand ◽  
Market Prices ◽  
Vast Number ◽  
Spot Prices ◽  
Time Use Survey ◽  
Wholesale Electricity Market ◽  
The Uk ◽  
Flexibility Index

AbstractDuring peak electricity demand periods, prices in wholesale markets can be up to nine times higher than during off-peak periods. This is because if a vast number of users is consuming electricity at the same time, power plants with higher greenhouse gas emissions and higher system costs are typically activated. In the UK, the residential sector is responsible for about one third of overall electricity demand and up to 60% of peak demand. This paper presents an analysis of the 2014–2015 Office for National Statistics National Time Use Survey with a view to derive an intrinsic flexibility index based on timing of residential electricity demand. It analyses how the intrinsic flexibility varies compared with wholesale electricity market prices. Findings show that spot prices and intrinsic flexibility to shift activities vary harmoniously throughout the day. Reflections are also drawn on the application of this research to work on demand side flexibility.

scholarly journals Electricity Markets during the Liberalization: The Case of a European Union Country

Energies ◽  
2021 ◽  
Vol 14 (14) ◽  
pp. 4317
Author(s):  
Štefan Bojnec ◽  
Alan Križaj
Keyword(s):  
Electricity Markets ◽  
Electricity Market ◽  
Renewable Energy Sources ◽  
Primary Energy ◽  
Lessons Learned ◽  
Policy Implications ◽  
Daily Maximum ◽  
Energy Prices ◽  
Electricity Prices ◽  
Electricity Power

This paper analyzes electricity markets in Slovenia during the specific period of market deregulation and price liberalization. The drivers of electricity prices and electricity consumption are investigated. The Slovenian electricity markets are analyzed in relation with the European Energy Exchange (EEX) market. Associations between electricity prices on the one hand, and primary energy prices, variation in air temperature, daily maximum electricity power, and cross-border grid prices on the other hand, are analyzed separately for industrial and household consumers. Monthly data are used in a regression analysis during the period of Slovenia’s electricity market deregulation and price liberalization. Empirical results show that electricity prices achieved in the EEX market were significantly associated with primary energy prices. In Slovenia, the prices for daily maximum electricity power were significantly associated with electricity prices achieved on the EEX market. The increases in electricity prices for households, however, cannot be explained with developments in electricity prices on the EEX market. As the period analyzed is the stage of market deregulation and price liberalization, this can have important policy implications for the countries that still have regulated and monopolized electricity markets. Opening the electricity markets is expected to increase competition and reduce pressures for electricity price increases. However, the experiences and lessons learned among the countries following market deregulation and price liberalization are mixed. For industry, electricity prices affect cost competitiveness, while for households, electricity prices, through expenses, affect their welfare. A competitive and efficient electricity market should balance between suppliers’ and consumers’ market interests. With greening the energy markets and the development of the CO2 emission trading market, it is also important to encourage use of renewable energy sources.

Detecting the impact of fundamentals and regulatory reforms on the Greek wholesale electricity market using a SARMAX/GARCH model

Energy ◽  
2018 ◽  
Vol 142 ◽  
pp. 1083-1103 ◽  
Author(s):  
George P. Papaioannou ◽  
Christos Dikaiakos ◽  
Athanasios S. Dagoumas ◽  
Anargyros Dramountanis ◽  
Panagiotis G. Papaioannou
Keyword(s):  
Electricity Market ◽  
Garch Model ◽  
Wholesale Electricity Market ◽  
The Impact ◽  
Regulatory Reforms

scholarly journals Prosumer Community Portfolio Optimization via Aggregator: The Case of the Iberian Electricity Market and Portuguese Retail Market

Energies ◽  
2021 ◽  
Vol 14 (13) ◽  
pp. 3747
Author(s):  
Ricardo Faia ◽  
Tiago Pinto ◽  
Zita Vale ◽  
Juan Manuel Corchado
Keyword(s):  
Portfolio Optimization ◽  
Electricity Markets ◽  
Electricity Market ◽  
Retail Market ◽  
Wholesale Market ◽  
Generation Capacity ◽  
Wholesale Electricity Market ◽  
Portfolio Optimization Model ◽  
Photovoltaic Generators

The participation of household prosumers in wholesale electricity markets is very limited, considering the minimum participation limit imposed by most market participation rules. The generation capacity of households has been increasing since the installation of distributed generation from renewable sources in their facilities brings advantages for themselves and the system. Due to the growth of self-consumption, network operators have been putting aside the purchase of electricity from households, and there has been a reduction in the price of these transactions. This paper proposes an innovative model that uses the aggregation of households to reach the minimum limits of electricity volume needed to participate in the wholesale market. In this way, the Aggregator represents the community of households in market sales and purchases. An electricity transactions portfolio optimization model is proposed to enable the Aggregator reaching the decisions on which markets to participate to maximize the market negotiation outcomes, considering the day-ahead market, intra-day market, and retail market. A case study is presented, considering the Iberian wholesale electricity market and the Portuguese retail market. A community of 50 prosumers equipped with photovoltaic generators and individual storage systems is used to carry out the experiments. A cost reduction of 6–11% is achieved when the community of households buys and sells electricity in the wholesale market through the Aggregator.

scholarly journals Investigating the market effects of increased RES penetration with BSAM: A wholesale electricity market simulator

2021 ◽  
Vol 7 ◽  
pp. 4905-4929
Author(s):  
Yiannis Kontochristopoulos ◽  
Serafeim Michas ◽  
Nikos Kleanthis ◽  
Alexandros Flamos
Keyword(s):  
Electricity Market ◽  
Market Effects ◽  
Wholesale Electricity Market
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