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Author : Francesco Rossetto
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Assessing Market Power in the Italian Electricity Market written by Francesco Rossetto and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Simona Bigerna
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)
Download or read book Market Power and Transmission Congestion in the Italian Electricity Market written by Simona Bigerna and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analysis of market power in electricity markets is relevant for understanding the competitive development of the industry's restructuring and liberalization process. Because the existing literature lacks adequate consideration of line transmission congestion, this paper sets forth a new approach to measuring market power in the Italian Power Exchange (IPEX) by explicitly taking into account transmission line congestion. We construct the residual demand curve to disentangle the measure of unilateral market power from congestion rent for the main Italian generators during the period of April 2004 to December 2007. In Italy, this was a period of stable transmission network structure. Following the approach of Wolak (2003, 2009), we measure the unilateral market power with the Lerner Index (LI) computed as the inverse of the residual demand elasticity. In conclusion, the correct modeling of the residual demand curve including transmission congestions allows us to compute the zonal LI and therefore more accurately measure the market power when congestion occurs. Our results show that various generators exercise market power in only some zones, which provides us with a deeper understanding of the IPEX and better support for designing appropriate market surveillance and competition regulation.
Author : C. Andrea Bollino
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (129 download)
Download or read book Measuring Market Power in Wholesale Electricity Italian Market written by C. Andrea Bollino and published by . This book was released on 2019 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the new deregulated competitive Italian electricity many interesting issues arise as the market complexity, the firm strategic behavior, the market power size, and so on. Effective competition in the electricity market is a necessary features of a successful supply industry restructuring. In this paper we examine the degree of competition in the Italian market during the period April 2004 to December 2004 in two principal ways. In the first one we estimate a very intuitive relation among the differences between the hourly equilibrium price (ph) and the individual hourly bids that the competitors offer around ph, and a large set of structural and behavioral variables. In the second one the aim is twofold. The first one is to build the residual demand for each Italian Generation Company. The construction of the residual demand curve system is the necessary condition to get the second aim which is to measure the unilateral market power for the Italian Generation Companies. Following Wolak (2003) approach the appropriate measure of the unilateral market power is the Lerner index based on the residual demand curve elasticity which is computed as arc elasticity. The expected results is a deeper understanding of the Wholesale Italian Electricity Markets and of its mechanism in order to enhance competition and to design appropriate market surveillance.
Author : Mattias Almqvist
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (959 download)
Download or read book Market Power in Italian Electricity Auctions written by Mattias Almqvist and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes market power in the Italian adjustment market, one of the electricity auctions of the Italian electricity market, between 2005 and 2009. The purpose is to understand whether the four largest electricity producers submitted higher price offers to sell electricity when their levels of market power were higher. The study contributes by shedding light on producer behavior in a type of electricity auction that is rarely studied. It also contributes by incorporating the unusual empirical observation of price-elastic demand in the analysis. I compute hourly measures of ability and incentive to exercise market power for each producer using a theoretical model of bidding in electricity auctions and detailed auction data. Because the data include actual individual supply and demand functions, strong assumptions common in studies of imperfectly competitive markets can be relaxed. I estimate the relationship between producers' ability and incentive to exercise market power and their price offers controlling for daily changes in marginal cost. The results suggest that the producers submitted higher price offers when their levels of market power were higher. However, their levels of market power were mostly low and not all results are robust to changes in econometric specification. It is therefore unlikely that the producers distorted prices substantially in the Italian adjustment market by exercising market power.
Author : Simona Bigerna
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (13 download)
Download or read book Competitive Equilibrium in the Italian Wholesale Electricity Market written by Simona Bigerna and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The market power analysis in electricity market is relevant for understanding the competitive development of the industry's restructuring and the liberalization process. The paper analyzes the market power exercised by power generators in the Italian wholesale electricity market. Following the approach of Wolak (2003, 2009), the extent of market power is measured using the Lerner index computed as the inverse of arc elasticity of the residual demand faced by each Cournot competitors. Then, the market supply curves have been adjusted to entail market power effects and the new market resolutions were derived. The new equilibrium prices are the competitive ones and represent the market clearing price that would have been if the electricity market was competitive and the effects of unilateral market power were removed.
Author : Clara Poletti
Publisher : Edward Elgar Publishing
ISBN 13 : 0857933965
Total Pages : 235 pages
Book Rating : 4.8/5 (579 download)
Download or read book The Economics of Electricity Markets written by Clara Poletti and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Electricity Markets provides a cutting-edge analysis of the critical issues involved in the design and operation of electricity markets, as well as an assessment of alternative institutional arrangements that have either been implemented or are under discussion in Europe and the US. The book illustrates how a sound market design can render electricity trading and retailing very much like that of other commodities. Social and political concerns, rather than engineering or economics, are what make electricity markets 'special'. The expert contributors address a wide set of issues that arise when competition is introduced to the electricity industry, ranging from the design of spot and real-time power markets to alternative approaches to congestion management, from competition policy in wholesale electricity markets to the benefits and costs of retail competition, and from regulatory measures to ensure generation capacity adequacy to the politicization of generation investment decisions as a way of pursuing sustainability targets. This highly informative book will appeal to academics, students and researchers in the field of advanced energy economics, and will prove essential reading for energy regulators, professionals and executives wishing to explore the theoretical foundations underpinning their day-to-day activities.
Author : AA. VV.
Publisher : FrancoAngeli
ISBN 13 : 8856875888
Total Pages : 161 pages
Book Rating : 4.8/5 (568 download)
Download or read book Electricity markets and reforms in Europe written by AA. VV. and published by FrancoAngeli. This book was released on 2012-05-14T00:00:00+02:00 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: 380.381
Author : Angelica Gianfreda
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Volatility Structures of the Italian Electricity Market written by Angelica Gianfreda and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper the volatility structure of electricity prices in the Italian zonal market is analyzed. Volatility should be a primary concern for investors and operators on energy markets because it is related to investment uncertainty and power plant management. Even if volatility of electricity prices received extensive attention in the past, the relationship with traded and demanded electricity volumes has not been explored. We try to fill this gap estimating the volatility-volume link within the framework of ARMA-GARCH models, using daily data on a five year period. Opposite to what usually argued about electricity prices, we found evidence of direct leverage effect in the Italian market. Furthermore our estimates highlight an inverse relation between price volatility and lagged volumes.
Author : Angelica Gianfreda
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Zonal Price Analysis of the Italian Wholesale Electricity Market written by Angelica Gianfreda and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last few years we have observed deregulation in electricity markets and an increasing interest of price dynamics has been developed especially to consider all stylized facts shown by spot prices. Only few papers, to the authors' knowledge, have considered the Italian Electricity Spot market since it has been deregulated recently. Therefore this contribution is an investigation with emphasis on prices dynamics and volatility facts taking into account extreme spiky behavior considering median and not simply mean values to correct for outliers that heavily in°uence the analysis. Most papers consider daily averages of spot prices as arithmetic mean of 24 hourly prices. This produces a distortion because of the existence of spikes or jumps in the price dynamics. In addition a preliminary analysis of these Italian zonal spot prices, and the resulting single national price (PUN), shows interesting features as those observed in NordPool. We aim to understand price and volatility dynamics for production planning, pricing and risk{hedging problems proposing Reg-ARFIMA models considering at the same time congestions and technologies. Hence we provide evidence that all zonal prices and standard deviations are fractionally integrated and congestion costs, as defined in [9], play an important role in both studied dynamics. Finally, we draw policy indications regarding investment strategies in new power plant generators and in reinforced grid interconnections.
Author : Felicetta Iovino
Publisher : Emerald Group Publishing
ISBN 13 : 1839091096
Total Pages : 100 pages
Book Rating : 4.8/5 (39 download)
Download or read book Changes in European Energy Markets written by Felicetta Iovino and published by Emerald Group Publishing. This book was released on 2020-01-03 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes Italy as a case study, focusing on the financial performance of retail energy firms between 2008 and 2017, to provide an up-to-date and critical analysis of this sizeable shift that has taken place within the European energy sector.
Author : Valeria Termini
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (955 download)
Download or read book Electricity Derivatives and the Spot Market in Italy. Mitigating Market Power in the Electricity Market written by Valeria Termini and published by . This book was released on 2003 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Leonardo Meeus
Publisher : Edward Elgar Publishing
ISBN 13 : 1789905478
Total Pages : 192 pages
Book Rating : 4.7/5 (899 download)
Download or read book The Evolution of Electricity Markets in Europe written by Leonardo Meeus and published by Edward Elgar Publishing. This book was released on 2020-11-27 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridging theory and practice, this book offers insights into how Europe has experienced the evolution of modern electricity markets from the end of the 1990s to the present day. It explores defining moments in the process, including the four waves of European legislative packages, landmark court cases, and the impact of climate strikes and marches.
Author : Francesca Bonenti
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (793 download)
Download or read book Evaluating the Impacts of the EU-ETS on Prices, Investments and Profits of the Italian Electricity Market written by Francesca Bonenti and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rafal Weron
Publisher : John Wiley & Sons
ISBN 13 : 0470059990
Total Pages : 192 pages
Book Rating : 4.4/5 (7 download)
Download or read book Modeling and Forecasting Electricity Loads and Prices written by Rafal Weron and published by John Wiley & Sons. This book was released on 2007-01-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an in-depth and up-to-date review of different statistical tools that can be used to analyze and forecast the dynamics of two crucial for every energy company processes—electricity prices and loads. It provides coverage of seasonal decomposition, mean reversion, heavy-tailed distributions, exponential smoothing, spike preprocessing, autoregressive time series including models with exogenous variables and heteroskedastic (GARCH) components, regime-switching models, interval forecasts, jump-diffusion models, derivatives pricing and the market price of risk. Modeling and Forecasting Electricity Loads and Prices is packaged with a CD containing both the data and detailed examples of implementation of different techniques in Matlab, with additional examples in SAS. A reader can retrace all the intermediate steps of a practical implementation of a model and test his understanding of the method and correctness of the computer code using the same input data. The book will be of particular interest to the quants employed by the utilities, independent power generators and marketers, energy trading desks of the hedge funds and financial institutions, and the executives attending courses designed to help them to brush up on their technical skills. The text will be also of use to graduate students in electrical engineering, econometrics and finance wanting to get a grip on advanced statistical tools applied in this hot area. In fact, there are sixteen Case Studies in the book making it a self-contained tutorial to electricity load and price modeling and forecasting.
Author : George Galanis
Publisher : MDPI
ISBN 13 : 3039430866
Total Pages : 306 pages
Book Rating : 4.0/5 (394 download)
Download or read book Renewable Energy Resource Assessment and Forecasting written by George Galanis and published by MDPI. This book was released on 2020-11-27 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, several projects and studies have been launched towards the development and use of new methodologies, in order to assess, monitor, and support clean forms of energy. Accurate estimation of the available energy potential is of primary importance, but is not always easy to achieve. The present Special Issue on ‘Renewable Energy Resource Assessment and Forecasting’ aims to provide a holistic approach to the above issues, by presenting multidisciplinary methodologies and tools that are able to support research projects and meet today’s technical, socio-economic, and decision-making needs. In particular, research papers, reviews, and case studies on the following subjects are presented: wind, wave and solar energy; biofuels; resource assessment of combined renewable energy forms; numerical models for renewable energy forecasting; integrated forecasted systems; energy for buildings; sustainable development; resource analysis tools and statistical models; extreme value analysis and forecasting for renewable energy resources.
Author : Valbona Karapici
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659775987
Total Pages : 124 pages
Book Rating : 4.7/5 (759 download)
Download or read book Modelling and Forecasting Electricity Prices: Italian Case written by Valbona Karapici and published by LAP Lambert Academic Publishing. This book was released on 2015-08-28 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: The principal object of this project is the analysis of models most suited to forecast as best as possible the electricity market prices. In this framework the main topics discussed in our work can be summarized as follows: Summary of current situation of the European electricity market in general and of the Italian Electricity Market (IPEX) in particular, Presentation of the main characteristics of electricity prices Exposure of models useful for forecasting; Empirical analysis of a time series of prices for the Italian electricity market, using some of the models mentioned above."
Author :
Publisher :
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.:/5 (319 download)
Download or read book European Diversification and Defense Market Assessment written by and published by . This book was released on 1997 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:
