Estimating the volatility of electricity prices: the case of the England and Wales wholesale electricity market

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F13%3A00423408" target="_blank" >RIV/67985998:_____/13:00423408 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/00216208:11640/13:00394686

Výsledek na webu

<a href="http://dx.doi.org/10.1016/j.enpol.2013.04.045" target="_blank" >http://dx.doi.org/10.1016/j.enpol.2013.04.045</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.enpol.2013.04.045" target="_blank" >10.1016/j.enpol.2013.04.045</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Estimating the volatility of electricity prices: the case of the England and Wales wholesale electricity market

Popis výsledku v původním jazyce

Price fluctuations that partially comove with demand are a specific feature inherent to liberalized electricity markets. The regulatory authority in Great Britain, however, believed that sometimes electricity prices were significantly higher than what was expected and, therefore, introduced price-cap regulation and divestment series. In this study, I analyze how the introduced institutional changes and regulatory reforms affected the dynamics of daily electricity prices in the England and Wales wholesale electricity market during 1990-2001.This research finds that the introduction of price-cap regulation did achieve the goal of lowering the price level at the cost of higher price volatility. Later, the first series of divestments is found to be successful at lowering price volatility, which however happens at the cost of a higher price level. Finally, this study also documents that the second series of divestments was more successful at lowering both the price level and volatility.

Název v anglickém jazyce

Estimating the volatility of electricity prices: the case of the England and Wales wholesale electricity market

Popis výsledku anglicky

Price fluctuations that partially comove with demand are a specific feature inherent to liberalized electricity markets. The regulatory authority in Great Britain, however, believed that sometimes electricity prices were significantly higher than what was expected and, therefore, introduced price-cap regulation and divestment series. In this study, I analyze how the introduced institutional changes and regulatory reforms affected the dynamics of daily electricity prices in the England and Wales wholesale electricity market during 1990-2001.This research finds that the introduction of price-cap regulation did achieve the goal of lowering the price level at the cost of higher price volatility. Later, the first series of divestments is found to be successful at lowering price volatility, which however happens at the cost of a higher price level. Finally, this study also documents that the second series of divestments was more successful at lowering both the price level and volatility.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2013

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Energy Policy

ISSN

0301-4215

e-ISSN

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Svazek periodika

60

Číslo periodika v rámci svazku

September

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

10

Strana od-do

81-90

Kód UT WoS článku

000323530900008

EID výsledku v databázi Scopus

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