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Journal articles on the topic 'Electricity markets'

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Published: 4 June 2021
Last updated: 7 July 2024

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1

Borenstein, Severin, James Bushnell, Edward Kahn, and Steven Stoft. "Market power in California electricity markets." Utilities Policy 5, no. 3-4 (July 1995): 219–36. http://dx.doi.org/10.1016/0957-1787(96)00005-7.

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2

Liu, Donglan, Xin Liu, Kun Guo, Qiang Ji, and Yingxian Chang. "Spillover Effects among Electricity Prices, Traditional Energy Prices and Carbon Market under Climate Risk." International Journal of Environmental Research and Public Health 20, no. 2 (January 8, 2023): 1116. http://dx.doi.org/10.3390/ijerph20021116.

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With the increase in global geopolitical risks and the frequent occurrence of extreme climate in recent years, the electricity prices in Europe have shown large fluctuations. Electricity price has an important impact on the cost of production and living, while electricity demand will also affect other energy markets. A double-layer system based on the spillover effects from a systematic perspective is constructed in this paper to explore the connectedness between different electricity markets and other related energy markets in Europe, considering the impact of climate risks. The results show that there are certain spillover effects among electricity markets in different countries, with a temporary upward trend in the beginning of the Russia–Ukraine conflict, and the electricity markets in the UK and Germany have a more important role in Europe. There are two-way spillover effects between the electricity market and fossil fuel markets, carbon market and carbon emission. Since 2022, the electricity market is affected by gas prices, while it has a certain impact on carbon emissions. The heating degree day (HDD) has significant spillover effects on the electricity market and other energy markets, while the spillover effects of the cooling degree day (CDD) are relatively small.
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3

Barreda-Tarrazona, Iván, Aurora García-Gallego, Marina Pavan, and Gerardo Sabater-Grande. "Demand response in experimental electricity markets." Revista Internacional de Sociología 70, Extra_1 (March 1, 2012): 127–65. http://dx.doi.org/10.3989/ris.2011.10.30.

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4

Bojnec, Štefan, and Alan Križaj. "Electricity Markets during the Liberalization: The Case of a European Union Country." Energies 14, no. 14 (July 17, 2021): 4317. http://dx.doi.org/10.3390/en14144317.

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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.
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Yang, Yang, Minglei Bao, Yi Ding, Yonghua Song, Zhenzhi Lin, and Changzheng Shao. "Review of Information Disclosure in Different Electricity Markets." Energies 11, no. 12 (December 6, 2018): 3424. http://dx.doi.org/10.3390/en11123424.

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Electricity markets have been established in many countries of the world. Electricity and services are traded in the competitive environment of electricity markets, which generates a large amount of information during the operation process. To maintain transparency and foster competition of electricity markets, timely and precise information regarding the operation of electricity market should be disclosed to the market participants through a centralized and authorized information disclosure mechanism. However, the information disclosure mechanism varies greatly in electricity markets because of different market models and transaction methods. This paper reviews information disclosure mechanisms of several typical electricity markets with the poolco model, bilateral contract model, and hybrid model. The disclosed information and clearing models in these markets are summarized to provide an overview of the present information disclosure mechanisms in typical deregulated power systems worldwide. Moreover, the various experiences for establishing an efficient information disclosure mechanism is summarized and discussed.
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6

Green, R. "Electricity and Markets." Oxford Review of Economic Policy 21, no. 1 (March 1, 2005): 67–87. http://dx.doi.org/10.1093/oxrep/gri004.

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7

Bauer, Douglas C. "US Electricity Markets." Energy Exploration & Exploitation 4, no. 2-3 (May 1986): 177–90. http://dx.doi.org/10.1177/014459878600400210.

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Current US electricity markets are showing improvement, reflecting improvement in the economy as a whole. However, we do have several concerns for the future. The risks which accompany new power plant construction have led the industry, as well as others, to seek out new alternatives. Canadian imports, cogeneration, and improved bulk power markets all have a role to play in future utility planning. But, I believe we must still retain the option of new central station generation. Current attempts in the US to remove capital formation incentives through tax reform, to prohibit construction work in progress in the rate base, and to exclude surplus capacity from cost recovery are examples of public policy decisions which we believe would be counterproductive to providing low cost, reliable power to consumers. Rather, we believe public policy should focus on providing the utility industry with the opportunities to make the best long-term economic decisions on behalf of its customers.
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8

Bishop, Simon, and Ciara McSorley. "Regulating Electricity Markets." Electricity Journal 14, no. 10 (December 2001): 81–86. http://dx.doi.org/10.1016/s1040-6190(01)00258-5.

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9

Ruff, Larry E. "Competitive Electricity Markets." Electricity Journal 12, no. 9 (November 1999): 20–35. http://dx.doi.org/10.1016/s1040-6190(99)00079-2.

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10

Morais, Hugo, Tiago Pinto, and Zita Vale. "Adjacent Markets Influence Over Electricity Trading—Iberian Benchmark Study." Energies 13, no. 11 (June 1, 2020): 2808. http://dx.doi.org/10.3390/en13112808.

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This paper presents a study on the impact of adjacent markets on the electricity market, realizing the advantages of acting in several different markets. The increased use of renewable primary sources to generate electricity and new usages of electricity such as electric mobility are contributing to a better and more rational way of living. The investment in renewable technologies for the distributed generation has been creating new opportunities for owners of such technologies. Besides the selling of electricity and related services (ancillary services) in energy markets, players can participate and negotiate in other markets, such as the carbon/CO2 market, the guarantees of origin market, or provide district heating services selling of steam and hot water among others. These market mechanisms are related to the energy market, originating a wide market strategy improving the benefits of using distributed generators. This paper describes several adjacent markets and how do they complement the electricity market. The paper also shows how the simulation of electricity and adjacent markets can be performed, using an electricity market simulator, and demonstrates, based on market simulations using real data from the Iberian market, that the participation in various complementary markets can enable power producers to obtain extra profits that are essential to cover the production costs and facilities maintenance. The findings of this paper enhance the advantages for investment on energy production based renewable sources and more efficient technologies of energy conversion.
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11

Ali, Hassan, Han Phoumin, Beni Suryadi, Aitazaz A. Farooque, and Raziq Yaqub. "Assessing ASEAN’s Liberalized Electricity Markets: The Case of Singapore and the Philippines." Sustainability 14, no. 18 (September 9, 2022): 11307. http://dx.doi.org/10.3390/su141811307.

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The efforts towards the liberalization of electricity markets have sped up recently in some countries within the Association of Southeast Asian Nations (ASEAN) region. This step of opening up the electricity markets is aimed at establishing competitive and efficient electricity markets that not only reduce electricity prices, but also support a sustainable future by reducing carbon dioxide (CO2) emissions from electricity generation and promoting the wider adoption of renewable energy (RE)-based electricity generation. This paper assesses the effects of the electricity market liberalization process in Singapore and the Philippines on these expected outcomes during the period 2015–2020. The regression analysis results suggest that in the specified period, the liberalization of the electricity market in Singapore has delivered both household and industry electricity price reductions and improvement in the RE share. However, there is no significant effect of the electricity market liberalization process on the electricity generated CO2 emissions. For the same period, the results imply that with the electricity market liberalization process in the Philippines, the electricity prices for household consumers and electricity-generated CO2 emissions have increased. Additionally, the liberalization process has no significant impact on both the RE share and industry electricity prices in the Philippines. To overcome the obstacles and strike a balance between the expected outcomes, policy recommendations are given for ASEAN economies following the pathway of liberalized electricity markets.
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12

Rahimi, A. F., and A. Y. Sheffrin. "Effective market monitoring in deregulated electricity markets." IEEE Transactions on Power Systems 18, no. 2 (May 2003): 486–93. http://dx.doi.org/10.1109/tpwrs.2003.810680.

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13

Wang, P., Y. Xiao, and Y. Ding. "Nodal Market Power Assessment in Electricity Markets." IEEE Transactions on Power Systems 19, no. 3 (August 2004): 1373–79. http://dx.doi.org/10.1109/tpwrs.2004.831695.

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14

Doorman, Gerard, and Bjørn Nygreen. "Market Price Calculations in Restructured Electricity Markets." Annals of Operations Research 124, no. 1-4 (November 2003): 49–67. http://dx.doi.org/10.1023/b:anor.0000004762.31449.33.

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15

Chen, Qiang, Anush Balian, Mykola Kyzym, Tetiana Salashenko, Inna Gryshova, and Viktoriia Khaustova. "Electricity Markets Instability: Causes of Price Dispersion." Sustainability 13, no. 22 (November 9, 2021): 12343. http://dx.doi.org/10.3390/su132212343.

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The creation of a single competitive EU energy market is aimed at establishing a fair price in the integrated market space. However, electricity markets in European countries remain rather fragmented, and the marginal pricing method, which is the basic one used in the market, conditions a persistent price dispersion in the search for market equilibrium. This study examines the dispersion of electricity prices in 40 bidding zones in 26 European countries by means of quartile analysis. The geographic orientation of the markets, direction of electricity flows, and structure of electricity generation are considered as the causes of this dispersion. In the study, the geographical boundaries of the electricity markets are determined using the methods of correlation analysis of prices and transitive closure of commercial electricity flows. This makes it possible to single out highly integrated, moderately integrated, poorly integrated, and non-integrated markets. Using cluster analysis, electricity markets are classified according to the structure of electricity generation and direction of flows, with the identification of five clusters based on the dominant type of generation and three clusters based on the dominant direction of electricity supply. For each factor under investigation, the intragroup price dispersion is established. The results of the study have allowed to build a three-dimensional matrix that provides for determining the directions of changes in electricity prices when moving between its quadrants.
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16

Dissanayake, B., N. Perera, and L. Velmanickam. "Review of methodologies used in electricity supply and demand forecasting." Bolgoda Plains 3, no. 1 (August 2023): 32–35. http://dx.doi.org/10.31705/bprm.v3(1).2023.8.

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The electricity market is a critical component of modern society, providing the essential energy needed to power our homes, businesses, and industries. European countries began to liberalize their electricity markets in an effort to increase competition and reduce prices for consumers (Sousa & Soares, 2020). In a liberalized electricity market, electricity is treated as a tradable commodity like any other product. This implies that European electricity markets are subject to the same economic principles of supply and demand as other markets, with prices rising when demand outstrips supply and falling when supply exceeds demand.
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17

Mays, Jacob. "Quasi-Stochastic Electricity Markets." INFORMS Journal on Optimization 3, no. 4 (October 2021): 350–72. http://dx.doi.org/10.1287/ijoo.2021.0051.

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With wind and solar becoming major contributors to electricity production in many systems, wholesale market operators have become increasingly aware of the need to address uncertainty when forming prices. Although implementing theoretically ideal stochastic market clearing to address uncertainty may be impossible, the use of operating reserve demand curves allows market designers to inject an element of stochasticity into deterministic market clearing formulations. The construction of these curves, which alter the procurement of reserves and therefore the pricing of both reserves and energy, relies on contentious administrative parameters that lack strong theoretical justification. This paper proposes instead to link their construction to outcomes that would be expected in efficient stochastic markets. The analysis considers the potential of these “quasi-stochastic” market clearing approaches to improve efficiency relative to the deterministic status quo as well as ways in which they are unable to fully replicate the stochastic ideal. Further, the paper argues that efficiently managing uncertainty entails a reexamination of the discriminatory uplift payments and enhanced pricing schemes currently employed to address nonconvexity.
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18

Dyomina, Olga, and Svetlana Naiden. "State Patronage on Heat and Electricity Markets of the Russian Far East." E3S Web of Conferences 209 (2020): 05001. http://dx.doi.org/10.1051/e3sconf/202020905001.

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The paper examines the conditions and goals of state patronage on heat and electricity markets of the Russian Far East. The distinct characteristic of market organization in the region is the lack of a unified energy system, high share of districts with decentralized energy supply, and segmentation of the electricity market. Based on the technological and institutional similarities, scale and form of state patronage, three zones of electricity market were established: market, semi-market, and regulated. The forms of state patronage on heat and electricity markets of the Far East are the following: state regulation of heat and electricity tariffs, setting the tariffs below actual costs, subsidies for providers and consumers of energy, state-sponsored construction of energy capacities. The paper evaluated the scale of patronage on heat and electricity markets and reached the conclusion that without state patronage the Far Eastern consumers of heat and electricity will not be able to purchase energy in market conditions.
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19

Panfil, Michael, and Rama Zakaria. "Uncovering Wholesale Electricity Market Principles." Michigan Journal of Environmental & Administrative Law, no. 9.1 (2020): 145. http://dx.doi.org/10.36640/mjeal.9.1.uncovering.

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This paper examines, enunciates, and makes explicit a set of market principles historically relied upon by the Federal Energy Regulatory Commission (FERC) to regulate wholesale electricity markets as required under the Federal Power Act (FPA). These identified competitive market principles are supported by policy and legal foundations that run through a myriad of FERC orders and court decisions. This paper seeks to make that history and those implicit market principles explicit by distilling and organizing Commission Orders and court decisions. It concludes that five market principles, each with multiple subprinciples, can be identified as elemental to how FERC understands and implements its statutory authority. Clear articulation of these foundational principles should help guide engaged entities as wholesale power markets continue to evolve. Market Principle 1 states that wholesale market revenues should predominantly flow from well-designed energy and ancillary services markets. Market structures generally are found to be preferable to non-market structures. Moreover, energy and ancillary services markets, in relationship to wholesale capacity markets, are better able to efficiently promote a least-cost resource. Market Principle 2 states that when altering market design, FERC and Independent System Operators (ISOs) should focus on only those services that are clearly needed, and ensure that any market design change does not unduly discriminate between resources. Market design changes focused on technology-neutral and well-defined granular services will help ensure that the design change does not lead to undue discrimination or preference that effectively favors certain resources. When such an impact still occurs, strong evidence showing that the rules are not unreasonable and arbitrary and that no non-unduly discriminatory and preferential alternative exists must support the change. Market Principle 3 states that interventions that distort transparent and accurate pricing should be minimized. Out-of-market interventions, in particular, have the potential to distort price signals and undermine competition. Market Principle 4 states that FERC’s just and reasonable standard strongly favors rate decreasing outcomes. Markets are premised on the economic presumption that competition reduces prices, in furtherance of the just and reasonable standard. Market Principle 5 states that FERC and ISOs should facilitate and not undermine state public policy preferences. FERC and ISOs are not well-situated to serve as decision-makers in determining which state public policy preferences should be given effect. State public policy preferences that do not run afoul of FERC’s authority under the FPA should thus be given full effect.
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20

Mjelde, James W., and David A. Bessler. "Market integration among electricity markets and their major fuel source markets." Energy Economics 31, no. 3 (May 2009): 482–91. http://dx.doi.org/10.1016/j.eneco.2009.02.002.

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21

Roumkos, Christos, Pandelis N. Biskas, and Ilias G. Marneris. "Integration of European Electricity Balancing Markets." Energies 15, no. 6 (March 18, 2022): 2240. http://dx.doi.org/10.3390/en15062240.

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Achieving a fully integrated energy market under the EU electricity target model constitutes an ongoing process. Given that the integration of spot markets is already at a mature stage, the next step forward is the successful integration of the balancing markets across European control areas. An analytical review of all the aspects governing the European balancing market integration is presented in this paper, providing a detailed description on the European regulatory framework on this topic. In addition, the design variables that need to be harmonized among national balancing markets as well as the available balancing market arrangements for the exchange of cross-border balancing services are presented. Numerical examples of the essence of the balancing market integration are provided, and the implementation projects initiated by European transmission system operators (TSOs) towards this direction are described. The review concludes that balancing market integration may indeed lead to a significant reduction in the balancing costs for the participating control areas, but further effort is still required to move from a regional level to a European-wide real-time balancing market, so that the whole potential of such a new landscape is revealed to the benefit of end-consumers.
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22

Monteiro, Claudio, Ignacio J. Ramirez-Rosado, and L. Alfredo Fernandez-Jimenez. "A strategy for electricity buyers in futures markets." E3S Web of Conferences 152 (2020): 03007. http://dx.doi.org/10.1051/e3sconf/202015203007.

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This paper presents an original trading strategy for electricity buyers in futures markets. The strategy applies a medium-term electricity price forecasting model to predict the monthly average spot price which is used to evaluate the Risk Premium for a physical delivery under a monthly electricity futures contract. The proposed trading strategy aims to provide an advantage relatively to the traditional strategy of electricity buyers (used as benchmark), anticipating the good/wrong decision of buying electricity in the futures market instead in the day-ahead market. The mid-term monthly average spot price forecasting model, which supports the trading strategy, uses only information available from futures and spot markets at the decision moment. Both the new trading strategy and the monthly average spot price forecasting model, proposed in this paper, have been successfully tested with historical data of the Iberian Electricity Market (MIBEL), although they could be applied to other electricity markets.
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23

Schäfer, Sebastian, and Lisa Altvater. "A Capacity Market for the Transition towards Renewable-Based Electricity Generation with Enhanced Political Feasibility." Energies 14, no. 18 (September 17, 2021): 5889. http://dx.doi.org/10.3390/en14185889.

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There is a debate if electricity markets on the basis of energy-only markets ensure a sufficient generation capacity. Various capacity mechanisms are discussed to tackle this potential problem. Capacity auctions with reliability options are seen as one market-based solution. Assuming a perfect energy-only market, this mechanism leads to an equilibrium with an optimal capacity mix. This optimum is missed if there are distorted price signals at the electricity market. This is a serious problem since, despite substantial cost reductions, renewable-based electricity generation still depends on subsidies, which are not internalized at electricity markets. We develop a capacity market that internalizes subsidies for RES without direct intervention in the electricity market. The result is an endogenous discrimination of capacity prices, which enhances acceptance for a capacity market. Arising incentives direct the capacity mix to an equilibrium where discriminated prices converge to one uniform capacity price. The equilibrium is the optimal answer of fossil capacity to RES-based electricity generation.
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24

Thakare, Sameer, Neeraj Dhanraj Bokde, and Andrés E. Feijóo-Lorenzo. "Forecasting different dimensions of liquidity in the intraday electricity markets: A review." AIMS Energy 11, no. 5 (2023): 918–59. http://dx.doi.org/10.3934/energy.2023044.

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<abstract><p>Energy consumption increases daily across the world. Electricity is the best means that humankind has found for transmitting energy. This can be said regardless of its origin. Energy transmission is crucial for ensuring the efficient and reliable distribution of electricity from power generation sources to end-users. It forms the backbone of modern societies, supporting various sectors such as residential, commercial, and industrial activities. Energy transmission is a fundamental enabler of well-functioning and competitive electricity markets, supporting reliable supply, market integration, price stability, and the integration of renewable energy sources. Electric energy sourced from various regions worldwide is routinely traded within these electricity markets on a daily basis. This paper presents a review of forecasting techniques for intraday electricity markets prices, volumes, and price volatility. Electricity markets operate in a sequential manner, encompassing distinct components such as the day-ahead, intraday, and balancing markets. The intraday market is closely linked to the timely delivery of electricity, as it facilitates the trading and adjustment of electricity supply and demand on the same day of delivery to ensure a balanced and reliable power grid. Accurate forecasts are essential for traders to maximize profits within intraday markets, making forecasting a critical concern in electricity market management. In this review, statistical and econometric approaches, involving various machine learning and ensemble/hybrid techniques, are presented. Overall, the literature highlights the superiority of machine learning and ensemble/hybrid models over statistical models.</p></abstract>
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25

Penya, Yoseba K., and Nicholas R. Jennings. "Optimal combinatorial electricity markets." Web Intelligence and Agent Systems: An International Journal 6, no. 2 (2008): 123–35. http://dx.doi.org/10.3233/wia-2008-0133.

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26

Taylor, W. "Competition in Electricity Markets." IEEE Power Engineering Review 16, no. 7 (July 1996): 11. http://dx.doi.org/10.1109/mper.1996.512035.

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27

Salerian, John, Tendai Gregan, and Ann Stevens. "Pricing in Electricity Markets." Journal of Policy Modeling 22, no. 7 (December 2000): 859–93. http://dx.doi.org/10.1016/s0161-8938(98)00033-7.

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28

BILAS, RICHARD A., KENNETH L. LAY, GORDON R. SMITH, MICHAL C. MOORE, and ROBERT J. MICHAELS. "POWER MARKETS: RESTRUCTURING ELECTRICITY." Contemporary Economic Policy 17, no. 1 (January 1999): 1–19. http://dx.doi.org/10.1111/j.1465-7287.1999.tb00659.x.

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29

del Río, Pablo. "The Impact of Market Power on the Functioning of Tradable Green Certificates Schemes." Energy & Environment 18, no. 2 (March 2007): 207–31. http://dx.doi.org/10.1177/0958305x0701800203.

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Quotas with Tradable Green Certificates (TGC) schemes have generally been regarded as an effective and cost-efficient way to promote electricity from renewable energy sources (RES-E). The theoretical analysis of the effectiveness and cost-effectiveness of TGC schemes has traditionally taken place assuming perfect competition in, both the electricity and TGC markets. However, these markets may not approach the conditions of a perfectly competitive market. This paper analyses the influence of market power in, both, the TGC and electricity markets on RES-E deployment, cost-effectiveness and cost distribution. The major conclusion is that market power should not be a concern. Market power does not affect the effectiveness of a quota with TGC system, i.e., it does not affect RES-E deployment, although market power on the supply side of markets may negatively affect the cost-effectiveness of the system and increase the cost burden for electricity consumers.
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30

Johnathon, Chris, Ashish Prakash Agalgaonkar, Joel Kennedy, and Chayne Planiden. "Analyzing Electricity Markets with Increasing Penetration of Large-Scale Renewable Power Generation." Energies 14, no. 22 (November 15, 2021): 7618. http://dx.doi.org/10.3390/en14227618.

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Global electricity markets are undergoing a rapid transformation in their energy mix to meet commitments towards sustainable electric grids. This change in energy mix engenders significant challenges, specifically concerning the management of non-dispatchable energy resources. System and market operators are required to meet power system security and reliability requirements whilst providing electricity at competitive prices. An overview of electricity markets is provided in this paper with a critical appraisal of each market’s ability to manage the large-scale energy mix transition. This paper provides a commentary on the distinct features of electricity market models implemented around the world and highlights the barriers within these market models that are hindering the energy mix transition. Various researchers and policymakers are proposing solutions and market reforms for the smooth transitioning of the energy mix. This paper presents a systematic review of the proposed solutions in the literature and critiques the effectiveness and ease of implementation of the reviewed solutions. Research gaps and future research directions are indicated to promote further exploration towards the effective integration of large-scale renewable energy technologies.
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31

Liu, Wenxuan, Binghao He, Yusheng Xue, Jie Huang, Junhua Zhao, and Fushuan Wen. "A comprehensive modeling framework for coupled electricity and carbon markets." Energy Conversion and Economics 5, no. 1 (February 2024): 1–14. http://dx.doi.org/10.1049/enc2.12108.

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AbstractThe carbon market plays a critical role in promoting the transition toward renewable energy sources and reducing greenhouse gas emissions in the electricity generation and transmission. Extant research has overlooked the dynamic bilateral causality that exists between electricity and carbon markets. Moreover, these studies have frequently treated the macroeconomic effect as exogenous. To bridge this research gap, this paper presents a holistic modeling framework that comprehensively captures the intertwined nature of electricity and carbon markets and their concomitant interactions with the overarching economy. The suggested modeling framework is an integration of three principal modules, namely, a carbon market, an electricity market, and economic system. This synergistic blend provides an exhaustive understanding of the entire market operation cycle. It offers detailed clearance rules, and most importantly, it adopts a macroeconomic systematic modeling approach for evaluating the impact emanating from the interconnected electricity and carbon markets. To illustrate the practicality and effectiveness of the proposed approach, a case study anchored on empirical data sourced from the electricity and carbon markets in China is conducted. The empirical findings underscore the fact that incorporating a green certificate market into the modeling framework can precipitate a reduction in greenhouse gas emissions. Additionally, the results indicate that expanding the scale of the green certificate market from 1.9% in 2021 to 33% by 2023 will increase the generation of green electricity by 10%.
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Mozdawar, Seyed Alireza, Asghar Akbari Foroud, and Meysam Amirahmadi. "Interdependent electricity markets design: Market power and gaming." International Journal of Electrical Power & Energy Systems 136 (March 2022): 107641. http://dx.doi.org/10.1016/j.ijepes.2021.107641.

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33

Wachi, Tsunehisa, Suguru Fukutome, Luonan Chen, and Yoshinori Makino. "Decomposition of Market Clearing Price in Electricity Markets." IEEJ Transactions on Power and Energy 126, no. 3 (2006): 297–307. http://dx.doi.org/10.1541/ieejpes.126.297.

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34

Ausubel, Lawrence M., and Peter Cramton. "Using forward markets to improve electricity market design." Utilities Policy 18, no. 4 (December 2010): 195–200. http://dx.doi.org/10.1016/j.jup.2010.05.004.

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35

Macedo, Daniela Pereira, António Cardoso Marques, and Olivier Damette. "Challenges in Assessing the Behaviour of Nodal Electricity Prices in Insular Electricity Markets: The Case of New Zealand." Economies 11, no. 6 (June 1, 2023): 159. http://dx.doi.org/10.3390/economies11060159.

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In this new era of energy transition, access to reliable and correctly functioning electricity markets is a huge concern for all economies. The restructuring path taken by most electricity markets involves the movement towards green generation structures and the increasing integration of wind and solar photovoltaic energy sources. Furthermore, it involves the electrification of energy systems, which implies a substantial increase in electricity demand levels. It is also important to add that electricity use has been pivotal in achieving efficient productivity levels in many sectors and is thus crucial to boosting economic activity. Nevertheless, this shift in generation structures has raised several challenges in electricity markets, mainly because the electricity produced from wind and solar photovoltaics is intermittent. In turn, adopting green power sources has been claimed to increase electricity price volatility and thus increase pricing risks. Therefore, to ensure that the right market signals are being sent to investors, the behaviour of electricity prices should be carefully assessed. There are three main types of pricing mechanisms commonly used in electricity markets: zonal, uniform and nodal. This study provides a short literature survey on these three pricing mechanisms. Our analysis has revealed that the assessment of the behaviour of nodal electricity price volatility is rarely studied in the literature. This fact has motivated the exploration of this topic and the consideration of the New Zealand electricity market case. The New Zealand electricity market is an energy-only system with no interconnections with other electricity markets. Furthermore, it has plenty of electricity produced from hydropower, which has a high potential to reduce price volatility through its backup role. The nodal pricing mechanism is complex, and data on it are hard to process. This paper elucidates the main challenges in processing electricity big data. Three different procedures to make this data more useable are described in detail. The main conclusions of this paper highlight the need to access easy-to-manage data and identify certain variables that significantly affect nodal prices for data which are unavailable.
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Topalović, Zejneba, Reinhard Haas, Amela Ajanović, and Marlene Sayer. "Prospects of electricity storage." Renewable Energy and Environmental Sustainability 8 (2023): 2. http://dx.doi.org/10.1051/rees/2022016.

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With the expansion of renewables in the electricity markets, research on electricity storage economics is needed for a better understanding of the utilization of these systems and for improving the performance of intermittent variable generation. Collected up-to-date research of electricity storage systems published in a wide range of articles with high impact factors gives a comprehensive review of the current studies regarding all relevant parameters for storage utilization in the electricity markets. Valuable research of technical characteristics from the literature is broadened with the electricity storage analyses from an economic point-of-view. Analysis of selected technologies, considering different perspectives such as their profitability, technical maturity, and environmental aspect, is a valuable addition to the previous research on electricity storage systems. Comparing conducted analysis with the selected literature, electricity storage technologies are analyzed concerning their viability in the electricity markets. Given the current outlook of the electricity market, the main problems for storage's wider integration are still energy storage costs. These can be overcome with different applications of energy storage systems, integration of new market players, or a combination of storage technologies along with the implementation of new energy policies for storage.
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Busu, Mihail, Roxana ClodniȚchi, and Manuela Liliana MureȘan. "A correlation analysis of the spot market prices of the Romanian electricity sector." Management & Marketing. Challenges for the Knowledge Society 14, no. 1 (March 1, 2019): 150–62. http://dx.doi.org/10.2478/mmcks-2019-0010.

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Abstract The energy sector is particularly important in the national economy as a whole, while the electricity sector is its main component. The developments in this area have strong economic and social repercussions. This article makes an overview of the electricity sector, illustrating the monthly evolution of consumption and production of instantaneous electricity in Romania in the past few years. Further on, the paper presents the monthly evolution of instantaneous consumption and production of electricity in Romania, the annual structure of electricity production and the depiction of some basic indicators of centralized electricity markets managed by OPCOM. The quantitative analysis presents the monthly evolution of weighted average prices on the competitive markets managed by OPCOM and a linear correlation analysis of the spot market prices in the Eastern European region. The conclusions of the article are in line with the research in the field and show that the electricity markets have registered important evolutions in Romania, both in terms of size and prices, evolutions based on both structural and behavioral factors. It also showed that spot market prices had relatively similar developments over the period analyzed in several countries in the region, with price correlations that seem to be even stronger as the interconnection of electricity grids is higher. Therefore, the results confirm the economic theory, namely that increasing the interconnection of electricity markets can lead to energy prices being brought closer, but also to mitigating the shocks affecting these markets.
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Zou, Shaohui, and Tian Zhang. "Multifractal Detrended Cross-Correlation Analysis of Electricity and Carbon Markets in China." Mathematical Problems in Engineering 2019 (May 14, 2019): 1–13. http://dx.doi.org/10.1155/2019/9350940.

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With the development of carbon market, the complex dynamic relationship between electricity and carbon market has become the focus of energy research area. In this paper, we applied a new developed multifractal detrended cross-correlation analysis method to investigate the cross-correlation and multifractality between electricity and carbon markets. We analyze the daily return of electricity and carbon prices over a period of 6 years to do the research. The results show that, firstly, we find that there is a strong negative correlation between domestic carbon price and electricity price and a significant cross-correlation between the return series of electricity and carbon markets. Secondly, through multifractal detrended fluctuation analysis, it is proven that there are obvious multifractal characteristics in the return series of electricity and carbon markets, and the results of traditional linear analysis are unreliable. We also find that, based on multifractal detrended cross-correlation analysis, the law cross-correlation between electricity and carbon markets exists significantly. The long-range correlation of small fluctuations and large fluctuations and the fat tail distribution of return series are the reasons for the formation of multifractality.
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39

Piao, Longjian, Laurens de Vries, Mathijs de Weerdt, and Neil Yorke-Smith. "Electricity Markets for DC Distribution Systems: Design Options." Energies 12, no. 14 (July 10, 2019): 2640. http://dx.doi.org/10.3390/en12142640.

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DC distribution systems (DCDSs) are a promising alternative to AC systems because they remove AC-DC conversions between renewable sources and loads. Their unique features compared to AC include low system inertia, strict power limits and power–voltage coupling. In a liberalised electricity market, merely applying an AC market design to a DCDS cannot guarantee the latter’s supply security and voltage stability; new markets must be designed to meet DC challenges. This article identifies the key design options of DCDS electricity markets. To identify these options, we develop a comprehensive design framework for local electricity markets; to our knowledge, we provide the first such analysis. Whereas previous studies focus on separate aspects of DCDS markets, we widen the scope to include the role of market architecture and investigate the arrangements of sub-markets. As an illustration, we demonstrate three promising DCDS market designs that can be defined in our framework, and provide a first assessment of their performance.
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40

Budhraja, Vikram S. "Harmonizing Electricity Markets with the Physics of Electricity." Electricity Journal 16, no. 3 (April 2003): 51–58. http://dx.doi.org/10.1016/s1040-6190(03)00028-9.

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41

Bojnec, Štefan. "Electricity Markets, Electricity Prices and Green Energy Transition." Energies 16, no. 2 (January 12, 2023): 873. http://dx.doi.org/10.3390/en16020873.

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42

Borenstein, Severin. "The Trouble With Electricity Markets: Understanding California's Restructuring Disaster." Journal of Economic Perspectives 16, no. 1 (February 1, 2002): 191–211. http://dx.doi.org/10.1257/0895330027175.

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In June 2000, after two years of fairly smooth operation, California's deregulated wholesale electricity market began producing extremely high prices and threats of supply shortages. The upheaval demonstrated dramatically why most current electricity markets are extremely volatile: demand is difficult to forecast and exhibits virtually no price responsiveness, while supply faces strict production constraints and prohibitive storage costs. This structure leads to periods of surplus and of shortage, the latter exacerbated by sellers' ability to exercise market power. Electricity markets can function much more smoothly, however, if they are designed to support price-responsive demand and long-term wholesale contracts for electricity.
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43

Oksuz, Ilkay, and Umut Ugurlu. "Neural Network Based Model Comparison for Intraday Electricity Price Forecasting." Energies 12, no. 23 (November 29, 2019): 4557. http://dx.doi.org/10.3390/en12234557.

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The intraday electricity markets are continuous trade platforms for each hour of the day and have specific characteristics. These markets have shown an increasing number of transactions due to the requirement of close to delivery electricity trade. Recently, intraday electricity price market research has seen a rapid increase in a number of works for price prediction. However, most of these works focus on the features and descriptive statistics of the intraday electricity markets and overlook the comparison of different available models. In this paper, we compare a variety of methods including neural networks to predict intraday electricity market prices in Turkish intraday market. The recurrent neural networks methods outperform the classical methods. Furthermore, gated recurrent unit network architecture achieves the best results with a mean absolute error of 0.978 and a root mean square error of 1.302. Moreover, our results indicate that day-ahead market price of the corresponding hour is a key feature for intraday price forecasting and estimating spread values with day-ahead prices proves to be a more efficient method for prediction.
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44

Yu, Wang, Gerald B. Sheblé, and Manuel António Matos. "APPLICATION OF MARKOV CHAIN MODELS FOR SHORT-TERM GENERATION ASSETS VALUATION." Probability in the Engineering and Informational Sciences 20, no. 1 (December 12, 2005): 127–41. http://dx.doi.org/10.1017/s0269964806060086.

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This paper valuates generation assets within deregulated electricity markets. A new framework for modeling electricity markets with a Markov chain model is proposed. The Markov chain model captures the fundamental economic forces underlying the electricity markets such as demand on electricity and supplied online generation capacity. Based on this new model, a real option analysis is adopted to valuate generation assets. The Markov chain model is combined with a binomial tree to approximate the stochastic movement of prices on both electric energy and ancillary services, which are driven by the market forces. A detailed example is presented. This method is shown to provide optimal operation policies and market values of generation assets. This method also provides means to analyze the impacts of demand growth patterns, competition strategies of competitors, and other key economic forces.
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45

Wang, Hui, Congcong Wang, and Wenhui Zhao. "Decision on Mixed Trading between Medium- and Long-Term Markets and Spot Markets for Electricity Sales Companies under New Electricity Reform Policies." Energies 15, no. 24 (December 16, 2022): 9568. http://dx.doi.org/10.3390/en15249568.

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The introduction of the new round of electricity reform policies has made the electricity sales companies’ trading environment increasingly complex. In the medium- and long-term market and spot market, following the new policy-oriented optimization of trading decisions is the focus of electricity sales companies. The main objective of this study is to consider the impact of the latest policies of China’s current electricity reform on each subject of electricity trading and to propose a method for electricity sales companies to make optimal decisions on renewable energy source (RES) power and conventional energy source (CES) power mixed with power trading in the medium- and long-term and spot markets to improve the efficiency of electricity market trading, promoting the consumption of renewable energy and helping the synergistic development of the electricity market and the tradable green certificate (TGC) market. This paper first discusses the impact of the new electricity reform policies on the transactions of various subjects in the electricity market and constructs the model of the consumer utility function, the profit model of an electricity sales company, and the profit model of power generators with energy storage. Considering the complex power supply and demand relationship among the various subjects of the electricity market, a game model is established for the decision on mixed trading between the medium- and long-term market, the spot market, and the tradable green certificate market to minimize the comprehensive power purchase cost of an electricity sales company. To reduce the decision-making risk caused by the uncertainty of spot price, the prophet model is used to predict the spot price; finally, through the analysis of the decision-making model of the electricity sales companies, the optimal transaction decisions of the electricity sales companies in different trading periods and different scenarios are solved. The test results show that the proposed model can significantly improve the profitability of the electricity sales companies and provide a decision-making reference for electricity sales companies to participate in the medium- and long-term market and spot market.
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46

Hogan, William W. "Electricity Market Design and Zero-Marginal Cost Generation." Current Sustainable/Renewable Energy Reports 9, no. 1 (February 24, 2022): 15–26. http://dx.doi.org/10.1007/s40518-021-00200-9.

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Abstract Purpose of Review Competitive electricity systems arose in the context of thermal generation with dispatchable production and increasing variable costs. This paper addresses key impacts on efficient market design with increasing reliance on renewable energy sources such as solar and wind that are intermittent and have very low marginal costs. Recent Findings The basics of efficient electricity markets design have been adopted by all the organized electricity markets in the USA. This is the only competitive electricity market design that supports the principles of open access and non-discrimination. Summary An expansion of intermittent zero-marginal cost generation does not change the fundamentals of efficient electricity market design. Rather, it increases the importance of implementing the design and associated reforms that have been identified from market experience. These include improved scarcity pricing, demand participation, and carbon pricing.
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Schütz Roungkvist, Jannik, Peter Enevoldsen, and George Xydis. "High-Resolution Electricity Spot Price Forecast for the Danish Power Market." Sustainability 12, no. 10 (May 22, 2020): 4267. http://dx.doi.org/10.3390/su12104267.

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Energy markets with a high penetration of renewables are more likely to be challenged by price variations or volatility, which is partly due to the stochastic nature of renewable energy. The Danish electricity market (DK1) is a great example of such a market, as 49% of the power production in DK1 is based on wind power, conclusively challenging the electricity spot price forecast for the Danish power market. The energy industry and academia have tried to find the best practices for spot price forecasting in Denmark, by introducing everything from linear models to sophisticated machine-learning approaches. This paper presents a linear model for price forecasting—based on electricity consumption, thermal power production, wind production and previous electricity prices—to estimate long-term electricity prices in electricity markets with a high wind penetration levels, to help utilities and asset owners to develop risk management strategies and for asset valuation.
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48

Salashenko, Tetiana, Alessandro Rubino, Viktoriia Khaustova, Stella Lippolis, Olha Ilyash, and Claudia Capozza. "Identification of the energy crisis in the EU electricity markets." IOP Conference Series: Earth and Environmental Science 1269, no. 1 (November 1, 2023): 012008. http://dx.doi.org/10.1088/1755-1315/1269/1/012008.

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Abstract In the second half of 2021 - the first half of 2023, the EU electricity markets were under unprecedented pressure caused by soaring gas prices and aggravated by other fundamental factors. This period corresponds to the energy crisis in the EU electric power sector. However, all EU electricity markets responded to the energy crisis differently. This paper proposes a methodology for revealing the energy crisis in the electricity market, which is based on the tools of descriptive statistics, explanatory data analysis and k-means clustering which allows to identification duration and phases of the energy crisis such as escalation, peak, and recovery phases. Using this methodology, the energy crisis was identified in the EU electricity markets (by separate bidding zones), and as a result, the starting and ending points of the energy crisis, as well as the changing by phases, were determined. Additionally, the use of hierarchical and agglomerative clustering methods made it possible to divide all EU electricity markets into 9 clusters by the evolution of the energy crisis and identify unaffected, resilient vulnerable markets to the energy crisis, and markets with their own dynamics.
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Schittekatte, Tim, Valerie Reif, and Leonardo Meeus. "Welcoming New Entrants into European Electricity Markets." Energies 14, no. 13 (July 5, 2021): 4051. http://dx.doi.org/10.3390/en14134051.

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In this review paper, we select four important waves of new entrants that knocked on the door of European electricity markets to illustrate how market rules need to be continuously adapted to allow new entrants to come in and push innovation forward. The new entrants that we selected are utilities venturing into neighbouring markets after establishing a strong position in their home market, utility-scale renewables project developers, asset-light software companies aggregating smaller consumers and producers, and different types of communities. We show that well-intentioned rules designed for certain types of market participants can (unintentionally) become obstacles for new entrants. We conclude that the evolution of market rules illustrates the importance of dynamic regulation. At the start of the liberalisation process the view was that we would deregulate or re-regulate the sector after which the role of regulators could be reduced. However, their role has only increased. New players tend to improve the sustainability of the electricity sector in environmental, social, or economic terms but might also present new risks that require intervention by regulators.
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50

WU, Felix. "Recent Trends of Electricity Markets." Journal of the Institute of Electrical Engineers of Japan 118, no. 3 (1998): 169–72. http://dx.doi.org/10.1541/ieejjournal.118.169.

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