This paper analyzes the integration of the American, European, and Asian natural gas markets over the period 2016-2022, with a focus on how the demand shock caused by the COVID-19 pandemic and the supply shock caused by geopolitical tensions in the European market affected this integration. We...

Demand response is crucial for balancing supply and demand in the presence of intermittent electricity generation, particularly during scarcity situations with high prices. In 2021/2022, wholesale power prices in Germany have been dramatically higher than ever before, which offers the...

This study examines attention effects in the market for hybrid vehicles. We show that local media coverage, gasoline price changes and unprecedented record gasoline prices have a significant causal impact on the consumers’ attention. As attention is not directly observable, we analyze online...

Congestion management schemes have taken a prominent place in current electricity market design discussions. In this paper, the implications of establishing zonal pricing in Europe are analyzed with regard to potential zonal delimitations and associated effects on total system costs. Thereby, a...

The German Energiewende’s potential effects on the reliability of electricity supply as well as the corresponding economic consequences have recently entered both the political and scientific debate. However, empirical evidence of power outage costs in Germany is rather scarce. Following a...

This paper shows how the effect of fuel prices varies with the level of electricity demand. It analyzes the relationship between daily prices of electricity, natural gas and carbon emission allowances with a vector error correction model and a semiparametric varying smooth coef- ficient model....