We develop an analytical model to derive the competitive market equilibrium for electricity spot and reserve markets … under stochastic demand and uncertain renewable electricity generation. We then derive the welfare-optimal provision of … reserves. At rst-best, cost of reserve capacity is balanced against expected cost of outages. The rst-best market equilibrium …

market data. We derive supply curves for hydro reservoirs in Norway based on electricity price and hydro production time …Hydro electricity generation is of great importance for the current and the future electricity system since it provides … electricity without emitting CO2 and moreover hydro reservoirs offer high operational flexibility. With increasing shares of …

Due to the call for further integration of European markets and the targeted climate goals, both European electricity …-called Flow-Based Market Coupling (FBMC) superseded the previous net-transfer-capacity-based approach in Central Western Europe in … 2015, aiming at a better representation of physics of the electricity grid as well as increased transparency of market …

fundamental modelling approach to determine hourly German day-ahead power market prices and production volumes. The methodology … availabilities, fuel prices, must-run production and cross-border exchange. We reduce complexity by considering technology classes … 5.6 €/MWh and accurately reproduces the electricity production volumes for most thermal production units. In a case …

We present a stochastic modelling approach to describe the dynamics of hourly electricity prices. The suggested … electricity spot prices. The basic idea is to analyze day-ahead prices as panel of 24 cross-sectional hours and to identify … distribution forecast accuracy. The application for German electricity prices 2015 reveal that: (i) An autoregressive specification …