fluctuations in electricity markets are additive in nature. We do this by exploiting a scaling relationship between price level and …

/P scaling). In the second part of the paper, it is shown that a linear supply function with stochastic intercept and … constant slope suffices to explain the 1/P scaling. Furthermore, this model allows to decompose price fluctuations in an …

) and 1.5; (ii) the volatility of growth rates is decreasing with respect to size, with a scaling exponent varying over time …, but always between -0.20 and -0.10. Preliminary analyses on more homogeneous groups cast doubts on the evidence of scaling …