that hedging effectiveness is much higher when the seasonal pattern in spot price changes is approximated with lagged … values of the basis (futures price minus spot price). This fact remain true for short (a week) and long (one, three and six … months) hedging periods. Furthermore, volatility of weekly price changes also has a seasonal pattern and is higher in winter …

Allocations Plans are not finally settled the overall supply of allowances is not determined. In this paper we will identify key …

Upon discussion of price setting on electricity wholesale markets, many refer to the so-called merit order model …. Conventional wisdom holds that during most hours of the year, coal- or natural gas-fired power plants set the price on European … markets. In this context, this paper analyses price setting on European power markets. We use a fundamental electricity market …

Moscow's revenues and hinder its war effort. Thus, the European ministers agreed to trigger a cap on the gas price. To detect … the importance of the price cap for gas, we provide a mixture representation for the gas price to detect the presence of … autoregressive (VAR) model. As a result, including a lower gas price cap smooths the impact of a gas shock on electricity prices …

The security of energy supply is a key geopolitical factor in the relationship between the European Union and the … economies to exogenous oil supply shocks. We focus on the effects on economic activity - as measured by real Gross Value Added …