In this paper, we present an innovative electricity spot price model, wherein the prices explicitly depend on the realized wind power production. The proposed arithmetic multi-factor approach captures numerous stylized facts of empirical spot price behavior like seasonal variations,...

In this paper, we develop the game-theoretic electricity market model ElStorM that includes the possibility of strategic electricity storage. We apply the model to the German electricity market and analyze different realistic and counterfactual cases of strategic and non-strategic pumped hydro...