This paper extends the investigation of the stochastic properties of electricity price growth rates beyond their first two conditional moments allowing for the impact of seasonality on their parameters. The main contributions include the breakdown of electricity price risk into its pure and...

In many industries, companies rely on private third-party audits to monitor their suppliers’ adherence to various standards. These audits are frequently paid for by the entity being audited, which creates a conflict of interest that incentivizes auditors to reduce the burden of audits by...

This paper examines the perspectives of Russian gas exports to Western Europe and the strategic options of the CIS gas transiting countries, namely Ukraine and Belarus. The development of a new transit corridor through Belarus (the Yamal-Europe pipeline), depriving Ukraine of its former...

Europe's dependence on Russian gas imports has been the subject of increasing political concern after gas conflicts between Russia and Ukraine in 2006 and 2009. This paper assesses the potential impact of Russian unreliability on the European gas market, and how it affects European gas import...

We study the impact of the liberalization of EU natural gas markets on the balance of power between `local champions', customers, and outside producers. We distinguish between two steps of the reform: 1. opening access to transit pipes and 2. opening access to distribution systems, hence...

The purpose of this article is to analyze the security of supply in Colombia. The analysis considers the Reliability Charge, which is a model adapted in Colombia to guarantee generation investments. We measure the difference among demand supply electricity scenarios. The supply side for new...

In the European Union's (EU) gas transmission system the relative prices of short-term transmission capacities are specified via factors called multipliers. Previous literature indicates that, depending on the region, there exist optimal multiplier levels that can allow transport tariffs to be...

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...

In the European Union’s (EU) gas transmission system, transporting gas requires the booking of transmission capacities. For this purpose, long-term and short-term capacity products are offered. Short-term capacities are priced by multiplying long-term capacity tariffs with factors called...

We report results from a large field experiment that with a few hours prior notice provided Danish residential consumers with dynamic price and environmental signals aimed at causing them to shift their consumption either into or away from certain hours of the day. The same marginal price signal...