Haldrup, Niels; Nielsen, Frank S.; Nielsen, Morten … - 2009
-congestion means that electricity prices are identical whereas congestion makes prices depart. Hence, the joint price dynamics implies … switching between a univariate price process under non-congestion and a bivariate price process under congestion. At the same …-congestion, the prices are not, in general, fractionally cointegrated in the congestion state. Hence, in most cases price convergence …