This paper proposes an extended version of the analytical structural model for the electricity market developed in a previous paper. The presented electricity price process is driven by stochastic load and random plant availability as well as stochastic marginal generation cost factors embedded...

While achieving the ambitious energy transition targets is important to society, it is also costly. To keep these costs as low as possible and, thus, increase the chances of successfully accomplishing the energy transition, upholding the basic principles of the organisation of the electricity...