The impact of introducing seven-day-trading on the Austrian electricity market |
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Authors: | Matthias Pickl Erich Wagner Franz Wirl |
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Institution: | 1.University of Vienna,Vienna,Austria |
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Abstract: | This paper analyses the impacts of the new daily green electricity production forecasting policy by the Austrian Green Electricity
Settlement Agency (OEMAG) and the newly introduced seven-day electricity trading mechanism by the European Energy Exchange
(EEX) on the Austrian electricity market.
By treating these two market policy alterations as natural experiments and applying statistical and econometric methods to
a unique data set, it is investigated whether thereby (i) a reduction of the green electricity production forecasting uncertainties
and (ii) a generally more efficient electricity market with accompanying lower net costs is attained. Furthermore, we analyse
whether (iii) seven-day-trading helps to mitigate the Friday-Monday effect that is often observed on stock and other exchanges
markets. Finally, we investigate whether or not (iv) the underlying market design might tempt OEMAG to systematically overstate
its forecasts on green power generation. |
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Keywords: | |
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