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Assessing the impact of forward trading, retail liberalization, and white certificates on the Italian wholesale electricity prices

  • Petrella, Andrea
  • Sapio, Alessandro

How do policy actions affect the dynamics of deregulated electricity prices? We investigate this issue in the context of the Italian Power Exchange (IPEX), using data on the daily average day-ahead price (PUN) between April 2004 and December 2008.

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Article provided by Elsevier in its journal Energy Policy.

Volume (Year): 40 (2012)
Issue (Month): C ()
Pages: 307-317

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Handle: RePEc:eee:enepol:v:40:y:2012:i:c:p:307-317
DOI: 10.1016/j.enpol.2011.10.011
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  1. Matti Liski & Juan-Pablo Montero, 2005. "Forward trading and collusion in oligopoly," Working Papers 0506, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
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  16. Bertoldi, Paolo & Rezessy, Silvia & Lees, Eoin & Baudry, Paul & Jeandel, Alexandre & Labanca, Nicola, 2010. "Energy supplier obligations and white certificate schemes: Comparative analysis of experiences in the European Union," Energy Policy, Elsevier, vol. 38(3), pages 1455-1469, March.
  17. Nelson, Daniel B, 1991. "Conditional Heteroskedasticity in Asset Returns: A New Approach," Econometrica, Econometric Society, vol. 59(2), pages 347-70, March.
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  21. Daniel Gordon, 1995. "Optimal lag length in estimating Dickey-Fuller statistics: an empirical note," Applied Economics Letters, Taylor & Francis Journals, vol. 2(6), pages 188-190.
  22. Ferrari, Alessandra & Giulietti, Monica, 2005. "Competition in electricity markets: international experience and the case of Italy," Utilities Policy, Elsevier, vol. 13(3), pages 247-255, September.
  23. Crespo Cuaresma, Jesús & Hlouskova, Jaroslava & Kossmeier, Stephan & Obersteiner, Michael, 2004. "Forecasting electricity spot-prices using linear univariate time-series models," Applied Energy, Elsevier, vol. 77(1), pages 87-106, January.
  24. Bowden, Nicholas & Payne, James E., 2008. "Short term forecasting of electricity prices for MISO hubs: Evidence from ARIMA-EGARCH models," Energy Economics, Elsevier, vol. 30(6), pages 3186-3197, November.
  25. Sorrell, Steve & Harrison, David & Radov, Daniel & Klevnas, Per & Foss, Andrew, 2009. "White certificate schemes: Economic analysis and interactions with the EU ETS," Energy Policy, Elsevier, vol. 37(1), pages 29-42, January.
  26. Green, R., 2004. "Retail Competition and Electricity Contracts," Cambridge Working Papers in Economics 0406, Faculty of Economics, University of Cambridge.
  27. Green, Richard & Le Coq, Chloé, 2010. "The length of contracts and collusion," International Journal of Industrial Organization, Elsevier, vol. 28(1), pages 21-29, January.
  28. M. T. Barlow, 2002. "A Diffusion Model For Electricity Prices," Mathematical Finance, Wiley Blackwell, vol. 12(4), pages 287-298.
  29. Louis-Gaëtan Giraudet & Dominique Finon, 2010. "On the Road to a Unified Market for Energy Efficiency: The Contribution of White Certificates Schemes," Working Papers 2010.132, Fondazione Eni Enrico Mattei.
  30. Rafal Weron, 2006. "Modeling and Forecasting Electricity Loads and Prices: A Statistical Approach," HSC Books, Hugo Steinhaus Center, Wroclaw University of Technology, number hsbook0601.
  31. Kanamura, Takashi, 2009. "A supply and demand based volatility model for energy prices," Energy Economics, Elsevier, vol. 31(5), pages 736-747, September.
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