IDEAS home Printed from https://ideas.repec.org/p/imk/pbrief/215-2026.html

Strompreise clever deckeln, Übergewinne vermeiden - Effekte des Iberischen Mechanismus auf den Strommarkt

Author

Listed:
  • Tom Bauermann

    (Macroeconomic Policy Institute (IMK))

  • Thomas Theobald

    (Macroeconomic Policy Institute (IMK))

  • Fynn Janssen

Abstract

Die Gaspreise in Europa sind seit dem Angriff auf den Iran deutlich gestiegen. Aufgrund des Strommarktdesigns können höhere Gaspreise schnell zu höheren Strompreisen führen - mit Nachteilen für Stromverbraucher:innen. Laut der vorliegenden Analyse und der Annahme der Realisierung von Gas-Future-Preisen (Basis: Märzwerte) könnten sich Nettokostenvorteile von rund 7,3 Mrd. Euro pro Jahr realisieren lassen, wenn ein Gaspreisdeckel im Sinne des Iberischen Strompreismechanismus eingeführt wird. Der Mechanismus dürfte sich darüber hinaus bei vorübergehender Aktivierung gesamtwirtschaftlich als vorteilhaft erweisen. Er wirkt inflationshemmend und wachstumsfreundlich.

Suggested Citation

  • Tom Bauermann & Thomas Theobald & Fynn Janssen, 2026. "Strompreise clever deckeln, Übergewinne vermeiden - Effekte des Iberischen Mechanismus auf den Strommarkt," IMK Policy Brief 215-2026, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    • Handle: RePEc:imk:pbrief:215-2026
    as

    Download full text from publisher

    File URL: http://www.boeckler.de/pdf/p_imk_pb_215_2026.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jutta G. Kurth & Adam A. Majewski & Jean-Philippe Bouchaud, 2025. "Revisiting the Excess Volatility Puzzle Through the Lens of the Chiarella Model," Papers 2505.07820, arXiv.org, revised Jun 2026.
    2. Ruiz, Miguel Haro & Schult, Christoph & Wunder, Christoph, 2024. "The effects of the Iberian exception mechanism on wholesale electricity prices and consumer inflation: A synthetic-controls approach," IWH Discussion Papers 5/2024, Halle Institute for Economic Research (IWH).
    3. Shiller, Robert J, 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, American Economic Association, vol. 71(3), pages 421-436, June.
    4. Jutta G Kurth & Adam A Majewski & Jean-Philippe Bouchaud, 2026. "Revisiting the excess volatility puzzle through the lens of the Chiarella model," PLOS ONE, Public Library of Science, vol. 21(1), pages 1-27, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guillaume Maitrier & Jean-Philippe Bouchaud, 2025. "The Subtle Interplay between Square-root Impact, Order Imbalance & Volatility: A Unifying Framework," Papers 2506.07711, arXiv.org, revised Mar 2026.
    2. Christiane Goodfellow & Dirk Schiereck & Steffen Wippler, 2013. "Are behavioural finance equity funds a superior investment? A note on fund performance and market efficiency," Journal of Asset Management, Palgrave Macmillan, vol. 14(2), pages 111-119, April.
    3. Alan Gregory, 2011. "The Expected Cost of Equity and the Expected Risk Premium in the UK," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 3(1), pages 1-26, April.
    4. Jean-Philippe Bouchaud & Julien Kockelkoren & Marc Potters, 2006. "Random walks, liquidity molasses and critical response in financial markets," Quantitative Finance, Taylor & Francis Journals, vol. 6(2), pages 115-123.
    5. Behzad T. Diba & Herschel I. Grossman, 1983. "Rational Asset Price Bubbles," NBER Working Papers 1059, National Bureau of Economic Research, Inc.
    6. Thomas Delcey, 2019. "Samuelson vs Fama on the Efficient Market Hypothesis: The Point of View of Expertise [Samuelson vs Fama sur l’efficience informationnelle des marchés financiers : le point de vue de l’expertise]," Post-Print hal-01618347, HAL.
    7. Ariane Szafarz, 2015. "Market Efficiency and Crises:Don’t Throw the Baby out with the Bathwater," Bankers, Markets & Investors, ESKA Publishing, issue 139, pages 20-26, November-.
    8. Chia-Lin Chang & Jukka Ilomäki & Hannu Laurila & Michael McAleer, 2018. "Long Run Returns Predictability and Volatility with Moving Averages," Risks, MDPI, vol. 6(4), pages 1-18, September.
    9. David G. McMillan, 2010. "Present Value Model, Bubbles and Returns Predictability: Sector‐Level Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(5‐6), pages 668-686, June.
    10. Paulo M.M. Rodrigues & Rita Fradique Lourenço, 2015. "House prices: bubbles, exuberance or something else? Evidence from euro area countries," Working Papers w201517, Banco de Portugal, Economics and Research Department.
    11. Vicente Esteve & Manuel Navarro-Ibáñez & María A. Prats, 2013. "The present value model of US stock prices revisited: long-run evidence with structural breaks, 1871-2010," Working Papers 04/13, Instituto Universitario de Análisis Económico y Social.
    12. Sang Byung Seo & Jessica A. Wachter, 2019. "Option Prices in a Model with Stochastic Disaster Risk," Management Science, INFORMS, vol. 65(8), pages 3449-3469, August.
    13. Jorge Uribe & Juli�n Fern�ndez, 2014. "Burbujas financieras y comportamiento reciente de los mercados de acciones en América Latina," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 81, pages 57-90.
    14. David Peón & Anxo Calvo, 2012. "Using Behavioral Economics to Analyze Credit Policies in the Banking Industry," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 145-160.
    15. Belhadj Hana & Ben Hamad Salah, 2026. "Overconfidence bias: explaining Bitcoin’s market anomalies," SN Business & Economics, Springer, vol. 6(1), pages 1-12, January.
    16. Makarewicz, Tomasz, 2021. "Traders, forecasters and financial instability: A model of individual learning of anchor-and-adjustment heuristics," Journal of Economic Behavior & Organization, Elsevier, vol. 190(C), pages 626-673.
    17. Stefano Ramelli & Alexander F Wagner, 2020. "Feverish Stock Price Reactions to COVID-19," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 9(3), pages 622-655.
    18. Christopher L. Culp & Yoshio Nozawa & Pietro Veronesi, 2014. "Option-Based Credit Spreads," NBER Working Papers 20776, National Bureau of Economic Research, Inc.
    19. Seungwook Bahng, 2003. "Do Psychological Barriers Exist in the Stock Price Indices? Evidence from Asia's Emerging Markets," International Area Studies Review, Center for International Area Studies, Hankuk University of Foreign Studies, vol. 6(1), pages 35-52, March.
    20. Shimizu, Chihiro, 2014. "How Are Property Investment Returns Determined? : Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates," HIT-REFINED Working Paper Series 12, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imk:pbrief:215-2026. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sabine Nemitz (email available below). General contact details of provider: https://edirc.repec.org/data/imkhbde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.