Modelling spot prices in deregulated wholesale electricity markets: a selected empirical review

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Title Modelling spot prices in deregulated wholesale electricity markets: a selected empirical review
Author Higgs, Helen; Worthington, Andrew Charles
Journal Name Energy Studies Review
Year Published 2010
Place of publication Canada
Publisher McMaster University
Abstract The restructuring and deregulation of global electricity markets has brought about fundamental changes in the behaviour of wholesale spot prices. In turn, this has fostered a small but increasing volume of literature aimed at modeling and providing best-practice forecasts of electricity prices and price volatility, often employing very high-frequency data. The purpose of this paper is to review the various time-series regression modeling approaches as they apply to competitive electricity markets throughout the world. Apart from discussing the strengths and weaknesses of the different approaches and their key findings, the paper also examines the steps faced by researchers as they move through the modeling process. Accordingly, the article provides guidance to those conducting empirical research on electricity prices and serves as an aid for policymakers, managers and practitioners interpreting electricity pricing research outcomes.
Peer Reviewed Yes
Published Yes
Publisher URI http://digitalcommons.mcmaster.ca/esr/vol17/iss1/1/
Copyright Statement Copyright 2010 McMaster University, Institute for Energy Studies. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
Volume 17
Issue Number 1
Page from 1
Page to 25
ISSN 0843-4379
Date Accessioned 2011-03-07
Date Available 2011-07-29T06:29:25Z
Language en_AU
Research Centre Griffith Asia Institute
Faculty Griffith Business School
Subject Environment and Resource Economics
URI http://hdl.handle.net/10072/38286
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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