Since their liberalization, the electricity markets are characterized by a rather high volatility, which includes price spikes as one of the stylized and specific characteristics of this market. In this paper, we investigate the factors and mechanisms determining these spikes. Based on the Italian electricity market data, we perform a specific analysis of the auctions mechanisms and of the hourly bid and offer of electricity characteristics, for determining how and why do price spikes occur.
Price Spikes in the Italian Electricity Market: An Economic Analysis
Zedda, Stefano
Primo
;Masala, Giovanni BatistaUltimo
2019-01-01
Abstract
Since their liberalization, the electricity markets are characterized by a rather high volatility, which includes price spikes as one of the stylized and specific characteristics of this market. In this paper, we investigate the factors and mechanisms determining these spikes. Based on the Italian electricity market data, we perform a specific analysis of the auctions mechanisms and of the hourly bid and offer of electricity characteristics, for determining how and why do price spikes occur.
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