Integration and Convergence in European Electricity Markets

Hedging and Vertical Integration in Electricity Markets

This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical integration in electricity markets. We develop an equilibrium model with producers, retailers, and traders to study and quantify the impact of forward markets and vertical integration on prices, risk premia and retail market shares. We point out that forward hedging and vertical i...

Multiscale Analysis of European Electricity Markets

Electricity is considered a new commodity, mainly since the start of the electricity markets liberalization. However it represents an increasingly important sector of trading and as such a challenging area of research. Here we focus on the role of electricity power exchanges for the creation of a single European electricity market, on a di¤erent empirical perspective. We use daily power exchang...

Integration of European securities markets

It is generally recognised that integration of European securities markets is economically beneficial to the Member States of the European Union and the European Economic Area. It promotes competition between securities service providers, enhances efficiency of financial systems and contributes to efficient allocation of resources. Integration can enable businesses to procure cheaper finance th...

Reevaluation of Vertical Integration and Unbundling in Restructured Electricity Markets

Vertical Integration and Market Power in Electricity Markets

Vertical separation of generation from electricity retailing has often been required as a condition of electricity market liberalisation. A well-developed and liquid contracts market is similarly suggested as necessary to manage the resulting wholesale market risks, which risks are further exacerbated by competition. Such contracts markets are rare, however, and increasingly evidence is emergin...