This paper contributes to characterizing the probability density of the price returns in some European day-ahead electricity markets (NordPool, APX, Powernext) by fitting some flexible and general families of distributions, such as the α-stable, Normal Inverse Gaussian (NIG), Exponential Power (EP), and Asymmetric Exponential Power (AEP), and comparing their goodness of fit. The α-stable and th...

This paper examines the predictive power of weather for electricity prices in dayahead markets in real time. We find that next-day weather forecasts improve the forecast accuracy of Scandinavian day-ahead electricity prices substantially in terms of point forecasts, suggesting that weather forecasts can price the weather premium. This improvement strengthens the confidence in the forecasting mo...

Quantum communication is built on a set of disruptive concepts and technologies. It is driven by fascinating physics and by promising applications. It requires a new mix of competencies, from telecom engineering to theoretical physics, from theoretical computer science to mechanical and electronic engineering. First applications have already found their way into niche markets, and university la...

This paper describes the architecture and uses of an Internet based software platform called PowerWeb. PowerWeb was designed and implemented as a simulation environment for evaluating various power exchange auction markets through experimental investigation. It is designed to host simulations of a competitive “day-ahead” electric energy market in which the participants interact by submitting bi...

In this paper the problem of modeling electricity price dynamics in deregulated energy markets is studied. Since the nature of customers' energy consumption, market participants' strategic behavior and the power system reliability indices are stochastic processes, the electricity price model will be stochastic as well. In our analysis the price of electricity is modeled based on the customers' ...

We propose a simple model that integrates multiperiod electricity markets, uncertainty in renewable generation, and real-time dynamic demand response. A load-serving entity decides its day-ahead procurement to optimize expected social welfare a day before energy delivery. At delivery time when renewable generation is realized, it sets prices to manage demand and purchase additional power on the...

This paper describes the uses and architecture of a network-centered computing-rich software platform called PowerWeb. PowerWeb was designed and built as a simulation environment for experimentally testing various power exchange auction markets through tournaments. It is designed to host simulations of a competitive “day-ahead” electric energy market in the context of a restructured electric po...

This paper examines the economic prospects for biotechnology industry, focusing on the U.K. position. We discuss some economic issues relating to the structure of the biotech industry and examine whether these factors can account for the relative success of the biotechnology sector in the U.K. compared to other European countries. We emphasise the importance of the science base, pharmaceutical ...

This paper describes the uses and architecture of a network-centered computing-rich software platform called PowerWeb. PowerWeb was designed and built as a simulation environment for experimentally testing various power exchange auction markets through tournaments. It is designed to host simulations of a competitive “day-ahead” electric energy market in the context of a restructured electric po...

This paper examines the economic prospects for biotechnology industry, focusing on the U.K. position. We discuss some economic issues relating to the structure of the biotech industry and examine whether these factors can account for the relative success of the biotechnology sector in the U.K. compared to other European countries. We emphasise the importance of the science base, pharmaceutical ...