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ID090077
Title ProperReforming minute reserve policy in Germany
Other Title Informationa step towards efficient markets?
LanguageENG
AuthorRammerstorfer, Margarethe ;  Wagner, Christian
Publication2009.
Summary / Abstract (Note)The present paper provides an empirical assessment of the effects associated with the reorganization of minute reserve markets in Germany. As the aim of the regulator is to assure a competitive market with transparent pricing, we analyze whether the recent policy reform has had an impact on the dynamics of minute reserve prices. Our results show that the level and volatility of positive and negative minute reserve prices decreased substantially. Furthermore, we provide evidence that the degree of integration between reserve and spot markets has increased. Overall, prices reacted to the policy change in a manner that is in line with the regulator's objective. The reform can thus be viewed as a step towards an efficient reserve market.
`In' analytical NoteEnergy Policy Vol. 37, No. 9; Sep 2009: p.3513-3519
Journal SourceEnergy Policy Vol. 37, No. 9; Sep 2009: p.3513-3519
Key WordsBalancing Power ;  Policy Reform ;  Market Efficiency ;  Germany ;  Energy