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| 1 |
ID:
150031
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| Summary/Abstract |
In this paper, we identify and analyze parameters that determine the profitability of wind power operators in the German market premium model. Based on an empirical analysis of different German wind power profiles from 2007 to mid-2012, we are able to show that the profitability significantly depends on the correlation of the wind power portfolio with the overall wind power feed-in and prediction error in Germany. Significant differences between the wind forecast errors clearing cost of the analyzed portfolios can be identified. Our analysis shows that a wind power operator would profit in most cases from a reduced forecast error, which could be achieved through an improved forecast model and an increased share of the intraday cleared error. Furthermore significant locational portfolio advantages and disadvantages can be identified when comparing the different market values. In general, the empirical analysis shows that a premium of 3.5 €/MWh is suitable to cover the cost of an imperfect forecast. Taking further into account that for 2012 a premium of 12 €/MWh was granted; the direct marketing option can be evaluated as highly attractive, which is furthermore indicated by the rapid increase of the directly marketed wind power and photovoltaic generation.
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| 2 |
ID:
070894
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| 3 |
ID:
095928
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2010.
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| Summary/Abstract |
This study examines to what extent prices diverge across China and how long it takes prices to converge following idiosyncratic shocks. We consider monthly data using disaggregated goods prices from 36 cities in China. Following [Imbs, J., Mumtaz, H., Ravn, M., and Rey, H., 2005. PPP strikes back: aggregation and the real exchange rate. Quarterly Journal of Economics 120, 1-44.], we use two estimation methods: a fixed effect method when considering goods individually and a mean group estimation specification for a panel including all goods simultaneously. The mean group method also accounts for dynamic heterogeneity across goods. Impulse response functions are obtained to calculate half-lives. With both methods, we find half-lives of only a few months or less, supporting the conjecture that convergence rates within a country are faster than rates estimated in an international context. However, the half-life reported here is still shorter than that for other studies using disaggregated intracountry data. Perhaps a lower degree of specialization and market differentiation in developing countries creates a greater potential for price convergence.
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| 4 |
ID:
176853
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| Summary/Abstract |
In this paper, we estimate volatility spillovers before and after the introduction of a new cable linking different electricity market zones. Using wholesale electricity prices for Sardinia and two neighbouring Italian market zones for the period 2005–2015, we focus on the effects of the SAPEI cable, fully operational since March 2011. VAR-GARCH estimates indicate that the SAPEI cable allowed for stronger volatility transmission towards Sardinia, a smaller zone and a net importer from its new neighbour, the Central Southern zone, albeit the effect was significant only off-peak. Higher conditional correlations between zonal prices are also observed after the cable was introduced. Some implications are drawn about the interaction between market size, export positions, congestion, and volatility transmission.
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| 5 |
ID:
088966
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2009.
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| Summary/Abstract |
In countries with a significant amount of low variable cost generation capacity, the integration of electricity markets poses a real problem with respect to consumers' interests. In such cases, consumers face a significant price rise compared with consumers in countries where low-cost capacities are lacking. This paper analyses this problem both in the short and long term, focusing on a market dominated by nuclear and hydro production. When there are too many restrictions on new capacity developments in low-cost technologies, market integration will lead to surplus redistribution without any production reallocation. This really makes it legitimate to contemplate redistributive compensations towards local consumers in countries which benefited from low variable cost generators at the moment of liberalisation. This paper examines two alternative ways of rent reallocation, one by income with a windfall tax on nuclear producers and the allocation of this revenue to energy efficiency policy funds, and another by price by giving drawing rights on the existing nuclear generators' production to small commercial and domestic consumers, at a level equivalent to the one necessary to maintain regulated prices.
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| 6 |
ID:
185691
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| Summary/Abstract |
Despite significant efforts in market integration and regulatory harmonization, large heterogeneities in retail electricity prices across Member States still remain one of the main concerns of the European Union. Here, the cross-country convergence of households and industrial end-user electricity prices in the EU between 2008 and 2021 is investigated. Relying on the notion of club convergence, empirical findings reveal the existence of multiple clubs. The household and non-household market segments exhibit rather different paths in terms of price convergence. Domestic end-user prices show higher dispersion and heterogeneity across national electricity markets than industrial one. Differences across convergence clubs seem to be related with public intervention in the electricity end-user price setting, disparities in the range of household or industrial consumers under regulated end-user prices, and different criteria used among countries in defining energy components. Policy-wise, the club convergence analysis emphasizes the need of stronger cooperation for public intervention and regulation, while considering how end-user price setting can support the decarbonization of the EU electricity systems.
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| 7 |
ID:
085849
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2009.
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| Summary/Abstract |
2009 marks the 10-year anniversary of the launch of the euro, a historic undertaking which drew a veil over centuries of conflict and set Europe on an unprecedented path of cooperation and integration.
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| 8 |
ID:
163569
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This paper provides estimates of quantile regression models of the relationship between Italian day-ahead electricity prices, the supply of renewables and the inception of a new cable (SAPEI, linking Sardinia with the Italian peninsula), in the 2006–2015 time window. The results confirm the merit order effects detected in the existing literature, both for photovoltaics and wind power, more strongly in market conditions characterised by moderately low price levels and with some implied increase in volatility. The new cable has apparently challenged the ability of power generating companies to extract value through price spikes, has mitigated volatility, and its effects have been complementary with those of renewables. Effects from photovoltaics are more sensitive to robustness checks. Differences across zonal markets are nonetheless detected.
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| 9 |
ID:
175935
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| Summary/Abstract |
China is the world's largest energy consumer; how can Chinese limited energy resources ensure a continuous development of its economy? This paper examines the impact of China's market integration and economic opening up on the Environmental Total Factor Energy Productivity (ETFEP) of 29 provinces in China for the period 1999–2017 and have the following findings: (1) China should strengthen its resource management in improving its ETFEP by providing indispensable impetus for ETFEP to turn from negative to positive growth and, meanwhile, making technological progress to bring about a two-wheel drive mode. (2) The key to improving Chinese ETFEP lies in inland China. The inland region should take over the industries transferred from coastal areas in a scientific manner, and avoid falling into the poverty accumulation trap of “being behind→introducing→lagging behind→introducing again→and falling behind again”. (3) Coastal areas should achieve the goal of increasing its ETFEP by speeding up its market integration, matching the higher economic opening up situation of the coastal areas. The key to improving the ETFEP of the inland areas is to focus on inter-regional market integration and the priority of this integration should be placed over the economic opening up, which seems more realistic at this stage.
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| 10 |
ID:
099301
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2010.
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| Summary/Abstract |
In this paper, we analyze the current trend towards a higher degree of market integration in Europe and identify those aspects that are particularly relevant for Italy. The Italian involvement in this process appears comparatively modest. A welfare analysis, which focuses specifically on the integration of the Italian market, will certainly be a useful support to any policy decision. We argue that, given the peculiarities of the Italian market design, a volume coupling solution could avoid, at the moment, the costs of what could be a significant harmonization effort and, in the end, it might constitute the best short-term strategy. This proposal should be adequately considered, taking into account the complexity of designing an efficient volume-only coordination procedure.
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| 11 |
ID:
116958
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| Publication |
2012.
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| Summary/Abstract |
Interconnections can be an effective way to increase competition and improve market integration in concentrated wholesale electricity markets with limited number of participants. This paper examines the potential for interconnections and increasing market integration in the Irish Single Electricity Market (SEM). We use a time-varying Kalman filter technique to assess the degree of market integration between SEM and other large, mature and interconnected wholesale electricity markets in Europe including Great Britain (GB). The results indicate no market integration between SEM and other European markets except for Elspot and GB. We show that the current state of market integration between SEM and GB is just 17% indicating potential to improve market integration via increased interconnector capacity. The results indicate that liquidity of wholesale markets might be a crucial factor in the market integration process while our results remain inconclusive in determining whether increased trade of renewables can improve market integration.
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| 12 |
ID:
150809
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| Summary/Abstract |
The deregulation of the Swedish electricity market in 1996 made it possible to operate municipal district heating commercially. Until that time district heating had been organized mainly as municipal utilities. After 1996 district heating is instead expected to function on a market. In competitive and integrated markets, prices are expected to be equal, or converging. To find out if district heating operates on an integrated market the differences in price levels, price convergence, price strategy, and business goals, among municipal, private and state owned district heating companies are investigated.
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| 13 |
ID:
115132
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| Publication |
2012.
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| Summary/Abstract |
This paper evaluates the impact on the Italian electricity market of replacing the current explicit auction mechanism with market coupling. Maximising the use of the cross-border interconnection capacity, market coupling increases the level of market integration and facilitates the access to low-cost generation by consumers located in high-cost generation countries. Thus, it is expected that a high-priced area such as Italy could greatly benefit from the introduction of this mechanism. In this paper, the welfare benefits are estimated for 2012 under alternative market scenarios, employing the optimal dispatch model ELFO++. The results of the simulations suggest that the improvement in social surplus is likely to be significant, especially when market fundamentals are tight.
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| 14 |
ID:
167039
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| Summary/Abstract |
Under way to a European integrated energy market, policymakers need to find efficient measures aimed at increasing liquidity in local natural gas markets. The paper answers the question whether a merger of gas trading zones contributes to the development of liquid trading activities through a more efficient allocation and pricing of natural gas and an increased competition between market players. We analyse the effects of a policy decision to merge two gas trading zones in France on the observed degree of spatial market integration and the efficiency of the spatial arbitrage activity between the northern and southern French gas markets. An extended parity bounds model confirms a positive impact of the zone merger on the market's spatial equilibrium and indicates the causes of remaining market inefficiencies. The model offers a tool for the assessment of the efficiency of policy decisions in the context of policy initiatives to create an integrated and liquid natural gas market in Europe.
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| 15 |
ID:
125553
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| Publication |
2013.
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| Summary/Abstract |
With the share of renewable energies within the electricity sector rising, improving their market and system integration is of increasing importance. By offering plant operators a premium on top of the electricity market price, premium schemes represent an option to increase the alignment of renewable electricity production with market signals, and have been implemented by several EU member states. This paper examines the case study of the German market premium scheme adopted in 2012. Building on an evaluation of early experiences, we discuss whether the market premium contributes to the aims of market and/or system integration (effectiveness), and what potential efficiency gains and additional costs of "administering integration" are associated with it (efficiency). While exposing renewables to price risks is not the scheme's purpose, it has successfully increased participation in direct marketing. However, risks of overcompensating producers for marketing and balancing costs are high, and the benefits of gradually leading plant operators towards the market are questionable. Incentives for demand-oriented production are established, but they seem insufficient particularly in the case of intermittent renewable energy sources. To conclude, we provide an outlook on alternative designs of premium schemes, and discuss whether they seem better suited for addressing the challenges ahead.
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| 16 |
ID:
093838
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2010.
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| Summary/Abstract |
This paper addresses the capital mobility among regions within China. Using a range of panel estimators which deals with the non-stationarity of time series components, individual heterogeneity and common unobserved factors, we show that the savings and investment (both expressed as ratios to GDP) are positively correlated for a sample of 28 Chinese provinces over the period of 1978 to 2006. According to the Feldstein-Horioka's argument (1980, Economic Journal (90), pp.314-329), such a correlation can be interpreted as evidence of low capital mobility. In addition, by means of Granger causality test, we fail to provide consistent evidence to support the hypothesis of efficient capital allocation in China. Combining the results given above, it is believed that the capital may be inefficiently retained within the provincial confines. We conjecture that the intermarriage between financial power and local authorities is primarily responsible for this worrying phenomenon.
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| 17 |
ID:
143316
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| Summary/Abstract |
Inspired by the practice of social enterprises, this article aims to understand how work integration social enterprises (WISE) function in relation to labour market integration of socially excluded persons in India. While mainly examining how socially excluded persons benefit from such interventions, questions are asked about what motivates social enterprises to get involved and to what extent they benefit themselves. Built on case study research in India, this article identifies a potential win–win situation, as members of excluded communities are empowered through the work integration approach, but social enterprises also benefit by building trust and achieving a sustainable orientation.
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| 18 |
ID:
169157
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As rapid economic growth in China has led to significant appreciation of urban real estate market values, this study examines China's influence on Asian–Pacific real estate markets by focusing on their respective market integration with the US, Japan and China during the period January 2005 to December 2017. Market integration is examined by unconditional and time‐varying conditional correlations, nonlinear Granger causality and dynamic connectedness effects. Overall, although the US and Japanese real estate markets have significantly influenced return and volatility in the regional markets, China has emerged as another major regional real estate volatility leader with rising influence over volatility integration, especially during the 2007–2011 crisis period. Financial crises have strengthened China's volatility connectedness effects and market integration with other Asian–Pacific real estate markets. Our results imply that the benefits of regional portfolio diversification may be declining as volatility integration across the Chinese and Asian–Pacific real estate markets becomes stronger. Therefore, diversified global investors should pay greater attention to these real estate markets.
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