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DOI | 10.1016/j.enpol.2018.10.047 |
Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK | |
Facchini, Angelo1,2; Rubino, Alessandro3; Caldarelli, Guido1,2,4,5; Di Liddo, Giuseppe3 | |
2019-02-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 125页码:110-121 |
文章类型 | Article |
语种 | 英语 |
国家 | Italy; England |
英文摘要 | The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (111,) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. |
英文关键词 | Recurrence Plots Electricicty markets Gate Closure UK Spot prices New Electricity Trading arrangements |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000456758600011 |
WOS关键词 | RECURRENCE QUANTIFICATION ANALYSIS ; RETAIL COMPETITION ; MARKET ; ENERGY ; BEHAVIOR ; PLOTS ; LIBERALIZATION ; FUNDAMENTALS ; INTEGRATION ; VOLATILITY |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/19113 |
专题 | 气候变化 |
作者单位 | 1.IMT Sch Adv Studies Lucca, Lucca, Italy; 2.CNR Inst Complex Syst, Rome, Italy; 3.Univ Bari, Bari, Italy; 4.London Inst Math Sci, London, England; 5.ECLT, Venice, Italy |
推荐引用方式 GB/T 7714 | Facchini, Angelo,Rubino, Alessandro,Caldarelli, Guido,et al. Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK[J]. ENERGY POLICY,2019,125:110-121. |
APA | Facchini, Angelo,Rubino, Alessandro,Caldarelli, Guido,&Di Liddo, Giuseppe.(2019).Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK.ENERGY POLICY,125,110-121. |
MLA | Facchini, Angelo,et al."Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK".ENERGY POLICY 125(2019):110-121. |
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