Statistically-based analysis of the electricity market price drivers
Keywords: electricity price, market analysis, liberalisation, electricity market
AbstractThe aim of this paper focuses on the analysis of system spot price formation factors formed by the organized electricity market operated by the Nord Pool Spot power exchange. Analysis and statistical evaluation of historical data has been performed in order to identify and rank factors according to the price impact as well as to analyze their seasonal weight. Results of this analysis should contribute to the understanding of main drivers in the system price formation; reveal possible reasons of seasonal system price fluctuations as well as occasional unpredictable price spikes which are a common feature of the spot markets.