The regulating power market on the Nordic power exchange Nord Pool: an econometric analysis

摘要: Abstract What differentiates the structure of Nord Pool from other power exchanges around world is way balance spot market maintained until actual, physical delivery takes place, via regulating in Norway. This paper reveals pattern prices on market, by analysing cost being unable to fulfil commitments made market. Some producers with unpredictable fluctuations (e.g. wind) will need buy regulation services. The disclosed implies that these must pay a limited premium readiness addition price; this independent amount regulation. level for down-regulation shown be strongly influenced price. On hand, it demonstrated up-regulation less correlated Furthermore, found affects price more than does down-regulation. using quadratic function asymmetric may encourage bidders fluctuating production strategic their bidding By such strategies extra costs (for example wind power) needed counter limited.