Does wind power affect wholesale electricity prices in Greece?
We investigate the impact of wind and solar power generation on the level and volatility of wholesale electricity prices in the Greek electricity market from August to December . In the context of a GARCH-in-Mean model the empirical findings suggest the existence of the merit-order effect which is stronger in the case of wind power.
What percentage of Greek electricity consumption is residential?
Historically, residential and commercial-public sector comprise ~70% of total electricity consumption of Greek market. Electricity retail prices were historically consistent in the Greek market until , with minor deviations in end-user prices year over year. upfront prices.
What is the empirical approach to electricity prices in Greece?
Specifically, our empirical approach consists in the application of GARCH (1,1) models to the daily prices of the Greek wholesale electricity market.
What determines wholesale electricity prices in Greece?
Electricity demand, as approximated by the load forecast in the day-ahead market, is one of the fundamental determinants of wholesale electricity prices. According to Fig. 3, electricity load in Greece presents obvious seasonality during the year.
Does the Greek wholesale electricity market have price smoothing or outliers filtering?
Finally, in contrast to other studies (Ketterer, ; Kyritsis et al., ), no price smoothing or outliers filtering takes place, as the price-caps applied in the Greek wholesale electricity market limit the occurrence of such observations.
Does the price-cap increase affect price volatility in the Greek electricity market?
As a result, the increase in the price-cap in the Greek wholesale electricity market did not have the expected impact on price volatility, as the price-cap has constituted a real constraint on the offers of conventional power plants only for a few hours during the year. 7. Conclusions and policy implications
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