Academia.eduAcademia.edu

Outline

Title
Abstract
FAQs
Introduction
Literature Review
Materials and Methods
Results
Price Dispersion Results
Discussion and Conclusions
References

Electricity Markets Instability: Causes of Price Dispersion

Profile image of Mykola KyzymMykola Kyzym

Sustainability

https://doi.org/10.3390/SU132212343
visibility

…

description

19 pages

link

1 file

Abstract

The creation of a single competitive EU energy market is aimed at establishing a fair price in the integrated market space. However, electricity markets in European countries remain rather fragmented, and the marginal pricing method, which is the basic one used in the market, conditions a persistent price dispersion in the search for market equilibrium. This study examines the dispersion of electricity prices in 40 bidding zones in 26 European countries by means of quartile analysis. The geographic orientation of the markets, direction of electricity flows, and structure of electricity generation are considered as the causes of this dispersion. In the study, the geographical boundaries of the electricity markets are determined using the methods of correlation analysis of prices and transitive closure of commercial electricity flows. This makes it possible to single out highly integrated, moderately integrated, poorly integrated, and non-integrated markets. Using cluster analysis, el...

FAQs

sparkles

AI

What explains the drastic price variation in European electricity markets in 2020?add

The study identifies fundamental factors like demand fluctuations due to COVID-19 and gas price volatility as major drivers, with price variation reaching from -115 to 449 EUR/MWh across 40 bidding zones.

How do geographic orientations affect electricity price dispersion in Europe?add

The research shows that export-directed markets exhibit the highest price dispersion, while inward-directed markets tend to have a narrower price range due to reliance on internal generation.

What methodologies were employed to determine price dispersion in the study?add

The study utilized descriptive statistics and quartile analysis along with correlation analysis and transitive closure to identify geographical boundaries of electricity markets.

When did significant reforms begin to liberalize European electricity markets?add

Significant reforms began in the 1990s, catalyzed by the adoption of the first energy package in 1996 aimed at market efficiency through deregulation.

What implications do findings have for policymakers regarding electricity pricing?add

Policymakers are encouraged to enhance non-fossil generation and open market boundaries to mitigate price dispersion and improve market competitiveness.

Related papers

Multiscale Analysis of European Electricity Markets
Mara Madaleno

2011

Electricity is considered a new commodity, mainly since the start of the electricity markets liberalization. However it represents an increasingly important sector of trading and as such a challenging area of research. Here we focus on the role of electricity power exchanges for the creation of a single European electricity market, on a di¤erent empirical perspective. We use daily power exchange prices of 6 European electricity markets resorting to a novel econometric technique to study correlation at di¤erent time scales, known as wavelet analysis, through coherence and phase analysis. Results give limited support to the assumption of a single "European electricity market", especially at lower scales (high frequency data). Although some European countries share a common trend, the hypothesis of strong integration holds only for some geographically closer countries, but not the perfect integration among the markets considered in the sample. We also nd that despite the yea...

View PDFchevron_right
Area Price Spreads in the Nordic Electricity Market
Petr Spodniak

10th International Conference on the European Energy Market (EEM), 2013

Illustrated on the case of Nordic electricity market we conduct an econometric analysis of area price spreads (difference between area price and system price) in thirteen price zones during 2010 (Jan) -2012 (Jul). The objectives of the study are twofold: (1) assess the dynamics of area price spreads and identify whether significant differences exist among the bidding zones, and (2) assess the role of cross-border transmission line

View PDFchevron_right
The Development of Energy Markets in Europe
Hasan Kazdağli

Financial Aspects in Energy, 2011

Europe has been engaged in a debate aimed at building an integrated and competitive energy market since the early 1990s. The European Union has instituted to share the responsibility to develop a strategic policy to change current trends, and hence a truly competitive, single European electricity and gas market is expected to open the competition of Europe-wide companies. In this vain, the aim of this chapter is to analyze the developments of European energy markets and regional markets in accordance to the market efficiency criteria and financial aspects of energy. Despite the physical, economic, and political barriers, the number of financial players participating in these markets is continuously increasing and a considerable success has been achieved for efficiency of the markets. However, 10 years after the Lisbon Treaty, the European energy markets are significantly far from the unique energy market goal. Moreover, in Europe's energy market there are serious malfunctions causing moves to regional fragmentation. Generally, it is agreed that the future structure of the European energy market has not been yet clearly defined.

View PDFchevron_right
Regional electricity markets in Europe: Focus on the Energy Community
Rozeta Karova

Regional electricity markets (REM) are a natural step towards the creation of a single European electricity market. There are seven Electricity Regional Initiatives (ERI) launched by European Regulators Group for Electricity and Gas (ERGEG). This paper brings the focus to the eight REM covering the South East European (SEE) countries initiated by the European Commission. The congestion management and capacity allocation are used as an example to show that the SEE REM deals with the same priority issues as the other REMs do, and that the progress of this eight REM is great despite the short time of its existence. Given the EU membership perspective of the SEE countries and the expectation that the SEE REM shall become part of the internal electricity market, as well as the overlap between some members of the SEE REM and the other ERGEG ERI, the work of both initiatives shall be organized in a manner that uses the best practices and experience gained in each of them.

View PDFchevron_right
Adjacent Markets Influence Over Electricity Trading—Iberian Benchmark Study
Tiago Pinto

Energies, 2020

This paper presents a study on the impact of adjacent markets on the electricity market, realizing the advantages of acting in several different markets. The increased use of renewable primary sources to generate electricity and new usages of electricity such as electric mobility are contributing to a better and more rational way of living. The investment in renewable technologies for the distributed generation has been creating new opportunities for owners of such technologies. Besides the selling of electricity and related services (ancillary services) in energy markets, players can participate and negotiate in other markets, such as the carbon/CO2 market, the guarantees of origin market, or provide district heating services selling of steam and hot water among others. These market mechanisms are related to the energy market, originating a wide market strategy improving the benefits of using distributed generators. This paper describes several adjacent markets and how do they comp...

View PDFchevron_right
Electricity Markets during the Liberalization: The Case of a European Union Country
Štefan Bojnec

Energies

This paper analyzes electricity markets in Slovenia during the specific period of market deregulation and price liberalization. The drivers of electricity prices and electricity consumption are investigated. The Slovenian electricity markets are analyzed in relation with the European Energy Exchange (EEX) market. Associations between electricity prices on the one hand, and primary energy prices, variation in air temperature, daily maximum electricity power, and cross-border grid prices on the other hand, are analyzed separately for industrial and household consumers. Monthly data are used in a regression analysis during the period of Slovenia’s electricity market deregulation and price liberalization. Empirical results show that electricity prices achieved in the EEX market were significantly associated with primary energy prices. In Slovenia, the prices for daily maximum electricity power were significantly associated with electricity prices achieved on the EEX market. The increase...

View PDFchevron_right
Chapter 2 The Development of Energy Markets in Europe
Hasan Kazdağli

2014

Europe has been engaged in a debate aimed at building an integrated and competitive energy market since the early 1990s. The European Union has instituted to share the responsibility to develop a strategic policy to change current trends, and hence a truly competitive, single European electricity and gas market is expected to open the competition of Europe-wide companies. In this vain, the aim of this chapter is to analyze the developments of European energy markets and regional markets in accordance to the market efficiency criteria and financial aspects of energy. Despite the physical, economic, and political barriers, the number of financial players participating in these markets is continuously increasing and a considerable success has been achieved for efficiency of the markets. However, 10 years after the Lisbon Treaty, the European energy markets are significantly far from the unique energy market goal. Moreover, in Europe’s energy market there are serious malfunctions causin...

View PDFchevron_right
Price Convergence and Integration in the Germany, France and Italy Electricity Markets
jihene karboul

Energy Studies Review, 2015

This paper examines empirically the electricity market integration process for Germany, France and Italy countries by investigating possible price convergence. Two empirical approaches have been considered to investigate this issue : cointegration analysis and state space model with time varying coefficients during the period 06 July 2009 to 15 April 2011. Using both methods, empirical results show that the Germany and France markets are highly integrated. For the Germany and Italy, and France and Italy pairs no price convergence has been detected when the cointegration analysis is employed and when using the time varying coefficients model, empiricl results show evidence for weak convergence.

View PDFchevron_right
Market coupling between electricity markets: theory and empirical evidence for the Italian–Slovenian interconnection
Matteo Pelagatti

Economia Politica, 2018

Since January 1, 2011 the electricity exchanges of Italy and Slovenia are working under a mechanism of market coupling for their respective day-ahead sessions. Similar mechanisms are being implemented in many European countries to foster the integration of power markets that eventually will merge into one large European exchange. This paper is one of the first works in which, by analyzing market results, we try and assess the degree of integration of the Italian and Slovenian electricity markets due to the market coupling policy. Empirical results are useful to evaluate the success of the EU Price Coupling of Regions policy and suggest further enhancements.

View PDFchevron_right
Analysis of electricity markets using multidimensional scaling
Filipe Azevedo

2012 9th International Conference on the European Energy Market, 2012

View PDFchevron_right

References (57)

  1. Hoang, L.N. Regulation of Electricity Markets. Available online: https://www.science4all.org/article/electricity-markets/ (accessed on 1 June 2021).
  2. Erdmann, G. Economics of electricity. In Proceedings of the EPJ Web of Conferences, Berlin, Germany, 27 August 2015; p. 06001.
  3. Cramton, P. Electricity market design. Oxf. Rev. Econ. Policy 2017, 33, 589-612. [CrossRef]
  4. Chindarkar, N.; Thampapillai, D.J. Rethinking Teaching of Basic Principles of Economics from a Sustainability Perspective. Sustainability 2018, 10, 1486. [CrossRef]
  5. Bichpuriya, Y.K.; Soman, S.A. Electric Power Exchanges: A Review. In Proceedings of the 16th National Power Systems Conference, University College of Engineering Osmania University, Mumbai, India, 15-17 December 2010; pp. 115-120.
  6. Shah, D.; Chatterjee, S. A comprehensive review on day-ahead electricity market and important features of world's major electric power exchanges. Electr. Energy Syst. 2020, 30, e12360. [CrossRef]
  7. Yang, Y.; Bao, M.; Ding, Y.; Song, Y.; Lin, Z.; Shao, C. Review of Information Disclosure in Different Electricity Markets. Energies 2018, 11, 3424. [CrossRef]
  8. Moiseeva, E.; Hesamzadeh, M.R.; Bunn, D.W.; Biggar, D.R. The Strategic Effects of Lack of Transparency in Forward Contracting by Generators with Market Power, Working Paper #106; Program on Energy and Sustainable Development, Stanford University: Stanford, USA, 2018. Available online: https://pesd.fsi.stanford.edu/publication/strategic-effects-lack-transparency-and- forward-contracting-generators-market-power (accessed on 1 June 2021).
  9. Moret, F.; Pinson, P.; Papakonstantinou, A. Heterogeneous risk preferences in community-based electricity markets. Eur. J. Oper. Res. 2020, 287, 36-48. [CrossRef]
  10. Hughes, J.E.; Lange, I. Who (Else) Benefits from Electricity Deregulation? Coal Prices, Natural Gas, and Price Discrimination. Econ. Inq. 2020, 58, 1053-1075. [CrossRef]
  11. Ohlhausen, M.K.; Bushnell, J.; Wolak, F. Case Studies: Electricity (Panel Transcript). In Competition as Public Policy; Fusilier, H.L., Ed.; American Bar Association; ABA Publishing: Chicago, IL, USA, 1971; pp. 209-240.
  12. Cicchetti, C.J.; Gillen, W.J.; Smolensky, P. The Marginal Costs and Pricing of Electricity: An Applied Approach; Ballinger Publishing Company: Sacramento, CA, USA, 1977.
  13. Dutton, J. EU Energy Policy and the Third Package, EPG Working Paper; UK Energy Research Centre, 2015. Available online: http: //www.ukerc.ac.uk/publications/eu-energy-policy-and-the-third-package-working-paper.html (accessed on 18 April 2021).
  14. Nouicer, A. The EU Clean Energy Package; Technical Report; Florence School of Regulation: Florence, Italy, 2018.
  15. Kyzym, M.O.; Salashenko, T.I. Competitive Electricity Markets: Theoretical Approaches and Formation Models. Probl. Econ. 2020, 2, 130-143. [CrossRef]
  16. Regulation (EU) 2015/1222 of 24 July 2015 Establishing a Guideline on Capacity Allocation and Congestion Management. EUR-LEX. Available online: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32015R1222 (accessed on 20 April 2021).
  17. Overview of European Electricity Markets, METIS Technical Note T4; European Commission, 2016. Available online: https://ec. europa.eu/energy/sites/ener/files/documents/metis_technical_note_t4_-_overview_of_european_electricity_market.pdf (ac- cessed on 25 April 2021).
  18. ENTSO-E Transparency Platform. Available online: https://transparency.entsoe.eu/ (accessed on 1 June 2021).
  19. Stigler, G.J. The Economics of Information. J. Political Econ. 1961, 69, 213-225. [CrossRef]
  20. Lippman, S.S.; McCall, J.J. Information, Economics of. In International Encyclopedia of the Social & Behavioral Sciences; Elsevier: Amsterdam, The Netherland, 2001; pp. 7480-7486.
  21. Reinganum, J.F. A Simple Model of Equilibrium Price Dispersion. J. Political Econ. 1979, 87, 851-858. [CrossRef]
  22. Jost, B.W. Price Dispersion, Search Costs and Spatial Competition: Evidence from the Austrian Retail Gasoline Market. NEURUS Netw. Eur. US Reg. Urban Stud. 2012, 166, 1-42.
  23. Frank, A.W. Market Design and Price Behavior in Restructured Electricity Markets an International Comparison. In Deregulation and Interdependence in the Asia-Pacific Region; Ito, T., Krueger, A.O., Eds.; University of Chicago Press: Chicago, IL, USA, 2007; pp. 79-138.
  24. Tangeras, T.P.; Wolak, F.A. The Competitive Effects of Linking Electricity Markets Across Space. IFN Working Paper. No. 1184; Research Institute of Industrial Economics: Stockholm, Sweden, 2017; p. 43.
  25. Benini, M.; Marracci, M.; Pelacchi, P.; Venturini, A. Day-ahead market price volatility analysis in deregulated electricity markets. In Proceedings of the IEEE Power Engineering Society Summer Meeting, Chicago, IL, USA, 21-25 July 2002; Volume 3, pp. 1354-1359.
  26. Hirth, L. What caused the drop in European electricity prices? A factor decomposition analysis. Energy J. 2018, 1, 143-157. [CrossRef]
  27. Mosquera-López, S.; Nursimulu, A. Drivers of electricity price dynamics: Comparative analysis of spot and futures markets. Energy Policy 2019, 126, 76-87. [CrossRef]
  28. Li, Y.; Flynn, P. Deregulated power prices: Comparison of volatility. Energy Policy 2004, 32, 1591-1601. [CrossRef]
  29. Huisman, R.; Huurman, C.; Mahieu, R.J. Hourly Electricity Prices in Day-Ahead Markets. Energy Econ. 2007, 29, 240-248.
  30. Božić, Z.; Dobromirov, D.; Arsić, J.; Radišić, M.; Ślusarczyk, B. Power Exchange Prices: Comparison of Volatility in European Markets. Energies 2020, 13, 5620. [CrossRef]
  31. Bosco, B.; Parisio, L.; Pelagatti, M.; Baldi, F. Long-run relations in European electricity prices. J. Appl. Econ. 2010, 25, 805-832. [CrossRef]
  32. Gugler, K.; Haxhimusa, A.; Liebensteiner, M. Integration of European Electricity Markets: Evidence from Spot Prices. Energy J. 2018, 39, 97-116. [CrossRef]
  33. Apergis, N.; Baruník, J.; Lau, M.C.K. Good volatility, bad volatility: What drives the asymmetric connectedness of Australian electricity markets? Energy Econ. 2017, 66, 108-115. [CrossRef]
  34. Mayer, K.; Trück, S. Electricity markets around the world. J. Commod. Mark. 2018, 9, 77-100. [CrossRef]
  35. Li, K.; Cursio, J.D.; Jiang, M.; Liang, X. The significance of calendar effects in the electricity market. Appl. Energy 2019, 235, 487-494. [CrossRef]
  36. Dong, S.; Li, H.; Wallin, F.; Avelin, A.; Zhang, Q.; Yu, Z. Volatility of electricity price in Denmark and Sweden. Energy Procedia 2019, 158, 4331-4337. [CrossRef]
  37. Makalska, T.; Varfolomejeva, R.; Oleksijs, R. The Impact of Wind Generation on the Spot Market Electricity Pricing. In Proceedings of the 2018 IEEE International Conference on Environment and Electrical Engineering and 2018 IEEE Industrial and Commercial Power Systems Europe, Palermo, Italy, 12-15 June 2018; pp. 1-6.
  38. Shinde, P.; Amelin, M.A. Literature Review of Intraday Electricity Markets and Prices. In Proceedings of the 2019 IEEE Milan PowerTech, Milano, Italy, 23-27 June 2019; pp. 1-6.
  39. Zielke, M.; Brooks, A.; Nemet, G. The Impacts of Electric Vehicle Growth on Wholesale Electricity Prices in Wisconsin. World Electr. Veh. J. 2020, 11, 32. [CrossRef]
  40. Kumar, R. Stock Markets, Derivatives Markets, and Foreign Exchange Markets. In Strategies of Banks and Other Financial Institutions: Theories and Cases; Academic Press: Cambridge, MA, USA, 2014; pp. 125-164.
  41. Zachmann, G. Convergence of Electricity Wholesale Prices in Europe? A Kalman Filter Approach. DIW Discuss. Pap. 2005, 512, 27.
  42. Robinson, T. The convergence of electricity prices in Europe. Appl. Econ. Lett. 2007, 14, 473-476. [CrossRef]
  43. Silva, P.P.; Soares, I. EU spot prices and industry structure: Assessing electricity market integration. Int. J. Energy Sect. Manag. 2008, 2, 340-350. [CrossRef]
  44. Zachmann, G. Electricity wholesale market prices in Europe: Convergence? Energy Econ. 2008, 30, 1659-1671. [CrossRef]
  45. Hieberding, J.F. The Role of Price Tests in Market Definition. HMG Review Project-Comment, Project No. P092900, 2009. Avail- able online: https://northcoasteconomics.com/wp-content/uploads/2021/04/The-Role-of-Price-Tests-in-Market-Definition- James-F-Nieberding.pdf (accessed on 1 June 2021).
  46. Shore, J.C. Market formation as transitive closure: The evolving pattern of trade in music. Netw. Sci. 2016, 4, 164-187. [CrossRef]
  47. Vogel, J. Spatial Price Discrimination with Heterogeneous Firms. J. Ind. Econ. 2011. 59, 661-676.
  48. Hobbs, B.F. Mill Pricing Versus Spatial Price Discrimination under Bertrand and Cournot Spatial Competition. J. Ind. Econ. 1986, 35, 173-191. [CrossRef]
  49. Hunold, M.; Muthers, J. Spatial competition and price discrimination with capacity constraints. Int. J. Ind. Organ. 2019, 67, 102524. [CrossRef]
  50. Bonett, D.G. Confidence interval for a coefficient of quartile variation. Comput. Stat. Data Anal. 2006, 50, 2953-2957. [CrossRef]
  51. Bastianin, A. Robust Measures of Skewness and Kurtosis for Macroeconomic and Financial Time Series; University of Milano-Bicocca, Department of Economics: Milan, Italy, 2019. [CrossRef]
  52. Bobinait ė, V.; Juozapavičien ė, A.; Snieška, V. Correlation of Electricity Prices in European Wholesale Power Markets. Eng. Econ. 2006, 4, 7-14.
  53. Tashpulatov, S.N. Modeling and Estimating Volatility of Day-Ahead Electricity Prices. Mathematics 2021, 9, 750. [CrossRef]
  54. Purdom, P. A transitive closure algorithm. BIT Numer. Math. 1970, 10, 76-94. [CrossRef]
  55. Janssens, W.; Pelsmacker, P.; Wijnen, K.; Kenhove, P. Marketing Research with SPSS; Pearson Education: London, UK, 2008; p. 441.
  56. Saueressig, G.G.; Paris, A.; Bauer, J.M.; Luchese, J.; Sellitto, M.A.; Antunes, J.A.V. Strategic Materials Positioning Matrix: An Application in the Automotive Industry in Southern Brazil. Int. J. Ind. Eng. Manag. 2017, 8, 77-89.
  57. Malega, P.; Rudy, V.; Kovac, J.; Kovac, J. The Competitive Market Map as the Basis for an Evaluation of the Competitiveness of the Slovak Republic on an International Scale. J. Compet. 2019, 11, 103-119. [CrossRef]

Related papers

Development of Electricity Wholesale Prices in Northwest European Markets
Frits van Oostvoorn

2018

In 1996 the Electricity Directive (followed in 1998 by a Gas Directive) was adopted in the EU which started an enormous restructuring process of electricity and gas markets in EU Member states. In the continental European countries a step-wise implementation of the EU Directives has resulted in a dynamic transformation process with great unpredictability and anomalies in market prices. This study, which was finalised at the end of 2000, analysed the outlook for deregulation of power markets, the changes in electricity production technologies, ownership, fuel consumption, cross border trade, production costs, short-run and long-run marginal costs and wholesale price of electricity for four northwestern European countries (France, Germany, the Netherlands and Belgium). The main conclusions are that in France and Belgium, in the short and medium term, electricity prices will approach average production costs of power production, which results in market prices higher than Germany and Ne...

View PDFchevron_right
An Empirical Analysis Of Price Convergence Within The EU Electricity Sector - The Netherlands, Germany and Denmark (master thesis)
Karina Füzesy
View PDFchevron_right
Market structure and the stability and volatility of electricity prices
Anna Widerberg

Energy Economics, 2009

View PDFchevron_right
Short Term Relationships between European Electricity Markets
LANOUAR CHARFEDDINE

2012

This paper investigates the short term relationship between the three major European electricity markets: France, Germany and Italy. Using a multivariate analysis, we study the impact of each electricity price changes in one country on the electricity price of the others two countries. Empirical results show that there is a positive impact of common reforms in Europe. Indeed, there is an interdependence of electricity prices especially between Germany and Italy.

View PDFchevron_right
Integration and Convergence in European Electricity Markets
Paolo Polinori

SSRN Electronic Journal, 2013

In this paper we investigate wholesale electricity prices integration process in the main European markets. After reforms introduced in the last decades in Europe, wholesale electricity prices are now determined in regulated markets. However, while market institutional frameworks show several similarities, there are still differences in fuel mix, generation units technologies, market structure. Using multivariate cointegration techniques we test integration dynamics within four European markets (Austria, Germany, France and Italy) for which we have collected a novel dataset of spot prices from 2004 to 2010. We provide evidence that German market constitutes a common stochastic trend driving the long-run behavior of other markets. Our results are robust to causality test, to Granger causality test, to oil price relevance test and provide additional evidence to assess the efficient market hypothesis in European electricity markets.

View PDFchevron_right

Cited by

Assessment of Power System Sustainability and Compromises between the Development Goals
Mykola Kyzym

2022

This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY

View PDFchevron_right
Electricity Price Instability over Time: Time Series Analysis and Forecasting
Viktoriia Khaustova

Sustainability

Competition in electricity markets leads to volatile conditions which cause persistent price fluctuations over time. This study explores the problem of electricity pricing fluctuations in the DE-LU bidding zone from October 2018 to March 2022 by applying time series analysis. The determinants of electricity price fluctuations are broken down into three groups: exogenous prices (gas, coal and CO2 prices), internal (consumption and generation) and external (net import between neighboring bidding zones) electricity flows. Based on the SARIMAX model, we tried to combine all these factors to forecast electricity prices in the single bidding zone. It was found that the SARIMAX (1, 1, 2) × (3, 1, 0, 7) model with exogenous prices, internal and external electricity flows, which has the lowest AIC and MAPE values, is the best-fitted model for the DE-LU bidding zone. Anonymous trading and unpredictable individual bidding strategies lead to persistent price volatility, which causes electricity...

View PDFchevron_right
Fundamental Shifts in the EU’s Electric Power Sector Development: LMDI Decomposition Analysis
Viktoriia Khaustova

Energies

The electric power sector plays a central role in changing the EU’s energy landscape and establishing Europe as the first climate-neutral continent in the world. This paper investigates fundamental shifts in the EU’s electric power sector by carrying out its logarithmic mean Divisia index decomposition by stages of electricity flows on a large-scale basis (for both the entire EU and its 25 member states) for the period 1995–2021 and identifies the individual contribution of each EU member state to these shifts. In this study, four decomposition models were proposed and 14 impact factors (extensive, structural, and intensive) affecting the development of the EU electric power sector were evaluated in absolute and relative terms. It was found that the wind–gas transition, which took place in the EU’s electric power sector, was accompanied by an increase in the transformation efficiency of inputs in electricity generation and a drop in the intensity of final energy consumption. The non...

View PDFchevron_right
580 California St., Suite 400
San Francisco, CA, 94104
© 2025 Academia. All rights reserved