The dominant focus of much policy attention of late has been on the suitability of electricity market reform carried out under the ‘standard' or prescriptive approach – the end point of which is market liberalization – for the integration of intermittent renewables. There is now a growing...

Governments have faced increasing pressure for energy policy to converge around efficiency, sustainability, affordability, and access in recent years. However, separate "silos" rather than an integrated policy framework have addressed these objectives, widening the policy trade-offs. The...

This paper investigates price volatility and spillover effects in the Nordic electricity wholesale markets, comprising Sweden, Finland, Denmark, and Norway. Utilizing both the Time-Varying Parameter Vector Autoregressive (TVP-VAR) and Rolling Window-based VAR (RW-VAR) approaches, we analyze the...

Fuel price caps are one of the potential regulatory tools for controlling wholesale electricity prices when fuel prices are volatile. In this paper, we introduce a theoretical model to study the effects of such caps on firms’ bidding behavior and clearing prices in spot market auctions. We...