empirical strategy to test whether oligopolistic frms use forward contracts for strategic motives, for risk-hedging, or for both …. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons.However, if …

time as a shortage in production volume cannot be compensated with supply from inventories. However, if the installed power … supply capacity is very flexible, variation in demand can be counterbalanced with flexible adjustment of production volumes …. Therefore, supply flexibility can replace the role of inventory. In this paper, we question whether power production flexibility …