Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK
The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - mo...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Facchini, Angelo [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2019transfer abstract |
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| Schlagwörter: |
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| Umfang: |
12 |
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| Übergeordnetes Werk: |
Enthalten in: Beyond prospective memory retrieval: Encoding and remembering of intentions across the lifespan - Hering, Alexandra ELSEVIER, 2019, the international journal of the political, economic, planning, environmental and social aspects of energy, Amsterdam [u.a.] |
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| Übergeordnetes Werk: |
volume:125 ; year:2019 ; pages:110-121 ; extent:12 |
| Links: |
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| DOI / URN: |
10.1016/j.enpol.2018.10.047 |
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| 520 | |a The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. | ||
| 520 | |a The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. | ||
| 650 | 7 | |a Recurrence Plots |2 Elsevier | |
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10.1016/j.enpol.2018.10.047 doi /cbs_pica/cbs_olc/import_discovery/elsevier/einzuspielen/GBV00000000000874.pica (DE-627)ELV045400105 (ELSEVIER)S0301-4215(18)30699-2 DE-627 ger DE-627 rakwb eng 610 VZ 77.50 bkl Facchini, Angelo verfasserin aut Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK 2019transfer abstract 12 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. Recurrence Plots Elsevier Electricicty markets Elsevier Gate Closure UK Spot prices Elsevier New Electricity Trading arrangements Elsevier Rubino, Alessandro oth Caldarelli, Guido oth Di Liddo, Giuseppe oth Enthalten in Elsevier Science Hering, Alexandra ELSEVIER Beyond prospective memory retrieval: Encoding and remembering of intentions across the lifespan 2019 the international journal of the political, economic, planning, environmental and social aspects of energy Amsterdam [u.a.] (DE-627)ELV003447960 volume:125 year:2019 pages:110-121 extent:12 https://doi.org/10.1016/j.enpol.2018.10.047 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U SSG-OLC-PHA 77.50 Psychophysiologie VZ AR 125 2019 110-121 12 |
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10.1016/j.enpol.2018.10.047 doi /cbs_pica/cbs_olc/import_discovery/elsevier/einzuspielen/GBV00000000000874.pica (DE-627)ELV045400105 (ELSEVIER)S0301-4215(18)30699-2 DE-627 ger DE-627 rakwb eng 610 VZ 77.50 bkl Facchini, Angelo verfasserin aut Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK 2019transfer abstract 12 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. Recurrence Plots Elsevier Electricicty markets Elsevier Gate Closure UK Spot prices Elsevier New Electricity Trading arrangements Elsevier Rubino, Alessandro oth Caldarelli, Guido oth Di Liddo, Giuseppe oth Enthalten in Elsevier Science Hering, Alexandra ELSEVIER Beyond prospective memory retrieval: Encoding and remembering of intentions across the lifespan 2019 the international journal of the political, economic, planning, environmental and social aspects of energy Amsterdam [u.a.] (DE-627)ELV003447960 volume:125 year:2019 pages:110-121 extent:12 https://doi.org/10.1016/j.enpol.2018.10.047 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U SSG-OLC-PHA 77.50 Psychophysiologie VZ AR 125 2019 110-121 12 |
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10.1016/j.enpol.2018.10.047 doi /cbs_pica/cbs_olc/import_discovery/elsevier/einzuspielen/GBV00000000000874.pica (DE-627)ELV045400105 (ELSEVIER)S0301-4215(18)30699-2 DE-627 ger DE-627 rakwb eng 610 VZ 77.50 bkl Facchini, Angelo verfasserin aut Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK 2019transfer abstract 12 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. Recurrence Plots Elsevier Electricicty markets Elsevier Gate Closure UK Spot prices Elsevier New Electricity Trading arrangements Elsevier Rubino, Alessandro oth Caldarelli, Guido oth Di Liddo, Giuseppe oth Enthalten in Elsevier Science Hering, Alexandra ELSEVIER Beyond prospective memory retrieval: Encoding and remembering of intentions across the lifespan 2019 the international journal of the political, economic, planning, environmental and social aspects of energy Amsterdam [u.a.] (DE-627)ELV003447960 volume:125 year:2019 pages:110-121 extent:12 https://doi.org/10.1016/j.enpol.2018.10.047 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U SSG-OLC-PHA 77.50 Psychophysiologie VZ AR 125 2019 110-121 12 |
| allfieldsGer |
10.1016/j.enpol.2018.10.047 doi /cbs_pica/cbs_olc/import_discovery/elsevier/einzuspielen/GBV00000000000874.pica (DE-627)ELV045400105 (ELSEVIER)S0301-4215(18)30699-2 DE-627 ger DE-627 rakwb eng 610 VZ 77.50 bkl Facchini, Angelo verfasserin aut Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK 2019transfer abstract 12 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. Recurrence Plots Elsevier Electricicty markets Elsevier Gate Closure UK Spot prices Elsevier New Electricity Trading arrangements Elsevier Rubino, Alessandro oth Caldarelli, Guido oth Di Liddo, Giuseppe oth Enthalten in Elsevier Science Hering, Alexandra ELSEVIER Beyond prospective memory retrieval: Encoding and remembering of intentions across the lifespan 2019 the international journal of the political, economic, planning, environmental and social aspects of energy Amsterdam [u.a.] (DE-627)ELV003447960 volume:125 year:2019 pages:110-121 extent:12 https://doi.org/10.1016/j.enpol.2018.10.047 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U SSG-OLC-PHA 77.50 Psychophysiologie VZ AR 125 2019 110-121 12 |
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10.1016/j.enpol.2018.10.047 doi /cbs_pica/cbs_olc/import_discovery/elsevier/einzuspielen/GBV00000000000874.pica (DE-627)ELV045400105 (ELSEVIER)S0301-4215(18)30699-2 DE-627 ger DE-627 rakwb eng 610 VZ 77.50 bkl Facchini, Angelo verfasserin aut Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK 2019transfer abstract 12 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. Recurrence Plots Elsevier Electricicty markets Elsevier Gate Closure UK Spot prices Elsevier New Electricity Trading arrangements Elsevier Rubino, Alessandro oth Caldarelli, Guido oth Di Liddo, Giuseppe oth Enthalten in Elsevier Science Hering, Alexandra ELSEVIER Beyond prospective memory retrieval: Encoding and remembering of intentions across the lifespan 2019 the international journal of the political, economic, planning, environmental and social aspects of energy Amsterdam [u.a.] (DE-627)ELV003447960 volume:125 year:2019 pages:110-121 extent:12 https://doi.org/10.1016/j.enpol.2018.10.047 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U SSG-OLC-PHA 77.50 Psychophysiologie VZ AR 125 2019 110-121 12 |
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Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. 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changes to gate closure and its impact on wholesale electricity prices: the case of the uk |
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Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK |
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The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. |
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The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. |
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The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80's that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that the Modification Proposal P12 (Mod P12) - that took place in 7/2/2002 - moving the Gate Closure (GC) interval from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility. Using a combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on the price series, showing a significant reduction in its variability. The results of our analysis suggest that a dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side. Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market. |
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