Organization and functioning of liberalized electricity markets: An overview of the Dutch market

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dc.citation.epage1374en_US
dc.citation.spage1363en_US
dc.citation.volumeNumber51en_US
dc.contributor.authorTanrisever, F.en_US
dc.contributor.authorDerinkuyu, K.en_US
dc.contributor.authorJongen, G.en_US
dc.date.accessioned2018-04-12T13:45:27Z
dc.date.available2018-04-12T13:45:27Z
dc.date.issued2015en_US
dc.departmentDepartment of Managementen_US
dc.description.abstractAbstract In this paper, we examine the organization and the functioning of the Dutch electricity market. First we describe the organization of the Dutch electricity supply chain and the role of the main market participants including the transmission system operator, distribution system operators, program responsible parties and metering companies. We then describe the organization of financial trading and clearing mechanism of electricity through the organized futures exchange (The European Energy Derivatives Exchange), and the spot market (Amsterdam Power Exchange) which includes the day-ahead market and intra-day markets. We also detail the functioning of the imbalance market and reserve capacity management in the Netherlands. Through a set of numerical analysis, we provide an exploratory analysis of the APX day-ahead spot prices and the real-time imbalance prices using electricity price data from 2002 to 2013. We observe the price spikes both in the day-ahead and imbalance markets usually occur around 6-10 AM and 5-7 PM. We also observe that in the imbalance market system overages happen significantly more often than shortages pointing out that the market tends to buy more than what is demanded. This could be explained by the risk attitude of the market participants in the imbalance market.en_US
dc.description.provenanceMade available in DSpace on 2018-04-12T13:45:27Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 179475 bytes, checksum: ea0bedeb05ac9ccfb983c327e155f0c2 (MD5) Previous issue date: 2015en
dc.identifier.doi10.1016/j.rser.2015.07.019en_US
dc.identifier.issn1364-0321
dc.identifier.urihttp://hdl.handle.net/11693/38136
dc.language.isoEnglishen_US
dc.publisherElsevier Ltden_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.rser.2015.07.019en_US
dc.source.titleRenewable and Sustainable Energy Reviewsen_US
dc.subjectElectricity marketsen_US
dc.subjectElectricity tradingen_US
dc.subjectFutures exchangeen_US
dc.subjectMarket organizationen_US
dc.subjectCommerceen_US
dc.subjectCostsen_US
dc.subjectElectric power transmissionen_US
dc.subjectFinancial marketsen_US
dc.subjectSupply chainsen_US
dc.subjectDistribution systemsen_US
dc.subjectElectricity marketen_US
dc.subjectElectricity supplyen_US
dc.subjectElectricity tradingen_US
dc.subjectExploratory analysisen_US
dc.subjectLiberalized electricity marketen_US
dc.subjectMarket participantsen_US
dc.subjectTransmission system operatorsen_US
dc.subjectPower marketsen_US
dc.titleOrganization and functioning of liberalized electricity markets: An overview of the Dutch marketen_US
dc.typeReviewen_US

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