Accurate electricity price forecasting is a formidable challenge for market participants and managers owing to high volatility of the electricity prices. Price forecasting is also the most important management goal for market participants since it forms the basis of maximizing profits. This study investigates the performance of a novel neural network technique called Extreme Learning Machine (E...

We address the valuation of an operating wind farm and the …nite-lived option to invest in it under di¤erent reward/support schemes. They range from a feed-in tari¤ to a premium on top of electricity market price, to a transitory subsidy. Availability of futures contracts on electricity with ever longer maturities allows to undertake market-based valuations. The model considers up to three sour...

We focus on residential electricity and gas demand, and ask three research questions. First, how does residential energy use respond to prices? We specifically wish to examine whether ownand cross-price elasticities have changed in recent years, given the evolution of the energy market. Second, is such responsiveness sensitive to equipment and energy choices that are not easily reversed (e.g., ...

In this paper we consider the forecasting performance of a range of semiand non-parametric methods applied to high frequency electricity price data. Electricity price time-series data tend to be highly seasonal, mean reverting with price jumps/spikes and timeand price-dependent volatility. The typical approach in this area has been to use a range of tools that have proven popular in the financi...

An increasing number of retail energy markets exhibit price fluctuations and provide home users the opportunity to buy energy at lower than average prices. However, such cost savings are hard to realize in practice because they require human users to observe the price fluctuations and shift their electricity demand to low price periods. We propose to temporarily store energy of low price period...

Under conventional models, subsidizing energy efficiency requires electricity to be priced below marginal cost. Its benefits increase when electricity prices increase to finance the subsidy. With high prices, subsidies are counterproductive unless consumers fail to make efficiency investments when private benefits exceed costs. If the gain from adopting efficiency is only reduced electricity sp...

Competitive electricity markets which rely on centralized dispatch require a mechanism to solicit offers from competing generators. Ideally, such an auction mechanism provides incentives to submit offers equal to the marginal cost of generation for each generator. Economic theory suggests that the Uniform Price auction is an appropriate institution. However, an efficient implementation of this ...

Electrified transportation and power systems are mutually coupled networks. In this paper, a novel framework is developed for interdependent power and transportation networks. Our approach constitutes solving an iterative least cost vehicle routing process, which utilizes the communication of electrified vehicles (EVs) with competing charging stations to exchange data, such as electricity price...

We discuss the implications of two price zones, i.e. one northern and southern bidding area, on the German electricity market. In the northern zone, continuous capacity additions with low variable costs cause large regional supply surpluses in the market dispatch while conventional capacity decreases in the southern zone. As the spatial imbalance of supply and load is increasing, the current si...

Household energy use is increasingly important in the context of fuel poverty and the equity debate as well as in relation to energy saving and efficiency policies. We first explore the link between household energy spending and income. We use a panel dataset from a comprehensive survey of UK households from 1991 to 2007 comprising over 77,000 observations to analyse electricity, gas, and overa...