|
|
Consequences of liberalization of electricity market
Kalabiška, Roman ; Polák, Petr (advisor) ; Valíčková, Petra (referee)
This thesis examines the impacts of liberalization of electricity market. The first part of this work provides theoretical overview of the liberalization process and electricity market design in Czech Republic. To understand how the european wholesale markets are integrated, I have performed correlation analysis of daily spot prices on selected power exchanges. On the basic of this analysis I confirmed that selected power exchanges are on different levels of integration and have higher dependency on regional level. The second part of the empirical part is focused on the impact of competition on czech retail market. The objective was to show that liberalization and following increase of competition in electricity market result into decrease of retailers' gross profit margins in the segment of housholds with ordinary consumption. The last part of this work is focused on the measurement of market power using the most famous methods of measuring market power, such as Lerner index and Herfindahl-Hirschman index. My calculations indicate that while market concentration has decreased in the long run, since 2012 it is slightly increasing. I have also learned that selected retailers are on similar level of market power. This work fills the gap in literature focusing on the issue of measuring market power...
|
|
|
Electricity market: Analysis and prediction of volatility
Kunc, Vladimír ; Krištoufek, Ladislav (advisor) ; Hájek, Jan (referee)
Electricity market: Analysis and prediction of volatility Abstract Vladimír Kunc July 30, 2015 The last two decades can be characterized by restructuring of energy industry and the creation of new, competitive energy markets, where accurate forecasts of elec- tricity prices and price volatility are valuable both to consumers and producers. The aim of this work is to analyse several models for prediction of the price volatility of electricity on the Czech Electricity Day-ahead market on price data provided by OTE, a.s. for years 2009-2014. This work compares 144 different models' configura- tions for three distinct classes of models - autoregressive models, GARCH models, and artificial neural network models. This work provides comparison based on five different criteria, each describing the model in different way. Keywords: price prediction, volatility prediction, GARCH, neural networks, LSTM 1
|
|
|
Forecasting Electricity Pricing in Central and Eastern Europe
Křížová, Kristýna ; Krištoufek, Ladislav (advisor) ; Baruník, Jozef (referee)
Within forecasting electricity pricing, we analyse whether adding various vari- ables improves the predictions, and if shorter time intervals between observa- tions enhance accuracy of the forecasting. Next, we focus on proper selection of lagged observations, which has not been thoroughly covered in the past litera- ture. In addition, many papers studied electricity prices in larger markets (e.g. United States, Australia, Nord Pool, etc.) on datasets limited in scope, with 2-3 years timespan. To address these gaps in literature, we obtain one daily and one hourly dataset, both spanning 6 years (January 1, 2015 - December 31, 2020), from four Central and Eastern European countries - the Czech Repub- lic, the Slovak Republic, Hungary, and Romania. These contain information on the electricity prices, and information on our observed added variables - temperature and cross-border electricity flows. For the forecasting, we use two different methods - Autoregression (AR) and Seemingly Unrelated Regression (SUR). The thorough selection of lagged observations, which we accustom to the closing time of the auction-based electricity market system, serves further studies as a guidance on how to avoid possible errors and inconsistencies in their predictions. In our analyses, both AR and SUR models show that...
|
|
|
The Proposal of the Business development of the Company Operating on the Electricity Market
Matiovský, David ; MBA, Kamil Komenda, (referee) ; Bumberová, Veronika (advisor)
This diploma thesis deals with the creation of the development plan within the selected portfolio of services on the electricity market. The theoretical part focuses on a detailed description of the possibilities of company development and strategic management issues, especially on selected analyzes of general, market and internal environment. In the analytical part are identified and analyzed the key factors affecting the company affecting its operation in the electricity market, as well as the evaluation of the internal environment of the company. Based on the results of the analyzes, a proposal for the development of QUANTUM, a.s. to consolidate the electricity market position and steps to achieve the chosen strategy. The proposals also include a risk assesment and evaluation of the benefits of the proposed strategy.
|
|
|
The Proposal of the Business development of the Company Operating on the Electricity Market
Matiovský, David ; MBA, Kamil Komenda, (referee) ; Bumberová, Veronika (advisor)
The dissertation target was to define the strategical concept of the company QUANTUM development. The company QUANTUM is the trader with the commodity of electricity operating the Czech Republic market. The theoretical part of the dissertation targets at the item of the company development and the process of the strategical management. There is the analytical methodology defined as well. The analytical part of the dissertation defines the practical implementation of the analytical concepts of the business environment of the company with the aim to define the impact factors influencing the company. The strategical concept of the business development of the company was defined and implemented due to the conclusion of the analysis with the aim to maintain the competitive position of the company in the Czech energy market. The definition of the strategy implementation reacts at the analysis of the defined threats and opportunities and the evaluation of the risks.
|
|
|
Impact of allowing consumer to choose supplier of electric energy on the development of the amount paid for electricity
BIRČÁK, Tomáš
This study focuses on the situation of the Retail electricity market in the Czech Republic. The energy market is subject to vast regulations. There is regulated access to the transmission network, to the distribution systems, to the potential construction of power plants and also to the construction and operating of electrical grids. The regulations are provided by the state authorities - Energy Regulatory Office of the Czech Republic - ERÚ (production control), Czech Transmission System Operator - ČEPS (transfer network) and the Czech Electricity and Gas Market Operator - OTE. Since 1st January 2006, the electricity supply market has been liberalized by the Energy Act No. 186/2006. The entry of many new traders influenced the retail price. However, the price was also influenced by the wholesale price of energy. The following analysis of the retail electricity market in relation to broad conditions is a subject of this study. The goal of this study is reached through comparison between the electricity price list offers and the supplier cost price of electricity. This study is based on the non-fixed price list offers. The supplier cost price of electricity is in relation to the exchange stock price. The stress is laid on distinguishment between traditional and alternative suppliers. The relationship between traditional and alternative suppliers is observed and under these conditions the impact on the final consumer is evaluated.
|
|
|
Alternative Formulation of Pay-as-clear Auction in Electricity Markets
Aussel, D. ; Červinka, Michal ; Henrion, R. ; Pištěk, Miroslav
In widely used formulation of pay-as-clear electricity market the clearing price is given by the Lagrange multiplier of the demand sat- isfaction constraint in the problem of the Independent System Operator (ISO). Following this idea, one may usually calculate the market clearing\nprice analytically even for problems of higher dimensions. However, the economic interpretation of such a market setting is in question, since the minimized criterion does not correspond neither to the cost of production nor to the overall payment of consumers. This observation motivated us\nto propose an alternative clearing mechanism where the total payment of consumers is explicitly minimized. We show existence and uniqueness of the clearing price in such a setting.
|
|
|
Electricity market: Analysis and prediction of volatility
Kunc, Vladimír ; Krištoufek, Ladislav (advisor) ; Hájek, Jan (referee)
Electricity market: Analysis and prediction of volatility Abstract Vladimír Kunc July 30, 2015 The last two decades can be characterized by restructuring of energy industry and the creation of new, competitive energy markets, where accurate forecasts of elec- tricity prices and price volatility are valuable both to consumers and producers. The aim of this work is to analyse several models for prediction of the price volatility of electricity on the Czech Electricity Day-ahead market on price data provided by OTE, a.s. for years 2009-2014. This work compares 144 different models' configura- tions for three distinct classes of models - autoregressive models, GARCH models, and artificial neural network models. This work provides comparison based on five different criteria, each describing the model in different way. Keywords: price prediction, volatility prediction, GARCH, neural networks, LSTM 1
|
|
|
Consequences of liberalization of electricity market
Kalabiška, Roman ; Polák, Petr (advisor) ; Valíčková, Petra (referee)
This thesis examines the impacts of liberalization of electricity market. The first part of this work provides theoretical overview of the liberalization process and electricity market design in Czech Republic. To understand how the european wholesale markets are integrated, I have performed correlation analysis of daily spot prices on selected power exchanges. On the basic of this analysis I confirmed that selected power exchanges are on different levels of integration and have higher dependency on regional level. The second part of the empirical part is focused on the impact of competition on czech retail market. The objective was to show that liberalization and following increase of competition in electricity market result into decrease of retailers' gross profit margins in the segment of housholds with ordinary consumption. The last part of this work is focused on the measurement of market power using the most famous methods of measuring market power, such as Lerner index and Herfindahl-Hirschman index. My calculations indicate that while market concentration has decreased in the long run, since 2012 it is slightly increasing. I have also learned that selected retailers are on similar level of market power. This work fills the gap in literature focusing on the issue of measuring market power...
|
|
|
Selective adjustment to EU regulatory provisions in new member states : the case of electricity market liberalization in Bulgaria and Czech Republic
Neofitov, Alexander ; Weiss, Tomáš (advisor) ; Cibulková, Petra (referee)
The present work aspires to provide a comprehensive analysis of the policy developments through which European-level prescriptions regarding the liberalization of national electricity markets have been accommodated within the domestic policy contexts of two new member states of the European Union: Bulgaria and Czech Republic. Despite being subjected to uniform demands, adaptation to community regulatory provisions in the two countries has prompted divergent patterns of policy change, resulting in full compliance in the Czech Republic and a failure to meet EU objectives in Bulgaria. In order to address the observed inconsistency the envisaged research identifies a causal link between the outcomes of regulatory compliance and the influence of utility regulation as a sector-specific EU governance pattern on the dynamics of resource re-distribution at the domestic level. A major concern of the research is how contextual factors, such as incumbent power balances across actor populations in the target policy area condition the impacts of EU inputs on domestic policy decisions. In this respect the work hypothesizes that due to transition "sediments" in the new EU member states external rules may be selectively applied in order to match the existing realities and lead to outcomes that diverge from the...
|
guest ::
