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Three Essays on Electricity Markets
Luňáčková, Petra ; Janda, Karel (advisor) ; Tashpulatov, Sherzod (referee) ; Knápek, Jaroslav (referee) ; Möst, Dominik (referee)
DISSERTATION - Abstract in English Three Essays on Electricity Markets Author: PhDr. Petra Luňáčková Academic Year: 2017/2018 This thesis consists of three papers that share the main theme - energy. The articles introduce characteristics and behavior of electricity focusing on its unique properties. The dissertation aims at the Czech electricity market and analyzes also highly discussed solar power plants. The first article studies long term memory properties of electricity spot prices through the detrended fluctuation analysis, as electricity prices are dominated by cycles. We conclude that Czech electricity prices are strongly mean reverting yet non-stationary. The second part of the dissertation investigates possible asymmetry in the gas - oil prices adjustment. Oil prices determine the price of electricity during the times of peak demand, as the reaction of power plants fueled by oil is quick but marginal costs are high. We chose the gasoline - crude oil relationship known as "rockets and feathers" effect and offer two new tests to analyze such type of relationship as we believe that error correction model is not the most suitable tool. Analyzing international dataset we do not find statistically significant asymmetry. The third study assesses the impact of renewable energy sources, solar plants in...
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Network Industry Liberalization: The Case of the England and Wales Electricity Market
Tashpulatov, Sherzod ; Lízal, Lubomír (advisor) ; Green, Richard (referee) ; Newbery, David (referee)
The dissertation consists of a general introduction on network industries and three chap- ters. The first and second chapters analyze the behavior of electricity producers at a uniform price auction. In the first chapter I examine market power manifested in sub- mitting price bids in excess of marginal production costs. The theoretical model allows identifying the incentive and disincentive to exercise market power. Then an empirical analysis is performed at the level of producer and production unit of various input types used in electricity production. I examine how the incentive and disincentive to exercise market power change during different regulatory regime periods and draw conclusions regarding the effectiveness of regulatory reforms to improve competition. The second chapter, which is coauthored with Lubomír Lízal, investigates another possible means of increasing prices. In particular, we examine if producers apply a capacity cutting strategy to increase prices. This strategy may be feasible when a significantly large increase in demand is forecasted so that a market operator will have to use high-cost (and sometimes even less efficient), i.e., expensive, production facilities to satisfy demand. The major purpose of this research is to analyze whether the regulatory reforms decreased the extent...
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