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Department of Business and Management Science, Norwegian School of Economics (NHH) Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)

No 2014/6:
Real-time versus day-ahead market power in a hydro-based electricity market

Thomas P. Tangerås () and Johannes Mauritzen ()

Abstract: We analyse in a theoretical framework the link between real-time and day-ahead market performance in a hydro-based and imperfectly competitive wholesale electricity market. Theoretical predictions of the model are tested on data from the Nordic power exchange, Nord Pool Spot (NPS).We reject the hypothesis that prices at NPS were at their competitive levels throughout the period under examination. The empirical approach uses equilibrium prices and quantities and does not rely on bid data nor on estimation of demand or marginal cost functions.

Keywords: Hydro power; market power; Nord Pool Spot; (follow links to similar papers)

JEL-Codes: D43; D92; L13; L94; Q41; (follow links to similar papers)

25 pages, February 28, 2014

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