Dear Colleagues,

The past thirty years have seen the establishment of wholesale electricity markets on a global scale followed by an upsurge of research interest in market design and the price formation mechanism. Electricity prices have distinctive features that are dictated by the nature of power production, limitations in existing storage technologies, and insufficient network infrastructure. For instance, the absence of affordable storage facilities that could be deployed on a grid scale makes it hard for system operators to buffer imbalances between generation and load, giving rise to an endogenous level of price volatility and occasional large price disruptions (spikes). Limitations in transmission capacity and cross-market hedging activities also prevent shifting power generation over space to close temporal price gaps between adjacent bidding zones. The technological inflexibility of certain generating units to immediately adjust their output causes slow absorption of price shocks and the emergence of dependencies that extend over long time scales. Slow cycling patterns in power prices are also imposed by seasonal shifts in electricity consumption, yearly variations in renewable energy generation, and business-cycle effects.

The confluence of all these factors adds to the increasing complexity of empirical price-generation processes, which calls for advanced modelling solutions. The purpose of this Special Issue is to present state-of-the-art approaches to power price and electricity markets modelling. The issue welcomes contributions in the wider context of electricity markets research, including econometric studies, microeconomic models, and agent-based simulation paradigms.

Example topics include but are not limited to the following:

• Panel data models, forecasting and dimensionality reduction techniques, nonlinear econometric and computational intelligence paradigms for electricity markets
• Fundamental electricity pricing models, the merit order effect, dependencies with other energy commodity markets
• The interplay between electricity and financial markets (e.g. markets for electricity futures)
• Agent-based modelling and market microstructure
• New designs and trading protocols facilitating vertical and horizontal (cross-border) market integration
• Integration and price convergence between spatially disaggregated electricity markets

Assist. Prof. Dr. Nikolaos S. Thomaidis
Guest Editor

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