{"id":592,"date":"2018-11-11T17:10:43","date_gmt":"2018-11-11T17:10:43","guid":{"rendered":"http:\/\/cssitaly.org\/\/\/?p=592"},"modified":"2018-11-11T17:11:28","modified_gmt":"2018-11-11T17:11:28","slug":"changes-to-gate-closure-and-its-impact-on-wholesale-electricity-prices-the-case-of-the-uk","status":"publish","type":"post","link":"https:\/\/cssitaly.org\/index.php\/2018\/11\/11\/changes-to-gate-closure-and-its-impact-on-wholesale-electricity-prices-the-case-of-the-uk\/","title":{"rendered":"Changes to Gate Closure and its impact on wholesale electricity prices: The case of the UK"},"content":{"rendered":"

Angelo Facchini, Alessandro Rubino, Guido Caldarelli, Giuseppe di Liddo<\/em><\/p>\n

Published in Energy Policy, 125 (2019) 110-121<\/a><\/p>\n

The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80’s\u00a0that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that\u00a0the Modification Proposal P12 (Mod P12) – that took place in 7\/2\/2002 – moving the Gate Closure (GC) interval\u00a0from 3.5 h to 1 h before real time has caused a permanent alteration in the UK spot price volatility.<\/p>\n

Using a\u00a0combination of Recurrence Plot (RP) and Recurrence Quantification Analysis (RQA) we find that, after the the\u00a0change in the GC time, short term price volatility significantly decreased between 2001 and 2008 while long\u00a0term price volatility is not affected by CG change. Similar results are obtained by means of spectral analysis on\u00a0the price series, showing a significant reduction in its variability. The results of our analysis suggest that a\u00a0dynamical regime shift of the price occurred, and such shift is linked to the GC change whereby shorter GC\u00a0intervals facilitate short-term forecasting on electricity demand and better reliability on the supply side.\u00a0Therefore, GC closer to real time is associated to reduced price fluctuations in the wholesale market.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Angelo Facchini, Alessandro Rubino, Guido Caldarelli, Giuseppe di Liddo Published in Energy Policy, 125 (2019) 110-121 The electricity supply industry in the United Kingdom underwent a number of regulatory reforms since late 80’s\u00a0that have transformed the trading and pricing of the energy market. Herein we provide empirical evidence that\u00a0the Modification Proposal P12 (Mod P12) –…<\/p>\n

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