Econometric Estimation of Spatial Patterns in Electricity Prices
Information about the spatial structure of the transmission grid is relevant to understanding and predicting electricity prices, but this information has not been incorporated into empirical models of electricity prices in the literature. We propose the use of spatial econometric panel methods, disc...
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| Veröffentlicht in: | The Energy journal (Cambridge, Mass.) Mass.), 2011-04, Vol.32 (2), p.81-105 |
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| creator | Douglas, Stratford M. Popova, Julia N. |
| description | Information about the spatial structure of the transmission grid is relevant to understanding and predicting electricity prices, but this information has not been incorporated into empirical models of electricity prices in the literature. We propose the use of spatial econometric panel methods, discuss their formal characteristics in the context of electricity price data, and provide an application to a panel of PJM price data. Our econometric model includes a simple representation of the transmission system, and provides information about the effect of system constraints on the extent of electricity market integration. Empirical results confirm the existence of spatial patterns in electricity prices and illustrate their impact on estimation, forecasting, and interpolation. |
| doi_str_mv | 10.5547/ISSN0195-6574-EJ-Vol32-No2-4 |
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We propose the use of spatial econometric panel methods, discuss their formal characteristics in the context of electricity price data, and provide an application to a panel of PJM price data. Our econometric model includes a simple representation of the transmission system, and provides information about the effect of system constraints on the extent of electricity market integration. 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| fulltext | fulltext |
| identifier | ISSN: 0195-6574 |
| ispartof | The Energy journal (Cambridge, Mass.), 2011-04, Vol.32 (2), p.81-105 |
| issn | 0195-6574 1944-9089 |
| language | eng |
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| source | SAGE Complete A-Z List; Jstor Complete Legacy; EBSCOhost Business Source Complete |
| subjects | Analysis Applied sciences Econometric models Econometrics Economic data Economic geography Economic modeling Economic models Electric energy Electric power transmission Electric rates Electricity Electricity distribution Electricity prices Empirical analysis Energy Energy economics Energy trading Estimates Exact sciences and technology Forecasting Forecasting models General, economic and professional studies Interpolation Markets Mathematical models Methodology. Modelling Panels Prices Prices and rates Representations Spatial models Studies |
| title | Econometric Estimation of Spatial Patterns in Electricity Prices |
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