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| Tekijä: | Juselius, M. Stenbacka, R. |
| Otsikko: | The relevant market for production and wholesale of electricity in the Nordic countries: an econometric study |
| Lehti: | Scandinavian Journal of Economics
2011 : VOL. 113:1 p. 167-189 |
| Asiasana: | Finland Sweden Norway Denmark Scandinavia Nordic countries market research electricity industry econometrics |
| Vapaa asiasana: | Nord Pool |
| Kieli: | eng |
| Tiivistelmä: | This paper applies a co-integration analysis to daily averages of Nord Pool prices covering the period 2001-2007 in order to empirically characterize the geographical dimension of the relevant market for production and wholesale of electricity. The following econometric conclusions are reached: (i) price areas Finland, Sweden, and Norway 3 unambiguously belong to the same relevant market, (ii) Denmark 2 belongs to this same market except for the subsample 2004-2007, (iii) Norway 1 and Denmark 1 define separate markets on their own. It is found that the stochastic trends in Nord Pool prices originate in countries abundant in capacity to generate hydro power. |
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