Journal Article

FZJ-2024-04931

http://join2-wiki.gsi.de/foswiki/pub/Main/Artwork/join2_logo100x88.png Patterns and correlations in European electricity prices

Trebbien, J. ; Tausendfreund, A. ; Rydin Gorjão, L. ; Witthaut, D. (Corresponding author)FZJ*

2024
American Institute of Physics Woodbury, NY

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Please use a persistent id in citations: doi:10.1063/5.0201734  doi:10.34734/FZJ-2024-04931

Abstract: Electricity markets are central to the coordination of power generation and demand. The European power system is divided into several bidding zones, each having an individual electricity market price. While individual price time series have been intensively studied in recent years, spatiotemporal aspects have received little attention. This article provides a comprehensive data-centric analysis of the patterns and correlations of the European day-ahead electricity prices between 2019 and 2023, characteristically abnormal due to the energy crisis in Europe. We identify the dominant communities of bidding zones and show that spatial differences can be described with very few principal components. Most bidding zones in Continental Europe were brought together during the energy crisis: Correlations increased, and the number of relevant principal components decreased. Opposite effects occur in the Nordic countries and the Iberian Peninsula where correlations decrease and communities fragment.

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Contributing Institute(s):

1. Modellierung von Energiesystemen (ICE-1)

Research Program(s):

1. 1121 - Digitalization and Systems Technology for Flexibility Solutions (POF4-112) (POF4-112)

Appears in the scientific report 2024

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Database coverage:
; ; ; Clarivate Analytics Master Journal List ; Current Contents - Physical, Chemical and Earth Sciences ; Ebsco Academic Search ; Essential Science Indicators ; IF < 5 ; JCR ; National-Konsortium ; SCOPUS ; Science Citation Index Expanded ; Web of Science Core Collection

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