Pub Date : 2025-02-26DOI: 10.1016/j.eneco.2025.108331
Lin Zhu , Yu Sheng , Hua Liao , Maximilian J. Blaschke
Facilitating the transition of households to cleaner, low-carbon energy not only supports carbon neutrality but also promotes public health and social equity. While most research on carbon neutrality has primarily focused on the industrial sector, limited attention has been given to households, particularly in rural areas. This paper examines the impact of public investment programs aimed at improving living facilities (LFI) on the energy transition of rural households in China, utilizing a panel dataset of 769 villages from 2014 to 2020. A staggered difference-in-differences approach is employed to identify the causal effects of these programs, with public investments treated as a quasi-natural experiment. The results indicate that the LFI programs accounted for approximately 33.4 % of the transition to clean cooking energy among households in impoverished villages during the study period, with road construction and housing renovations having a particularly strong impact. This transition was largely driven by improved access to clean energy sources and increased household incomes. These findings highlight the critical role of public investment programs in facilitating the transition of rural households to cleaner energy in developing countries, offering valuable insights for policy design in similar contexts.
{"title":"Enhancing clean cooking energy transition through living facility improvements: Experience from China","authors":"Lin Zhu , Yu Sheng , Hua Liao , Maximilian J. Blaschke","doi":"10.1016/j.eneco.2025.108331","DOIUrl":"10.1016/j.eneco.2025.108331","url":null,"abstract":"<div><div>Facilitating the transition of households to cleaner, low-carbon energy not only supports carbon neutrality but also promotes public health and social equity. While most research on carbon neutrality has primarily focused on the industrial sector, limited attention has been given to households, particularly in rural areas. This paper examines the impact of public investment programs aimed at improving living facilities (LFI) on the energy transition of rural households in China, utilizing a panel dataset of 769 villages from 2014 to 2020. A staggered difference-in-differences approach is employed to identify the causal effects of these programs, with public investments treated as a quasi-natural experiment. The results indicate that the LFI programs accounted for approximately 33.4 % of the transition to clean cooking energy among households in impoverished villages during the study period, with road construction and housing renovations having a particularly strong impact. This transition was largely driven by improved access to clean energy sources and increased household incomes. These findings highlight the critical role of public investment programs in facilitating the transition of rural households to cleaner energy in developing countries, offering valuable insights for policy design in similar contexts.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108331"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143550532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-26DOI: 10.1016/j.eneco.2025.108343
Ling Liao , Ivan Diaz-Rainey , Duminda Kuruppuarachchi
Having the world's first national renewable energy certificate (REC) market and a large and diverse (by project types) government-backed carbon offsets (ACCUs) market, Australia provides an interesting context to study the interplay of the offset, REC, and electricity market. We investigate the existence, extent, and direction of the connectedness in prices among these three markets in Australia during May 2018–June 2023 and back-test the implications of the results using a portfolio approach. Our results highlight: 1) an insignificant connectedness between the ACCU and REC markets, implying that the landfill gas offset projects, as a potential linking channel, do not appear to distort either pricing mechanism and that ACCU's and REC's are viable portfolio diversification assets; 2) that the national electricity market (NEM) is a net risk receiver from the ACCU and the REC markets, largely due to the regional electricity market (REM) in South Australia (SA); and 3) that the cost to effectively hedge the risk channeled from the SA market is very expensive, likely reflecting the high penetration of ‘new’ (wind and solar) renewable electricity in SA.
{"title":"The interplay of carbon offset, renewable energy certificate and electricity markets in Australia","authors":"Ling Liao , Ivan Diaz-Rainey , Duminda Kuruppuarachchi","doi":"10.1016/j.eneco.2025.108343","DOIUrl":"10.1016/j.eneco.2025.108343","url":null,"abstract":"<div><div>Having the world's first national renewable energy certificate (REC) market and a large and diverse (by project types) government-backed carbon offsets (ACCUs) market, Australia provides an interesting context to study the interplay of the offset, REC, and electricity market. We investigate the existence, extent, and direction of the connectedness in prices among these three markets in Australia during May 2018–June 2023 and back-test the implications of the results using a portfolio approach. Our results highlight: 1) an insignificant connectedness between the ACCU and REC markets, implying that the landfill gas offset projects, as a potential linking channel, do not appear to distort either pricing mechanism and that ACCU's and REC's are viable portfolio diversification assets; 2) that the national electricity market (NEM) is a net risk receiver from the ACCU and the REC markets, largely due to the regional electricity market (REM) in South Australia (SA); and 3) that the cost to effectively hedge the risk channeled from the SA market is very expensive, likely reflecting the high penetration of ‘new’ (wind and solar) renewable electricity in SA.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108343"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143563659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-26DOI: 10.1016/j.eneco.2025.108338
Martin Hodula
This paper demonstrates a significant negative association between national energy price increases and retail investor participation in cryptocurrency trading, using data from crypto trading app usage and downloads from August 2015 to December 2022. The results hold even when accounting for concurrent changes in cryptocurrency prices, suggesting that investors' budgetary constraints influence their crypto investment decisions. The findings challenge the notion of cryptocurrencies as a hedge against inflation during periods of high energy prices, highlighting the sensitivity of retail investors to economic shocks. This study contributes to understanding the economic factors affecting cryptocurrency investments and underscores the need for diversified investment strategies in volatile economic conditions. As the cryptocurrency market matures, it will likely become less dependent on Bitcoin's price, with other factors such as energy price shocks, adoption rates, regulatory developments, and blockchain integration playing an increasingly important role. Additionally, global economic and geopolitical events impacting energy prices can significantly influence crypto demand, revealing the need for further research on investor behavior under stress.
{"title":"Retail crypto investors when facing financial constraints: Evidence from energy shocks and the use and downloads of crypto trading apps","authors":"Martin Hodula","doi":"10.1016/j.eneco.2025.108338","DOIUrl":"10.1016/j.eneco.2025.108338","url":null,"abstract":"<div><div>This paper demonstrates a significant negative association between national energy price increases and retail investor participation in cryptocurrency trading, using data from crypto trading app usage and downloads from August 2015 to December 2022. The results hold even when accounting for concurrent changes in cryptocurrency prices, suggesting that investors' budgetary constraints influence their crypto investment decisions. The findings challenge the notion of cryptocurrencies as a hedge against inflation during periods of high energy prices, highlighting the sensitivity of retail investors to economic shocks. This study contributes to understanding the economic factors affecting cryptocurrency investments and underscores the need for diversified investment strategies in volatile economic conditions. As the cryptocurrency market matures, it will likely become less dependent on Bitcoin's price, with other factors such as energy price shocks, adoption rates, regulatory developments, and blockchain integration playing an increasingly important role. Additionally, global economic and geopolitical events impacting energy prices can significantly influence crypto demand, revealing the need for further research on investor behavior under stress.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108338"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-26DOI: 10.1016/j.eneco.2025.108351
Rafael Bakhtavoryan , Vardges Hovhannisyan , Matt Woerman
The residential solar market has been growing steadily during the past decade, driven primarily by falling solar energy prices. This trend will indubitably continue into the near future, given the ever-improving solar panel energy-generating capacity and the resultant drop in solar energy costs. These unprecedented changes have major implications for solar energy consumption but also those of other energy sources and consumer welfare.
We evaluate the effects of the solar price changes on the residential consumption of natural gas, electricity, petroleum, solar energy, and wood in a demand system framework that allows quantifying demand interrelationships thereof. Our pioneering effort utilizes a state-of-the-art demand system that allows for potential pre-commitments in energy consumption while addressing energy expenditure endogeneity. We empirically confirm that most energy sources are net demand substitutes and find that natural gas, electricity, and wood are consumed in pre-committed quantities. Based on our elasticity estimates, we further evaluate the effects of dropping solar prices on energy consumption by source and consumer welfare and assess the investment tax credit program-induced tax revenue consequences.
{"title":"Residential demand for energy in light of changing solar prices","authors":"Rafael Bakhtavoryan , Vardges Hovhannisyan , Matt Woerman","doi":"10.1016/j.eneco.2025.108351","DOIUrl":"10.1016/j.eneco.2025.108351","url":null,"abstract":"<div><div>The residential solar market has been growing steadily during the past decade, driven primarily by falling solar energy prices. This trend will indubitably continue into the near future, given the ever-improving solar panel energy-generating capacity and the resultant drop in solar energy costs. These unprecedented changes have major implications for solar energy consumption but also those of other energy sources and consumer welfare.</div><div>We evaluate the effects of the solar price changes on the residential consumption of natural gas, electricity, petroleum, solar energy, and wood in a demand system framework that allows quantifying demand interrelationships thereof. Our pioneering effort utilizes a state-of-the-art demand system that allows for potential pre-commitments in energy consumption while addressing energy expenditure endogeneity. We empirically confirm that most energy sources are net demand substitutes and find that natural gas, electricity, and wood are consumed in pre-committed quantities. Based on our elasticity estimates, we further evaluate the effects of dropping solar prices on energy consumption by source and consumer welfare and assess the investment tax credit program-induced tax revenue consequences.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108351"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143550531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-26DOI: 10.1016/j.eneco.2025.108341
Marcos de Castro Matias, Benjamin Miranda Tabak
In this study, we compared the results obtained from the application of two different approaches to model Brazilian electricity prices. One of them is the Indicator Saturation model, which consider simultaneously impulse, step, trend events and autocorrelation. The other one is the Markov regime-switching model. We considered the marginal operating cost as the Brazilian electricity spot price, and the study was applied in the four different Brazilian submarkets. We concluded that the Indicator Saturation approach outperforms the regime-switching model in terms of outlier detection. We discussed the relevance of this study as a response to the increase in electricity price volatility caused by the energy transition, as well as to enrich the debate related to the possible change in the methodology for calculating the Brazilian electricity spot price within the framework of the electricity sector reform underway in Brazil.
{"title":"Comparison of indicator saturation and Markov regime-switching models for Brazilian electricity prices","authors":"Marcos de Castro Matias, Benjamin Miranda Tabak","doi":"10.1016/j.eneco.2025.108341","DOIUrl":"10.1016/j.eneco.2025.108341","url":null,"abstract":"<div><div>In this study, we compared the results obtained from the application of two different approaches to model Brazilian electricity prices. One of them is the Indicator Saturation model, which consider simultaneously impulse, step, trend events and autocorrelation. The other one is the Markov regime-switching model. We considered the marginal operating cost as the Brazilian electricity spot price, and the study was applied in the four different Brazilian submarkets. We concluded that the Indicator Saturation approach outperforms the regime-switching model in terms of outlier detection. We discussed the relevance of this study as a response to the increase in electricity price volatility caused by the energy transition, as well as to enrich the debate related to the possible change in the methodology for calculating the Brazilian electricity spot price within the framework of the electricity sector reform underway in Brazil.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108341"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The energy transition is a complex process that varies significantly among European regions. This research uses spatial econometric panel models to investigate the evolution of wind and photovoltaic (PV) energy in Europe throughout the 21st century by identifying the main drivers (socioeconomic, institutional, geographic and demographic factors) of renewable energy capacity in European regions. The study reveals high heterogeneity in the development of these renewable energy sources. GDP per capita shows a positive relationship with both technologies, while the opposite is found for population density. While natural resource factors considered here do not seem to considerable impact the location of wind and PV farms, the pattern of territorial technology diffusion through spatial spillovers stand out as a determining factor in the wind and photovoltaic energy place-based evolutionary processes.
{"title":"Spatial distribution and drivers of renewable energies in European regions","authors":"Álvaro García-Riazuelo , Rosa Duarte , Cristina Sarasa , Raquel Ortega-Argilés","doi":"10.1016/j.eneco.2025.108340","DOIUrl":"10.1016/j.eneco.2025.108340","url":null,"abstract":"<div><div>The energy transition is a complex process that varies significantly among European regions. This research uses spatial econometric panel models to investigate the evolution of wind and photovoltaic (PV) energy in Europe throughout the 21st century by identifying the main drivers (socioeconomic, institutional, geographic and demographic factors) of renewable energy capacity in European regions. The study reveals high heterogeneity in the development of these renewable energy sources. GDP per capita shows a positive relationship with both technologies, while the opposite is found for population density. While natural resource factors considered here do not seem to considerable impact the location of wind and PV farms, the pattern of territorial technology diffusion through spatial spillovers stand out as a determining factor in the wind and photovoltaic energy place-based evolutionary processes.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108340"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143550535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-26DOI: 10.1016/j.eneco.2025.108326
Ameet Kumar Banerjee , Ahmet Sensoy , John W. Goodell
{"title":"Corrigendum to “Connectivity and spillover during crises: Highlighting the prominent and growing role of green energy” [Energy Economics Volume 129, January 2024, 107224]","authors":"Ameet Kumar Banerjee , Ahmet Sensoy , John W. Goodell","doi":"10.1016/j.eneco.2025.108326","DOIUrl":"10.1016/j.eneco.2025.108326","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108326"},"PeriodicalIF":13.6,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143488950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-25DOI: 10.1016/j.eneco.2025.108316
Kim K. Miskiw , Emil Kraft , Stein-Erik Fleten
As the uncertainty and time granularity of short-term electricity markets increase and as intraday trading gains importance, deriving good trading decisions becomes increasingly complex. This paper analyses the potential benefit of coordinating bids in three sequential electricity markets using a three-stage stochastic optimisation. The modelled markets include a typical European market setting consisting of a balancing reserve, a day-ahead, and an intraday market. Due to limited intraday market liquidity, the trading strategies also take price impacts into account. The results indicate that coordinated bidding can increase profitability, with the extent of gains depending on the price impacts. In a case study with a biomass and photovoltaic portfolio operating in Germany, we find that coordinated bidding increases the average revenue by around 18% over all analysed type days. As renewable generation continues to increase, trading strategies that coordinate bids across markets are expected to become increasingly important.
{"title":"Coordinated bidding in sequential electricity markets: Effects of price-making","authors":"Kim K. Miskiw , Emil Kraft , Stein-Erik Fleten","doi":"10.1016/j.eneco.2025.108316","DOIUrl":"10.1016/j.eneco.2025.108316","url":null,"abstract":"<div><div>As the uncertainty and time granularity of short-term electricity markets increase and as intraday trading gains importance, deriving good trading decisions becomes increasingly complex. This paper analyses the potential benefit of coordinating bids in three sequential electricity markets using a three-stage stochastic optimisation. The modelled markets include a typical European market setting consisting of a balancing reserve, a day-ahead, and an intraday market. Due to limited intraday market liquidity, the trading strategies also take price impacts into account. The results indicate that coordinated bidding can increase profitability, with the extent of gains depending on the price impacts. In a case study with a biomass and photovoltaic portfolio operating in Germany, we find that coordinated bidding increases the average revenue by around 18% over all analysed type days. As renewable generation continues to increase, trading strategies that coordinate bids across markets are expected to become increasingly important.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108316"},"PeriodicalIF":13.6,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-25DOI: 10.1016/j.eneco.2025.108329
Qianjie Geng
This paper focuses on finding an excellent and robust hedging method during the COVID-19 pandemic. We develop a novel hedging framework based on the conventional approach for the Chinese oil futures market. Commonly used hedging models are employed to compare hedging performance under these methodological frameworks. Our results show that the proposed shrinking hedging framework demonstrates the highest hedging effectiveness among all the competitors, especially during the COVID-19 pandemic. The main findings also stand up to several robustness tests. Moreover, the empirical results reveal that the superior performance of our shrinking method can be attributed to the high estimation error of minimum-variance hedging strategies.
{"title":"Is there a robust hedging method during the COVID-19 pandemic? Evidence from Chinese crude oil futures","authors":"Qianjie Geng","doi":"10.1016/j.eneco.2025.108329","DOIUrl":"10.1016/j.eneco.2025.108329","url":null,"abstract":"<div><div>This paper focuses on finding an excellent and robust hedging method during the COVID-19 pandemic. We develop a novel hedging framework based on the conventional approach for the Chinese oil futures market. Commonly used hedging models are employed to compare hedging performance under these methodological frameworks. Our results show that the proposed shrinking hedging framework demonstrates the highest hedging effectiveness among all the competitors, especially during the COVID-19 pandemic. The main findings also stand up to several robustness tests. Moreover, the empirical results reveal that the superior performance of our shrinking method can be attributed to the high estimation error of minimum-variance hedging strategies.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108329"},"PeriodicalIF":13.6,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143529430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-25DOI: 10.1016/j.eneco.2025.108303
Miguel Carrión , Ruth Domínguez , Giorgia Oggioni
The Single Intraday Coupling has imposed the integration of the European intraday electricity markets, taking as a benchmark the continuous trading structure. This has implied the creation of hybrid intraday electricity markets, defined as a mix of continuous and auction-based trading sessions, in those European countries with a former full auction system for this market. In this context, this paper proposes a multi-stage stochastic programming model for deciding the optimal participation of a wind power producer in a hybrid intraday market. This decision is made considering the possibility of participating in subsequent trading sessions, represented by a first continuous-intraday session, followed by an auction-based session and, then, a second section of the continuous intraday. As a final step, in the balancing market, the wind power producer can adjust its energy balance according to the wind power availability. The wind power availability, the prices in the intraday auction session and in the balancing market, and the acceptability of orders in the continuous sessions have been modelled as stochastic parameters. The risk level of the wind producer is represented in the formulation through the CVaR. By doing a deep study of the Spanish intraday market outcomes, we design a realistic case study and conduct several sensitivity analyses regarding the wind power availability, the prices in the market, the possibility of or not of participating in subsequent trading sessions, and the risk level. The main conclusions are: (i) arbitrage is observed in the participation of the wind power producer in the continuous and auction-based intraday sessions, especially under a risk-neutral perspective, (ii) the participation in the intraday continuous session is strongly influenced by the possibility of participating afterwards in the auction session, and (iii) the bidding strategy of a risk-averse wind power producer is mainly linked to the available wind power.
{"title":"Optimal participation of wind power producers in a hybrid intraday market: A multi-stage stochastic approach","authors":"Miguel Carrión , Ruth Domínguez , Giorgia Oggioni","doi":"10.1016/j.eneco.2025.108303","DOIUrl":"10.1016/j.eneco.2025.108303","url":null,"abstract":"<div><div>The Single Intraday Coupling has imposed the integration of the European intraday electricity markets, taking as a benchmark the continuous trading structure. This has implied the creation of hybrid intraday electricity markets, defined as a mix of continuous and auction-based trading sessions, in those European countries with a former full auction system for this market. In this context, this paper proposes a multi-stage stochastic programming model for deciding the optimal participation of a wind power producer in a hybrid intraday market. This decision is made considering the possibility of participating in subsequent trading sessions, represented by a first continuous-intraday session, followed by an auction-based session and, then, a second section of the continuous intraday. As a final step, in the balancing market, the wind power producer can adjust its energy balance according to the wind power availability. The wind power availability, the prices in the intraday auction session and in the balancing market, and the acceptability of orders in the continuous sessions have been modelled as stochastic parameters. The risk level of the wind producer is represented in the formulation through the CVaR. By doing a deep study of the Spanish intraday market outcomes, we design a realistic case study and conduct several sensitivity analyses regarding the wind power availability, the prices in the market, the possibility of or not of participating in subsequent trading sessions, and the risk level. The main conclusions are: (i) arbitrage is observed in the participation of the wind power producer in the continuous and auction-based intraday sessions, especially under a risk-neutral perspective, (ii) the participation in the intraday continuous session is strongly influenced by the possibility of participating afterwards in the auction session, and (iii) the bidding strategy of a risk-averse wind power producer is mainly linked to the available wind power.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108303"},"PeriodicalIF":13.6,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143550528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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