气候变化领域集成服务门户(CCPortal): Assessing the relationship between electricity and natural gas prices in European markets in times of distress

CCPortal

DOI	10.1016/j.enpol.2022.113018
	Assessing the relationship between electricity and natural gas prices in European markets in times of distress
	Uribe J.M.; Mosquera-López S.; Arenas O.J.
发表日期	2022
ISSN	0301-4215
卷号	166
英文摘要	We investigate the transmission of natural gas shocks to electricity prices under different scenarios of electricity generation for 21 European markets, from January 1, 2015 to March 11, 2022, proposing indicators of market vulnerability based on the quantile slopes of the regressions of electricity on natural gas and the distance between the transmission effects at very high and low quantiles of the electricity price distribution. We determine that the level of market integration is the main factor underlying national differentiation. Denmark, Finland, Sweden, and Germany are the most vulnerable markets to natural gas price shocks under distress. Our results highlight a source of vulnerability that only emerges during market distress scenarios for countries with a small, but non-zero, proportion of natural gas in domestic generation mixes under marginal cost-based electricity pricing. Further market integration is proposed to increase resilience in European electricity markets, based on a different set of regressions. © 2022 The Authors
英文关键词	Energy crises; Energy security; Energy shortages; Market design; Natural gas disruption; Power–gas integration; Tail risks
语种	英语
scopus关键词	Costs; Energy policy; Energy security; Integration; Natural gas; Power markets; Risk assessment; Electricity prices; Energy crisis; Energy shortages; European markets; Market design; Natural gas disruption; Natural gas price; Power; Power–gas integration; Tail risk; Gases
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/256182
作者单位	Faculty of Economics and Business, Universitat Oberta de Catalunya, Spain; IREA, University of Barcelona, Spain; Department of Finance, Universidad EAFIT, Colombia
推荐引用方式 GB/T 7714	Uribe J.M.,Mosquera-López S.,Arenas O.J.. Assessing the relationship between electricity and natural gas prices in European markets in times of distress[J],2022,166.
APA	Uribe J.M.,Mosquera-López S.,&Arenas O.J..(2022).Assessing the relationship between electricity and natural gas prices in European markets in times of distress.Energy Policy,166.
MLA	Uribe J.M.,et al."Assessing the relationship between electricity and natural gas prices in European markets in times of distress".Energy Policy 166(2022).