price of electricity in spain. comparison with europe
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PRICE OF ELECTRICITY IN SPAIN COMPARISON WITH EUROPE .
1
§ Liberalization of the Spanish electrical system .
Regulatedmonopoly(un0l1998)
• Oneorseveralagencies,underthecontrolofthegovernment,performalltheac7vi7esforproduc7on,distribu7onandtransporttheelectricalenergy.
• Singlerateregulated.
Liberalizedmarket(since1998)
• Separa7onofac7vi7es,betweennaturalmonopoliesandac7vi7esincompetence.
• Freedomtochoosesupplieraccordingtoprice.
• Improvetheefficiency,competences,andsecurityofthesystem.
• Decreasethecostoftheelectricity.• Safeguardtheinterestofconsumersensuringthetransparencyofthetransac7ons.
2
Price of the electricity in Spain Comparison with Europe INTRODUCTION
Naturalmonopoly• Transport,thenetworksbetween400kVand220kV,alsoincludesinterna7onalnetworks
• Distribu7on,thenetworkswithlowerthan132kVconnec7ngthetransportnetworkwiththeconsumers.
Ac0vi0esincompetence• Genera7on,regardingalltheelectricalproduc7on.
• Commercializa7on,salesofenergytofinalconsumers/clients.
§ Agents and activities .
3
Price of the electricity in Spain Comparison with Europe INTRODUCTION
• EconomicCoordina7on:Thisac7vityisperformedbytheMarketOperator(OMIE)thatreceivesbidsforthesalesofenergy,setsthepricefortheenergydistributed.Further,duetoimportantexchangeofenergybetweenSpainandPortugal,existamarketoperatorcontrollingbothsystems(OMEL).
• TechnicalCoordina7on:Thisac7vityisperformedbytheSystemOperator(REE)thatverifytheprogramofthemarketoperatorandperformnecessarycorrec7ons.Atlast,performthemonitoringoftheelectricalsysteminreal7me.
Naturalmonopoly
4
Price of the electricity in Spain Comparison with Europe INTRODUCTION
• Theelectricaldemandismanifestedbyagroupofconsumersofdifferentsizeandwithdifferentuseoftheelectricity.
• Althoughtheuseoftheelectricitydependsofthedecisionsoftheconsumers,ithasaregularandpredictablebehavior.
• Astheelectricityisdifficultandexpensivetostore,itmustbeproducedasitisconsumed.
Price of the electricity in Spain Comparison with Europe INTRODUCTION
§ Characteristics of the electrical demand .
5
• TheSpanishelectricalreportsystemproducedin2016byREE,indicatesthedemandcoveragewasinthefollowingorder:
• Thepricesofenergyproducedbydifferenttechnologies,isshownfromthecheapertothemostexpensive:renewable,nuclear,coalandcombinedcycle.
• Cheaperproduc7onofenergy,many7mes,needsexpensivetechnologiesfortheregula7onofthesystem,andalsonotalwaystherenewablesareavailable.
§ Electrical generation in Spain .
6
Price of the electricity in Spain Comparison with Europe INTRODUCTION
SPANISH WHOLESALE ELECTRICITY MARKET .
7
• CentralizedTraining Poolmarketmodel• DecentralizedTraining Bilateralcontracts
Price of the electricity in Spain Comparison with Europe WHOLESALEELECTRICITYMARKET
§ Market reference models .
• BILATERALCONTRACTS:
• POOLMARKET:
Inthecentralizedmarketthepoolistheuniquebuyerforthesellerandtheuniquesellerforconsumers.
Inthebilateralcontractmodel,producersandconsumersdefinebilaterallytransac7onsindependentlyandprivately
8
Price of the electricity in Spain Comparison with Europe WHOLESALEELECTRICITYMARKET
§ Market reference models .
POOL MARKET MODEL .
10
• Electricityistradedusingastandarduniformauc7onmodel,workinginasymmetricmanner:
• Alltheen77esabletosellanamountofpower(notlinkedintobilateralcontract)submittheirproduc7onbidsandthecorrespondingmarketpricesbythehours(delivering7me.) OFFERBIDS
• Buyers,whoareelectricityconsumersandelectricitydistribu7oncompanies,submitbidsforanamountofneededelectricitywiththecorrespondingpriceforeachhour.
DEMANDBIDS
Price of the electricity in Spain Comparison with Europe
§ How does it work? .
POOLMARKETMODEL
11
• Bidsclassifica7ons:
Simplebids• OfferBids:
Complexbids
• DemandBids
Price of the electricity in Spain Comparison with Europe
§ Aggregate curves .
POOLMARKETMODEL
12
• Oncethedemandandtheofferbidsarepresented,themarketoperatorassemblesthebidstocreatetheaggregatecurves.
• TheaggregatecurvesarecreatedbyusingaMeritordermethod: Theaggregatedemandcurveisorganisedintermsofenergy-price,fromthemostexpensivetothecheapest.
Theaggregateoffercurveisorganisedintermsofenergyprice,fromthecheapesttothemostexpensive.
Price of the electricity in Spain Comparison with Europe
§ Aggregate curves -Matching method .
POOLMARKETMODEL
13
• Overlappingthetwocurvescreatedtheresultwillbethemee7ngpoint.
• Theme7ngpointestablishesthequan7tyofenergytobeexchanged(EQ)andthepriceoftransac7on(EP):
Allthesellingbidswithapricelessthanthemarginalpriceareaccepted,theothersarerefused. Allthebuyersofferswithapricegraterthanthemarginalpriceareaccepted,theothersrefuse.
Price of the electricity in Spain Comparison with Europe
§ Aggregate curves - Matching method .
POOLMARKET
14
• Allthetransac7onswillbeexecutedaccordingtotheMEETINGPOINT:
Eachbuyerwillpaythepurchaseamountofenergyatthepriceofthemee7ngpoint(EP). Eachproducerwillreceiveanamountcorrespondingtothepriceofthemee7ngpoint(EP).
1. Un7l12pmthemarketoperator(OMIE)receivesbidsofsaleandpurchase,byproducersandtraders,forallthehoursofthenextday.ThedatesofthetableareforahourHofthedayD.
Price(R/MWh)
Supply(MWh)
GeneratorCompany
Price(R/MWh)
Demand(MWh)
TradersCompany
12 200 Red 25 200 Orange
13 100 Blue 23 100 Yellow
15 50 Red 22 150 Purple
16 150 Green 13 50 Yellow
17 50 Green 11 50 Purple
18 50 Blue 10 50 Orange
20 50 Red
§ Example .
15
Price of the electricity in Spain Comparison with Europe POOL
2. Theintersec7onofthedemandandsupplycurves,setthemarginalpriceofthesystemandtheenergyexchanged.Inthiscase,16R/MWhand450MWh.Suppliedenergyfromallproducerswillsellatapricelowerorequaltothemarginalprice,atthesame7metheenergyreceivedbythebuyersissetatapricegreaterorequalthanthemarginalprice.
§ Example .
Price of the electricity in Spain Comparison with Europe POOL
16
TIMING SCHEDULE OF THE MARKET .
17
Ø Theprocessstartsonedaybeforeday(D-1),andlastsun7ltheday(D)
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
18
§ Time line structure .
Ø Twooperatoractorsinvolved:-MarketOperator(OMEL)-SystemOperator(REE)
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
§ Operators .
19
Ø Mostofthepowertransac7ons,around80%ofthefinalpowerØ Eachdayisdividedinto24hourlyperiods.Ø Foreachof24hourlyperiods,priceswillbedeterminedbythematchingmethod
Ø DAILYMARKETØ Before11:00a.m.buyer’sandseller’sbidsareoffered
- Simplematchingmethod:
- Complexmatchingmethod
-Simplebids-Complexbids
18 Chapter 4. Empirical Model
the point where both curves meet (see Figure 4.5). Then, as a result of what is called market-clearing algorithm (more details in subsection 4.3), the market price and a batch of acceptedproduction and consumption bids are set every hour. The market price is the price of the lastunit of the last bid whose acceptance has been required in order to meet the demand that hasbeen matched (the unit with the highest price). All supply bids offering prices lower than theestablished market price and all demand bids offering prices higher than the market price willbe accepted.
Figure 4.5: Day-ahead market matching procedure for one hourly period. Own elaboration. Source:OMEL
This mechanism is repeated every hour and it affects the daily programming schedule corre-sponding to the day after the deadline date for the reception of bids for the session, and com-prising twenty-four consecutive programming hours (twenty-three or twenty-five periods ondays on which the clocks are changed).
Complex matching method
Once the simple matching method has been applied, the market operator executes the simpleconditioned matching, finding a solution which complies with the conditions derived from thecomplex bids, except the minimum income condition (it satisfies the conditions of indivisiblebids, the restrictions derived from the load gradient and the conditions of planned stoppage).
Afterwards, the minimum income restriction is added in an iterative procedure which performsseveral simple conditioned matchings. The process works as follows: all sale bids correspond-ing to production units that do not comply with the minimum income condition are successivelyeliminated until all the sales bids corresponding to the production units considered in the so-lution satisfy the condition. This process is called complex matching and marginal prices aredetermined. This is the first provisional solution and it represents the day-ahead market price("Programa Básico de Casación", PBC).
PBC(“ProgramaBásicodeCasación”)provisionalsolu7on,whichrepresenttheday-aheadmarketprice.
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
§ Day D-1 Daily Market .
20
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
§ Day D-1 .
21
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
§ BilateralcontractsOncethesimpleandcomplexmatchingprocedureshaveconcluded,themarketoperatoraddsthena0onalbilateralcontractsinordertofindthePBF
PBF:-representsthehourlyproduc7onanddemandscheduleonthenetwork
-determinatesthehighestquan7tyofpowerproduc7onrequiredtocovertheelectricitydemand.
PBF(“ProgramaBásicodeFuncionamiento”)
§ Day D-1 .
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
§ Technicalrestric0ons
Ø LastprocessperformedtodeterminethepriceoftheDAILYMARKETØ Toverifytheenergysupplyistechnicallyfeasible,becausePBFisbasedonanunlimitedcapacityininterna7onalinterconnec7ons.
Ø Solu7onprocedure:thesystemoperatoragreesthewithdrawalofblocksofsaleorpurchasebidsaffectedbytechnicalconstraints
Thenit’sobtained: PDVP(“ProgramaDiarioViableProvisional”)
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
§ Day D-1 .
23
Intradaymarket:
Ø AdjustmentmarketØ LastresortresellersØ Organizedin6sessionsduringthedaysD-1andDØ Theamountofenergymanagedismuchlowerthaninthedailymarket.Ø Thematchingmethodisthesameasinthedailymarket
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
Modelos de subastas. Mercado mayorista español 41
El mercado español
Mercado intradiarioLas ofertas simples contienen un precio y una cantidad de energía para cada hora, pudiendo incorporar, opcionalmente, condiciones complejas. Dichas condiciones pueden ser las siguientes:
Gradiente de carga.
Ingreso mínimo o pago máximo.
Aceptación completa en la casación del tramo primero de la oferta.
Aceptación completa en la casación en cada hora del tramo primero de la oferta.
Mínimo número de horas consecutivas de aceptación completa del tramo primero de la oferta.
Energía máxima.
Modelos de subastas. Mercado mayorista español 42
El mercado español
Mercado intradiario• Sesiones del mercado intradiario:
9 h13 h17 h20 h24 h28 hHorizonte
14:2010:2006:2003:2023:2019:35Publicación PHF
12:4508:4504:4501:4521:4517:45Hora Cierre
12:0008:0004:0001:0021:0016:00Hora Apertura
6ªsesión
5ªsesión
4ªsesión
3ªsesión
2ªsesión
1ªsesión
§ Day D Intraday Market .
24
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
§ Day D - Intraday Market .
25
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
Ø Technicalrestric0ons:anotherrevisionoftechnicalconstraintsshouldbedoneonordertoguaranteesupplyquality.
Thereareafewlaststepstoensurethatenergyissuppliedundercondi7onsof:anddemandsarebalancedatall7mes.
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
-quality-reliability-security
§ Day D .
26
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
Ø Thesystemoperatorcontrolinreal7methenetworkusing:• Ancillaryservices• Devia0onmanagement
4.1. Market rules 17
the congestion will have a higher clearing price, whereas the area upstream of the congestionwill have a lower pool price.
Market splitting is the congestion management method for day-ahead capacity allocation usedbetween Portugal and Spain. When congestion happens, energies from both zones of MIBEL areintegrated through the market splitting procedure and instead of having one single equilibriumprice (MIBEL) there are two separate prices (one for Spain and one for Portugal).
4.1.5 Price structure
Once the daily programming horizon is established, different processes from the market areperformed during the previous day (D-1) and the day (D) for which the demand has to becovered. Figure 4.4 illustrates all the steps of this procedure, so that generation and demandcurves are optimally adjusted [OME07].
Figure 4.4: Price structure of the Spanish electricity market. Own elaboration. Source: OMEL
Day D-1
Simple matching method
The simple matching method obtains for each hour the marginal price and the volume of elec-tricity that is accepted for each production and purchase unit. Selling bids are ordered upwardsstarting at the lowest price, whereas demand bids are ordered downwards starting at the highestprice. Once the aggregate supply and demand step curves are built, the market price is fixed as
PHF(“Programahorariofinal”)
§ Final price .
27
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
PHF(“Programahorariofinal”)
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
§ Final price .
28
29
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
30
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
31
Price of the electricity in Spain Comparison with Europe MARKET‘STIMINGSCHEDULE
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
PRICE OF ELECTRICITY IN EUROPE .
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
§ Europe Markets .
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
§ Europe Markets .
• The Central European countries, such as Germany, FranceandNetherlands,adoptamarketdesignsimilartoSpain,inusingacentralizedmarketiden7fiedwithapoolmarket
• Foreachhour,withtheauc7onthepriceisset.InUK,theauc7ontakesplaceeveryhalfhour.
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
§ Price in central Europe .
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
• Themostdevelopedandsophis7catedelectricitymarketinEuropeistheGermanmarket,amarketdesignthatsupportsbilateralcontracts(producers-consumerscontracts).
• Franceenergyproduc7onisalmosten7relybasedonnuclearpowerplantswithverylowflexibility.Franceisaveryimportantsellerofenergydueto58nucleargenera7ngsta7onsthatonen,generatemorethantheneed.
• Electricalinterconnec7onsfavorthereduc7onofpricesbyallowingtheflowof
electricitytomarketswithhigherprices.
§ Price in central Europe .
• ThemarketinnorthEuropeiscalledNorthPool.• Inthismarket,par7cipateNorway,Finland,andtheBal7c
countries.,withmarketconcerinauc7onsofbidofsuppliesandbidsofdemands.
• Inthesecountries,thesystemisbasedinpool,thesystemisbasedinhydropowerby95%.
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
§ Price in North Europe .
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
§ Electricity prices for household consumers, second half 2015 (EUR per kWh) .
Ø Germany is the second country with the higher price of electricity Germanyhaseliminatedthebasicenergyneedsbasedinnuclearenergy,andhaschangedthisbasicenergyneedsinrenewableenergy.Thecostoftherenewablehasincreasedthepriceofthefaretothesmallconsumersduetotheincen7vesthatthegovernmenthastopaytotheproducersofthistypeofenergy.
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
In spite of the European economical crisis and that the consumer consumed less energy, the price of the energy in Europe raised year after year for the small consumers. However, the price of the electricity was lower in the wholesale market, this is caused for the incentives to the renewable energies.
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
• PCR(pricecouplingofregions)istheini7a7veofsevenEuropeanPowerExchangestoharmonisetheEuropeanelectricitymarkets.
• Theobjec7veisequalizethepriceoftheelectricityinthisregionsofEurope.
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
§ PCR project .
https://www.electricitymap.org/
Price of the electricity in Spain Comparison with Europe PRICEOFELECTRICITYINEUROPE
Price of the electricity in Spain Comparison with Europe
q Websites:• RedEléctricadeEspaña,www.ree.es• OMIE,www.omie.es• nergiza.com/que-es-el-pool-electrico/• antonionarejos.wordpress.com/2012/10/04/como-funciona-el-pool-electrico/• blog.gesternova.com/como-funciona-el-pool-electrico-incluso-lo-vas-a-entender• mifacturadeluz.com/funcionamiento-del-pool-electrico/
q Documents:
• Regula7onofElectricalSystems,JulioUsaola
• AncillaryServicesinSpain:dealingHighPenetra7onofRES–byIgnaciodelaFuente-REE• Script:“Modelosdesubastas.Mercadomayoristaespañol”.Master´sdegreeElectricalEngineering,ElectronicandAutoma7c
• MarketPowerinSpanishElectricityAuc7on–AitorCiarretaandMariaPazEspinosa–December2004
• MasterThesis:Theeffectofrenewableenergyproduc7onintheSpanishelectricitymarket–byCris7naPizarro(2010-2011)
• ReportforConfindustria:Acompara7vestudyofelectricitymarketsinUK,SpainandNordPool–byNERA(June2002)
§ Bibliography .
44
Price of the electricity in Spain Comparison with Europe Bibliography
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