Funding entity Plataforma Empresarial Eólica
The aim of this project is the analysis and modeling of the Spanish electricity market price in the mid-term, i.e., in a temporal scope up to one year. This model is developed under the perspective of wind power generators in order to help them to understand and to identify the different factors driving the complex process of price formation. Besides this, the model can help the decision maker in order to decide whether it is better to remain at the regulated tariff or to move toward the spot market.
The proposed methodology brings together a fundamental approach with a quantitative approach. Thus, a simplified-market model provides with forecasts of the productions for every type of technology for the following year, as well as marginal costs estimations. The quantitative model uses this information together with other explanatory variables in order to predict the market price in the following 12 months.
PREMED-05
