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首页> 外文期刊>Energy Policy >Reforming minute reserve policy in Germany: A step towards efficient markets?
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Reforming minute reserve policy in Germany: A step towards efficient markets?

机译：改革德国的分钟储备政策：迈向高效市场的一步？

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摘要

The present paper provides an empirical assessment of the effects associated with the reorganization of minute reserve markets in Germany. As the aim of the regulator is to assure a competitive market with transparent pricing, we analyze whether the recent policy reform has had an impact on the dynamics of minute reserve prices. Our results show that the level and volatility of positive and negative minute reserve prices decreased substantially. Furthermore, we provide evidence that the degree of integration between reserve and spot markets has increased. Overall, prices reacted to the policy change in a manner that is in line with the regulator's objective. The reform can thus be viewed as a step towards an efficient reserve market.
机译：本文提供了对德国微小储备市场重组相关影响的实证评估。由于监管机构的目的是通过透明的价格确保竞争激烈的市场，因此我们分析了近期的政策改革是否对分钟准备金价格的动态产生了影响。我们的结果表明，正和负分钟准备金价格的水平和波动性大幅下降。此外，我们提供的证据表明，储备市场和现货市场之间的整合程度有所提高。总体而言，价格对政策变化的反应符合监管机构的目标。因此，改革可以被视为迈向有效的储备市场的一步。

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  • 来源
    《Energy Policy》 |2009年第9期|3513-3519|共7页
  • 作者

    Margarethe Rammerstorfer; Christian Wagner;

  • 作者单位

    Department of Finance and Accounting, Vienna University of Economics and Business, Heilligenstddter Street 46-48, 1190 Vienna, Austria;

    Department of Finance and Accounting, Vienna University of Economics and Business, Heilligenstddter Street 46-48, 1190 Vienna, Austria;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    balancing power; policy reform; market efficiency;

    机译：平衡能力;政策改革;市场效率;

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