Electricity markets are structurally different to othercommodities, and the real-time dynamic balancing of the electricitynetwork involves many external factors. Because of this, it is nota simple matter to transfer conventional models of financial timeseries analysis to wholesale electricity prices. The rationale for this compilation of chapters frominternational authors is, therefore, to provide econometricanalysis of wholesale power markets around the world, to givegreater understanding of their particular characteristics, and toassess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the bookan invaluable guide to the most important state-of-the-artmodelling techniques which are converging to define the specialapproaches necessary for unravelling and forecasting the behaviourof electricity prices. It is a high-quality synthesis of the workof financial engineering, industrial economics and power systemsanalysis, as they relate to the behaviour of competitiveelectricity markets.
Book Details:
- Author: Derek W. Bunn
- ISBN: 9780470848609
- Year Published: 2004
- Pages: 358
- BISAC: BUS027000, BUSINESS & ECONOMICS/Finance
About the Book and Topic:
Electricity markets are structurally different to othercommodities, and the real-time dynamic balancing of the electricitynetwork involves many external factors. Because of this, it is nota simple matter to transfer conventional models of financial timeseries analysis to wholesale electricity prices. The rationale for this compilation of chapters frominternational authors is, therefore, to provide econometricanalysis of wholesale power markets around the world, to givegreater understanding of their particular characteristics, and toassess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the bookan invaluable guide to the most important state-of-the-artmodelling techniques which are converging to define the specialapproaches necessary for unravelling and forecasting the behaviourof electricity prices. It is a high-quality synthesis of the workof financial engineering, industrial economics and power systemsanalysis, as they relate to the behaviour of competitiveelectricity markets.
Competitive electricity markets became a worldwide trend during the 1990s and their financial behaviour is now beginning to attract interest from traders, banks and energy companies as well as academic researchers. The successful proliferation of conferences on electricity price forecasting and derivatives in the past few years testifies to its current topicality and there is certainly a large professional appetite for models and insights on this topic, which appears to exceed the output from researchers at the moment. This book would be an excellent addition to the Wiley Finance stable.
Among other features, Modelling Financial Markets forElectricity: * Combines financial theory with real-world practicalapplications. * Is a written in a reader-friendly, accessible style suitablefor a broad audience. * Displays the logical, successful format of the Wiley Financeseries.
About the Author
DEREK W. BUNN is currently Professor and Chairman of theDecision Sciences subject area and Director of the Energy MarketsGroup at the London Business School, having held previousappointments at Oxford and Stanford universities. As a prominentinternational advisor on energy economics, he has consulted formany global energy companies and advised a number of governmentagencies. Author of over 150 research papers and 9 books in theareas of forecasting, decision analysis and energy economics, hehas also been chief editor of the Journal of Forecastingsince 1984. His research and practical involvement with theelectricity sector extends back over 25 years experience.