This dissertation was written as a part of the MSc in Energy Management at the International Hellenic University. In this dissertation thesis it was examined whether electricity growth price volatility can be explained by the generation mix in Europe. A sample of nineteen European countries was selected, for different time periods, according to the market data availability for baseload electricity prices, which formed an unbalanced panel. After considering the solely significant variables, capable for explaining fluctuations, the final model resulted to nine significant electricity generation categories. More specifically, the hydro power generated from plants with capacity from one to ten megawatts, hydro power from plants with capacity larger than ten megawatts, wind power, electricity generated from gas/diesel, various oil products, natural gas, industrial waste, solid biofuels and liquid biofuels. Panel analysis resulted to the selection of a random effects model, meaning that whatever differences are found among the countries in the sample, do not correlate with the generation variables. In other words, any feature that affects all countries in the sample, as this is expressed by the concept of the unobserved heterogeneity, is considered to be random and is classified as a component of the error term. Goodness-of-fit is calculated at 27.21%.
Collections
Show Collections
