Toward a Sustainable Electricity Market: Dynamic Interactions Across Day-Ahead, Intraday, and Balancing Markets in Greece
持続可能な電力市場へ：ギリシャにおける前日市場、日内市場、バランシング市場の動的相互作用 (AI 翻訳)
George P. Papaioannou, George Evangelidis, Panagiotis G. Papaioannou
🤖 gxceed AI 要約
日本語
本論文は、ギリシャの卸電力市場における前日市場、日内市場、バランシング市場間の価格発見メカニズムと相互作用を、欧州ターゲットモデル下で分析。VECMXモデルを用いた実証分析により、前日市場が長期的価格形成を支配し、日内市場が短期的調整、バランシング市場が再生可能エネルギー変動に応じたリアルタイム調整を担う階層的市場構造を明らかにした。再生可能エネルギーの統合とシステム柔軟性向上への政策示唆を提供。
English
This paper analyzes the price discovery and interactions among day-ahead, intraday, and balancing markets in the Greek wholesale electricity market under the European Target Model. Using a VECMX model on hourly data from 2023-2025, it reveals a hierarchical structure where the day-ahead market dominates long-run price formation, the intraday market provides short-run adjustments, and the balancing market reflects real-time conditions for renewable variability. Findings support renewable integration and system flexibility for a low-carbon transition.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の電力市場改革（特にバランシング市場の設計）や、再生可能エネルギー大量導入時の市場調整体制に示唆を与える。ギリシャの事例は、日本が将来的に目指すべき市場間連携の一モデルとして参考になる。
In the global GX context
This paper provides empirical evidence on market coupling under the EU Target Model, directly relevant to global energy transition discussions. Its findings on price discovery hierarchies inform renewable integration strategies for countries restructuring electricity markets, including those in Europe, Asia, and the Americas.
👥 読者別の含意
🔬研究者:Empirical evidence on market interactions and price discovery in a Target Model setting, useful for energy economics and market design research.
🏢実務担当者:Insights into trading strategies and risk management across day-ahead, intraday, and balancing markets for power utilities and traders.
🏛政策担当者:Policy implications for designing integrated electricity markets to support higher renewable penetration and system flexibility.
📄 Abstract（原文）
This paper investigates the interaction and price discovery mechanisms among the day-ahead, intraday, and balancing segments of the Greek wholesale electricity market under the European Target Model, emphasizing their contribution to a sustainable and flexible energy transition. Using a Vector Error Correction Model with exogenous variables (VECMX), hourly data from 2023 to September 2025 are analyzed, incorporating key system fundamentals and regime-dependent dynamics. The results reveal a hierarchical market structure in which the day-ahead market dominates long-run price discovery, the intraday market acts as a short-run adjustment mechanism, and the balancing market reflects real-time system conditions associated with renewable energy variability and system reliability. Forecast Error Variance Decomposition shows that day-ahead shocks explain most long-run price variation, while balancing market effects are mainly transitory. Cointegration analysis confirms stable long-run relationships among market segments, with imbalance prices anchored to forward market outcomes and moderated by intraday adjustments. Robustness tests based on alternative recursive orderings and Generalized Impulse Response Functions (GIRFs) confirm the stability of the results and the dominant role of the day-ahead market in price discovery. The findings have important policy implications for market design and sustainability, highlighting the role of integrated day-ahead, intraday, and balancing markets in supporting renewable energy integration, system flexibility, and the transition toward a resilient low-carbon electricity system. The Greek electricity market is gradually evolving toward a mature and resilient Target Model structure capable of supporting higher renewable energy penetration, improved operational flexibility, and enhanced market efficiency within the European decarbonization framework.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18136689first seen 2026-07-24 05:25:55
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