Lecture

Econometrics of Electricity Markets

Name in diploma supplementEconometrics of Electricity Markets
Organisational Unit Juniorprofessur für Umweltökonomik, insb. Ökonomik erneuerbarer Energien (https://www.uee.wiwi.uni-due.de/)
LecturersJun.-Prof. Dr. Florian Ziel
SPW2LanguageEnglish
Cyclewinter semesterParticipants at most24

Preliminary knowledge

  • Good knowledge of linear models.
  • R knowledge (esp. functions like lm)
  • Understanding of AR(p) processes is very helpful

Abstract

The objective of the lecture is to provide a basic understanding of electricity markets and regression based modeling methods for electricity prices. The aim of this course is to apply estimation and forecasting algorithms to real data using the statistical Software R, to interpret and to visualize the results.

Contents

  1. Introduction to electricity markets
  2. Overview of different model approaches
  3. Regression based modeling methods for electricity prices
  4. Forcasting and evaluation techniques
  5. Advanced estimation and modeling approaches

Literature

The relevant material will be given during the course.

Suggested reading:

Weron, Rafał. "Electricity price forecasting: A review of the state-of-the-art with a look into the future." International Journal of Forecasting 30.4 (2014): 1030-1081.

Teaching concept

Lecture. The studied modeling an forecasting methods are applied on real data using the statistical sofware R.

Participants

  • BWL EaF Master 2015>Wahlpflichtbereich >Modul "Econometrics of Electricity Markets"1st-3rd Semester, Elective
  • ECMX Master 2019>Wahlpflichtbereich >Bereich Applied Econometrics >Modul "Econometrics of Electricity Markets"1st-3rd Semester, Elective
  • MuU Master 2013>Wahlpflichtbereich I >Wahlpflichtbereich I A.: Methodologie und allgemeine Theorien zur Untersuchung von Märkten und Unternehmen >Modul "Econometrics of Electricity Markets"1st-2nd Semester, Elective
  • VWL Master 2009-V2013>Wahlpflichtbereich I >Modul "Econometrics of Electricity Markets"1st-3rd Semester, Elective
WIWI‑C1073 - Lecture: Econometrics of Electricity Markets