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Memorias de investigación
Artículos en revistas:
Evaluation of the trading development in the Iberian Energy Derivatives Market
Año:2012
Áreas de investigación
  • Economía
Datos
Descripción
The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains.
Internacional
Si
JCR del ISI
Si
Título de la revista
Energy Policy
ISSN
0301-4215
Factor de impacto JCR
2,723
Información de impacto
Datos JCR del año 2011
Volumen
51, 2012
DOI
http://dx.doi.org/10.1016/j.enpol.2012.08.056
Número de revista
51, 2012
Desde la página
973
Hasta la página
984
Mes
DICIEMBRE
Ranking
The International authoritative Journal of the Political, Economic, Planning, Environmental and Social Aspects of Energy.
Esta actividad pertenece a memorias de investigación
Participantes
  • Autor: Alvaro Capitan Herraiz (UPM)
  • Autor: Carlos Rodriguez Monroy (UPM)
Grupos de investigación, Departamentos, Centros e Institutos de I+D+i relacionados
  • Creador: Grupo de Investigación: Ingeniería de la Calidad Alimentaria
  • Departamento: Ingeniería de Organización, Administración de Empresas y Estadística
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