Memorias de investigación
Research Publications in journals:
Evaluation of the trading development in the Iberian Energy Derivatives Market
Year:2012

Research Areas
  • Economy

Information
Abstract
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.
International
Si
JCR
Si
Title
Energy Policy
ISBN
0301-4215
Impact factor JCR
2,723
Impact info
Datos JCR del año 2011
Volume
51, 2012
http://dx.doi.org/10.1016/j.enpol.2012.08.056
Journal number
51, 2012
From page
973
To page
984
Month
DICIEMBRE
Ranking
The International authoritative Journal of the Political, Economic, Planning, Environmental and Social Aspects of Energy.
Participants

Research Group, Departaments and Institutes related
  • Creador: Grupo de Investigación: Ingeniería de la Calidad Alimentaria
  • Departamento: Ingeniería de Organización, Administración de Empresas y Estadística