Template-Type: ReDIF-Article 1.0
Author-Name:  David Benatia and Samuel Gingras
Title:  Reaching New Lows? The Pandemic's Consequences for Electricity Markets
Classification-JEL: F0
Volume:  Volume 44
Issue:  Number 4
Year:  2023
Abstract:  The COVID-19 crisis has disrupted electricity systems worldwide. This article disentangles the effects of the demand reductions, fuel price devaluation, and increased forecast errors on New York's day-ahead and real-time markets by combining machine learning and structural econometrics. From March 2020 to February 2021, statewide demand has decreased by 4.6 TWh (-3%) including 4 TWh (-8%) for New York City alone, and the day-ahead market has depreciated by $250 million (-6%). The real-time market has, however, appreciated by $15 million (+23%) because of abnormally large forecast errors which significantly undermined system efficiency.
Handle: RePEc:aen:journl:ej44-4-Benatia
File-URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=4033
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