Unlocking market secrets: Revealing wholesale electricity market price dynamics with a novel application of spectrum analysis

Understanding market participants\u27 competitive behaviour is essential for optimising financial performance in liberalised electricity markets. However, this is challenging due to complex market structures, generation dependent on different primary energy sources and lack of transparency. This paper introduces a novel approach using power spectrum analysis applied to wholesale electricity markets to uncover hidden patterns. Applying this novel method to the Western Australian Wholesale Electricity Market (WEM) revealed periodic cycles in different fuel types and technologies that offered insights into competitor behaviour not immediately evident in the dataset. Surprisingly, the approach uncovered that in a power system with high penetration of renewable generation, there is a weak price response to demand changes, challenging assumptions about the direct link between demand and price formation. These insights could be applied gain a competitive edge in capital investment decisions and tactical bidding behaviour

Land-Ownership in Croatia from 1945 to 1953

In the 1945-1953 period there were three types of land ownership in Croatia: private, cooperative and state. Important changes took place in ownership relations in that relatively short period. As the focus of social activities, circumstances and conditions changed - in the ideological, political and legal sense - the three types of ownership successively went through various relations. However, private ownership was always basic. The 1945-1948 period was one of land reform and colonization, and the basic relations were those between private ownership and fledgling state ownership. In the 1949-1953 period the accent was laid on the creation of peasant work cooperatives as collective ownership that was to strengthen state control in agricultural production, and together with state ownership build the foundations for the socialist transformation of the village. In 1953 the concept of peasant cooperatives was abandoned, the private land maximum was radically decreased, and so-called social ownership was established on part of the agricultural land (socially-owned agricultural estates). They were designed as highly-productive production units that would implement production cooperation with peasants and ensure satisfactory agricultural production. This relationship marked agricultural production and land-ownership relations right until the fall of the socialist concept at the beginning of the nineties

Bayesian Belief Networks: Redefining wholesale electricity price modelling in high penetration non-firm renewable generation power systems

The transition of electricity generation from firm to non-firm renewable generation is driving changes in wholesale electricity price dynamics that are increasingly challenging to model due to the stochastic nature of wind and solar as the primary energy source. Robust pricing models are essential for optimising financial performance in liberalised electricity markets. The novelty of this paper is the application of Bayesian Belief Networks in the modelling of wholesale electricity price formation, specifically in power systems with a high penetration of non-firm renewable generation. This paper links the mathematical Bayesian representation to established statistical and computational approaches using a functional supply-side wholesale electricity market pricing model. In addition, the paper introduces a novel validation method employing volatility analysis to assess the case study\u27s performance. The case study revealed that when the proportion of stochastic generation was ≥40 % penetration in a trading interval, the Bayesian Belief Network model\u27s accuracy considerably outperformed the benchmark model with a Mean Absolute Scale Error of 1.43 compared to 1.63 in those intervals. Finally, the volatility analysis results challenged the prevailing notion of a positive causal relationship between non-firm renewable penetration and price volatility