COVID-19 disease shocked global economic activity and affected the electricity markets due to lockdown and work-from-home policies. Therefore, this study proposes an empirical analysis to identify the electricity spot price response during the preventive and mandatory insulation in Colombia, where the economic contraction caused the largest decrease in the electricity demand, especially in the industrial sector. The methodology applied was quantile regression to quantify the non-linear effect on the spot price returns, and two sample periods were selected to contrast the results: 2018 and 2019. The main findings showed that regulated demand variation caused the highest variability on the spot price dynamic during the strict quarantine. However, the price could not fully capture the effects of the demand change due to the short duration of the shock and, also, the price variability in 2019 was higher than 2020 by an El Niño shock.

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The Colombian electricity market is based on a hydrothermal power generation market with a strong dependence on exogenous variables such as fossil fuel prices and climatology factors. Besides, the Colombian economy is characterizable by relevant mining-energy activities. Therefore, the main objective of this research was to evaluate the directional spillovers between the electricity spot prices and gas, coal, and crude oil prices and thus provide relevant information for the electricity market agents to identify the risk related to energy commodity price fluctuations. The dataset used in this research consists of monthly logarithmic returns of energy prices between September 2009 and December 2019. The main finding shows that the system's average connectedness is 13,6%. Besides, the electricity spot prices are net shock receivers of volatility, and 20% of their dynamic is related to fossil fuel price fluctuations.

Los procesos de liberalización de los mercados eléctricos en diferentes países generaron una nueva forma de definir los precios de la electricidad, lo que ha aumentado la dificultad para modelar y analizar su dinámica. Este estudio presenta un análisis bibliométrico de los determinantes del precio de la electricidad en mercados no regulados. La investigación sistemática a través de la base de datos Scopus, para el período enero de 1979 - abril de 2021, permitió observar 636 documentos indexados. Los resultados mostraron un aumento en el número de documentos por año en las últimas dos décadas. Además, los países con mayor producción fueron China, Estados Unidos y Alemania según su número de publicaciones. Sin embargo, Estados Unidos, Canadá e Irán tuvieron el mayor impacto según la relación entre el número de documentos y el número de citas. Los principales determinantes fueron las condiciones económicas y de mercado, el clima, el funcionamiento del sistema eléctrico y la demanda de los clientes. Del mismo modo, la tendencia de investigación en los últimos años se enfoca en pronosticar el precio con mayor eficiencia.