Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Are Fundamentals Enough? Explaining Price Variations in the German Day-Ahead and Intraday Power MarketBy Christian Pape*, Simon Hagemann and Christoph Weber AbstractEuropean electricity market participants are encouraged to balance intraday deviations from their day-ahead schedules via trades in the intraday market. Together with the increasing production of variable renewable energy sources, the intraday market is gaining importance. We investigate the explanatory power of a fundamental modeling approach explicitly accounting for mustrun operations of combined heat and power plants (CHP) and intraday peculiarities such as a shortened intraday supply stack. The fundamental equilibria between every hour's supply stack and aggregated demand in 2012 and 2013 are modeled to yield hourly price estimates. The major benefits of a fundamental modeling approach are the ability to account for non-linearities in the supply stack and the ability to combine time-varying information consistently. The empirical results show that fundamental modeling explains a considerable share of spot price variance. However, differences between the fundamental and actual prices persist and are explored using regression models. The main differences can be attributed to (avoided) start up-costs, market states and trading behavior.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Executive SummaryWhile day-ahead prices for electricity are being extensively studied, the literature so far has neglected the analysis of intraday market prices. Intraday markets are becoming increasingly important in the presence of high shares of electricity production from intermittent renewable energy sources. Trading the deviations of the actually realized production profile from the day-ahead planned one in the intraday market may enhance system security and increase social welfare. This paper contributes to the electricity market pricing literature by exploring the influence of theoretical price determinants on intraday prices, presumably for the first time. The empirical analysis confirms that wind forecast errors, solar forecast errors and outages have significant influences on intraday prices. Nevertheless, only a minor share of power plant outages and solar power forecast errors are traded on the electronic intraday trading platform, thus influencing prices not as strongly as expected. Furthermore the price determinants influence intraday prices differently over the course of the day, e. g. wind forecast errors have a stronger price impact during the time from midnight to eight am than during the rest of the day. This may be explained by an alternating liquidity provision.Practitioners may benefit from this study because the understanding of intraday price developments is a prerequisite for the assessment of the market value of (1) flexible power plants like gas turbines or pump storage plants and (2) intraday portfolio positions. Researchers might be interested in the results of this study as it lays a foundation for further more theoretically orientated research projects about intraday markets.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Executive SummaryWhile day-ahead prices for electricity are being extensively studied, the literature so far has neglected the analysis of intraday market prices. Intraday markets are becoming increasingly important in the presence of high shares of electricity production from intermittent renewable energy sources. Trading the deviations of the actually realized production profile from the day-ahead planned one in the intraday market may enhance system security and increase social welfare. This paper contributes to the electricity market pricing literature by exploring the influence of theoretical price determinants on intraday prices, presumably for the first time. The empirical analysis confirms that wind forecast errors, solar forecast errors and outages have significant influences on intraday prices. Nevertheless, only a minor share of power plant outages and solar power forecast errors are traded on the electronic intraday trading platform, thus influencing prices not as strongly as expected. Furthermore the price determinants influence intraday prices differently over the course of the day, e. g. wind forecast errors have a stronger price impact during the time from midnight to eight am than during the rest of the day. This may be explained by an alternating liquidity provision.Practitioners may benefit from this study because the understanding of intraday price developments is a prerequisite for the assessment of the market value of (1) flexible power plants like gas turbines or pump storage plants and (2) intraday portfolio positions. Researchers might be interested in the results of this study as it lays a foundation for further more theoretically orientated research projects about intraday markets.

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The design process of flow-oriented assembly systems is characterized by being both highly complex and time consuming. Especially those design processes categorized into robotic and multi variant encountered in the automotive body-in-white production stages. Unlike established manual and template-based assembly system design models, which are currently applied in industry, the here presented novel approach uses a knowledge-based search algorithm and automatically generates optimal assembly system configurations. The algorithm has been implemented in a software prototype and the results have been validated against different largesize industrial scenarios in the automotive field of body-in-white production.

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