“…Previous research on uncertainty in energy markets has focused primarily on uncertainty with respect to demand evolution (e.g., Gardner, 1996;Gardner and Rogers, 1999), fuel and CO 2 price development (e.g., Roques et al, 2006;Patino-Echeverri et al, 2009), portfolio and risk management (e.g., Morales et al, 2009;Gröwe-Kuska et al, 2003) and renewables expansion, both regarding short-term (e.g., Nagl et al, 2012;Swider and Weber, 2006;Sun et al, 2008) and long-term uncertainties (e.g., Fürsch et al, 2012b).…”