“…On the other hand, the market structure and generation technologies are fundamentals factors in the price formation. Based on a particular case of a hydrothermal power generation market which presents: (i) significant differences in the marginal costs of the generation sector; (ii) a small renewable generation capacity; (iii) a strong dependence on exogenous variables as fossil fuel prices and climatology factors; and, where (iv) the risk and uncertainty are higher for market agents, it has been observed that these features cause further increased in price variability (Mosquera-López et al, 2017a;Fernández-Blanco et al, 2017;Cotia et al, 2019). Hence, it is relevant to recognize the determinants that explain the electricity price behavior in this market structure.…”