The Relevant Market for Production and Wholesale of Electricity in the Nordic Countries: An Econometric Study*
运用协整分析研究2001-2007年北欧电力交易所日度价格数据，实证划分电力生产和批发的相关地理市场，发现芬兰、瑞典和挪威3属于同一市场，而挪威1和丹麦1各自独立。
Abstract We apply cointegration analysis to daily averages of Nord Pool prices covering the period 2001–2007 in order to empirically characterize the geographical dimension of the relevant market for production and wholesale of electricity. We reach the following econometric conclusions: (i) price areas Finland, Sweden, and Norway 3 unambiguously belong to the same relevant market; (ii) Denmark 2 belongs to this same market except for the subsample 2004–2007; (iii) Norway 1 and Denmark 1 define separate markets on their own. We find that the stochastic trends in Nord Pool prices originate in countries abundant in capacity to generate hydro power.