Market Performance in the Nordic Electricity Market: An Analysis of Market Power during Energy Market Turbulence
This paper analyzes the existence of market power on the Nordic electricity market between 2018-2022, and if the energy market turbulence caused by covid-19, and later deepened following the war in Ukraine affected producers' bidding behavior. Market power was tested using Cournot assumptions to see if producers withheld output strategically when demand was more inelastic. Auction data on syst