Correlation Analysis of Electricity Prices in Hellenic Wholesale Electricity Market

Nowadays the world has entered an era with energy shortages and higher prices. It is well known that Renewable Energy Sources (RES) are a real alternative to energy systems resilience, unconstrained by political uncertainties, wars or other crisis. In parallel, the Target Model in Europe represents a fundamental paradigm shift in the continent’s electricity market design, which aims at harmonizing and interconnecting the diverse national electricity markets. Hellenic Energy Exchange (HEnEx) market was established in 2020 as a result of Greece’s electricity market liberalization. This paper investigates the impact of each Greek electricity market participant on the level and volatility of electricity prices during 2022.