State Grid Shandong Electric Power Research Institute, Jinan 250003, China.
School of Economics and Management, University of Chinese Academy of Sciences, Beijing 101408, China.
Int J Environ Res Public Health. 2023 Jan 8;20(2):1116. doi: 10.3390/ijerph20021116.
With the increase in global geopolitical risks and the frequent occurrence of extreme climate in recent years, the electricity prices in Europe have shown large fluctuations. Electricity price has an important impact on the cost of production and living, while electricity demand will also affect other energy markets. A double-layer system based on the spillover effects from a systematic perspective is constructed in this paper to explore the connectedness between different electricity markets and other related energy markets in Europe, considering the impact of climate risks. The results show that there are certain spillover effects among electricity markets in different countries, with a temporary upward trend in the beginning of the Russia-Ukraine conflict, and the electricity markets in the UK and Germany have a more important role in Europe. There are two-way spillover effects between the electricity market and fossil fuel markets, carbon market and carbon emission. Since 2022, the electricity market is affected by gas prices, while it has a certain impact on carbon emissions. The heating degree day () has significant spillover effects on the electricity market and other energy markets, while the spillover effects of the cooling degree day () are relatively small.
随着全球地缘政治风险的增加和近年来极端气候的频繁发生，欧洲的电价出现了大幅波动。电价对生产和生活成本有重要影响，同时电力需求也会影响其他能源市场。本文从系统性视角构建了一个基于溢出效应的双层系统，考虑到气候风险的影响，探讨了欧洲不同电力市场与其他相关能源市场之间的联系。结果表明，不同国家的电力市场之间存在一定的溢出效应，在俄罗斯-乌克兰冲突开始时呈暂时上升趋势，英国和德国的电力市场在欧洲具有更重要的地位。电力市场与化石燃料市场、碳市场和碳排放之间存在双向溢出效应。自 2022 年以来，电力市场受到天然气价格的影响，同时对碳排放也有一定的影响。供暖度日数（）对电力市场和其他能源市场有显著的溢出效应，而制冷度日数（）的溢出效应相对较小。
