What was behind the 2021-2022 energy crisis within Europe?
A team of researchers had already been working with electricity price data for years before Russia's invasion of Ukraine, exploring statistics and developing forecasting methods. Now they zero in on how prices in different countries relate and how countries were affected by the energy crisis and address the interdependencies of different markets. Their approach combines statistical physics and network science, identifying communities and the fundamental spatiotemporal patterns within the electricity price/time data from all countries. The researchers hope their work will strengthen the European perspective in the political debate about electricity markets and prices, because problems like this are best tackled via international cooperation.
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A team of researchers had already been working with electricity price data for years before Russia's invasion of Ukraine, exploring statistics and developing forecasting methods. Now they zero in on how prices in different countries relate and how countries were affected by the energy crisis and address the interdependencies of different markets. Their approach combines statistical physics and network science, identifying communities and the fundamental spatiotemporal patterns within the electricity price/time data from all countries. The researchers hope their work will strengthen the European perspective in the political debate about electricity markets and prices, because problems like this are best tackled via international cooperation.
