Longitudinal Study of Dispatchable Power Units Trading Strategies on Electricity Spot Markets in Italy

Over the past four years, the energy markets have experienced disruptions mainly caused by the Covid-19 pandemic and the Russo-Ukrainian conflict. In this paper, we aim to analyze the distribution of the volume traded by programmable electricity-producing units on the different electricity markets in the north power zone of Italy and its evolution over the 2017–2023 period. We investigate distinct trading profiles and their stability over time, with a focus on periods of disruption. Additionally, we evaluate whether units maintain consistent profiles or exhibit temporal variation in their trading behavior. We employ a cluster analysis approach, incorporating a temporal dimension and considering relative contributions of the different markets to units' traded volume. The study shows that units generally maintain a consistent trading strategy over time, unaffected by the pandemic and the conflict periods. We also highlight that the propensity of a unit to adopt a specific strategy is mainly driven by its technology.