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.