Microstructure of energy markets. Theory and empirics

The liberalization of energy markets led to substantial regulatory and technical changes. Today, power is being traded as freely as other commodities, even though it has special properties, such as non-storability or intermittency of supply. In this thesis, I present implications of these properties for market design. I concentrate on continuous trading and the estimation of elasticities in energy markets. I show how mechanism design can improve allocative efficiency of trading and how elasticity can be approximated econometrically from power market data.