Skip to main content

ICMA Centre PhD Candidate awarded best paper prize at CEMA Awards 2018

An academic paper co-written by Georgi Slavov, Head of Research at Marex Spectron and ICMA Centre PhD Candidate, on Optimal Cross Border Electricity Trading has won the General Prize for the best paper at the highly prestigious Annual Commodity and Energy Markets Association meeting, held in Rome on 20-21 June. The other authors were Professor Alvaro Cartea, from the University of Oxford, and Professor Tiziano Vargiolu and Maria Flora from the University of Padova.

Georgi CEM Awards

The paper studies the dynamics of cross-border intra-day European power flows between multiple locations and the reaction of price on such flows. We demonstrate successfully that:

  • Electricity flows between interconnected grids to not only have a direct impact on price, where price spread between two locations reacts on electricity flows between these two location only, but also an indirect effect where electricity flow between two locations affect the price in a third location.
  • The optimal trading strategy is based not only on trivial price spread arbitrage, observed between the selected interconnected locations, but also the impact on the spreads from the flow of electricity among them.

This paper is a valuable contribution to our understanding of the effects from the market coupling process on the wholesale European power sector. Market participants also benefit from the evidence that the optimal trading strategy is the one which is based not only on trivial price spread arbitrage observed between the selected interconnected locations, but also on the impact on the spreads from the flow of electricity among them.

Visit the the CEMA Awards for further information on the paper and prize.

Published 10 July 2018

You might also like

FSSC recognises ICMA?s Executive Education Programmes

14 April 2008
The International Capital Market Association (ICMA) today announced that the Operations Certificate Programme (OCP) is the first "Recommended Exam" on the Wholesale Banking / Operations list, compiled by the UK's Financial Services Skills Council (FSSC). The programme has also met the FSSC's Key 6 "Appropriate Exam" standards for Activity 16 - Overseeing on a day-to-day basis safeguarding and administrating investment or holding of client money) and Activity 17 - Overseeing on a day-to-day basis administrative functions for managing investments including, arranging settlement; monitoring and processing corporate actions; client account administration, liaison and reporting, including valuation and performance measurement; ISA, PEP or CTF administration; Investment trust savings scheme administration.

Third edition of the ICMA Centre Stock Market Competition a success

7 July 2014
Following last year’s success, the ICMA Centre at Henley Business School hosted the third annual Stock Market Competition in its world class trading rooms. Comprehensives, academies and independent schools all battled it out to win the competition and experience life on a trading floor.

A real estate bubble in medieval England?

23 February 2015
Financial history experts from Henley Business School’s ICMA Centre are to investigate the possible existence of a real estate bubble in medieval England. The University of Reading has recently won a research project grant worth almost £200,000 from the Leverhulme Trust.[1] The research team, comprising Professors Adrian Bell and Chris Brooks, will examine in detail the workings of the English real estate market in the thirteenth to fifteenth centuries.
Research news