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...nd behaviour of prices is to find the most correlated and the most anticorrelated nodes and compare parameters (location, type) of these nodes. The other way is to plot hierarchical trees for prices (=-=Rosario et al. 2007-=-). The hierarchical tree diagram provides an effective visual condensation of the clustering results. We should find the similarity or dissimilarity between every pair of objects in the data set. Ther...

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...r substantially from time series of other commodities because electricity still cannot be stored efficiently and, therefore, electricity demand has an untempered effect on the electricity spot price (=-=Knittel & Roberts 2005-=-). There are many reasons for wanting to understand correlations in price movements. Perhaps the most familiar motivation is for risk management purposes, because large changes in the value of a portf...

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...CTRICITY PRICES 4.1 General information and methods of statistical analysis The first information on the time series can be found from graphical representation of the data and their basic statistics (=-=Kremer 2010-=-). For both data sets, the three most important statistic parameters were found: • standard deviation - shows how close the data is to the mean value; • skewness - measure of asymmetry of the distribu...