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As electricity is a non-storable good its prices show seasonalities at yearly, weekly, and intra-day intervals, which in the case of a storable good would be arbitraged from the market. In order to fairly value and manage the profitability of energy products it is thus necessary to capture these price dynamics in a forward curve term-structure. An HPFC is the construction of a forward curve at a resolution exceeding that known to the market and is as such able to capture the seasonalities of the electricity spot prices. The construction of an HPFC can be based on the combination of two approaches. A statistical approach examines how spot prices have moved in the past. A fundamental model suggests that the price is set purely by supply and demand (respectively, fuel prices on the merit order curve, and load). It is difficult to specify exactly what makes a good HPFC but the following should be observed: # Arbitrage free to exchange-traded products # Reflects seasonality of spot prices # Handles renewables correctly ==References== 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Hourly price forward curve (HPFC)」の詳細全文を読む スポンサード リンク
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