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In this paper we introduce a new concept for modelling electricity pricesthrough the introduction of an unobservable intrinsic electricity price$p(\tau)$. We use it to connect the classical theory of storage with theconcept of a risk premium. We derive prices for all common contracts such asthe intraday spot price, the day-ahead spot price, and futures prices. Finally,we propose an explicit model from the class of structural models and conduct anempirical analysis, where we find an overall negative risk premium.

Unifying the theory of storage and the risk premium by an unobservable intrinsic electricity price