Application of an experimental design methodology for economic parameter analysis in an open market environment

Statistical data analysis, through the utilization of experimental design, is a powerful tool commonly used in different areas where uncertainty is a problem, and a great amount of data is available for the analysis. After 10 years of open market experience, the data recorded during the last decade from the electric markets suggest that experimental design can be useful for electrical market data analysis. In this paper, the impact of different factors on the determination of economic parameters such as the spot price in an electric market is analyzed. The analysis is based on the experimental design methodology. The implementation of the proposed methodology is illustrated using simple examples from the Argentinien electric market.