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The objective of this paper is to present a model for electricity spot prices and the corresponding forward contracts, which relies on the underlying market of fuels, thus avoiding the electricity nonstorability restriction. The structural aspect of our model comes from the fact that the electricity spot prices depend on the dynamics of the electricity demand at the maturity T , and on the random available capacity of each production means. Our model explains, in a stylized fact, how the pricesdoi:10.1142/s021902490900552x fatcat:orivbotkpjdw3fzvq67dea2z3m