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The electricity market has changed rapidly in the Northern European countries. Harmonisation of the legislation and trading methods widens the market area outside national limits. Vertical integration among electricity companies is changing the traditional structure of the inner market. Successful business in this new, more volatile market requires sophisticated techniques for identifying new market opportunities and managing the increased risks. We study the new market from the perspectives ofdoi:10.1016/s0167-9236(00)00106-8 fatcat:ekmyvj25lvb5pi5x6jhayymks4