The effect of guarantees of origin on the value of physical transmission rights : Switzerland and Italy
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- Master's theses (HH) 
The aim of this thesis is to evaluate the role of the guarantees of origin, and consider how they af-fect price differences for PTR between Italy and Switzerland. This thesis seeks to investigate the possible effect that an obligatory usage of GOO can have on the PTR price between the two coun-tries. To do this, it will use PTR auctioning theory and empirical data. The thesis will consider the period from 2012 to 2015. To do this, I used empirical models with linear regression analysis to ob-serve time-series data. The data was collected through the Italian TSO archive of auctioned PTR, Trena for the direction Switzerland-Italy. I analyzed two models in different time frames, along with dummy variables for the GOO policy and the weekend. The first model considers the years between 2012 and 2015, with a dummy variable for the years from 2013 to 2014. The purpose is to look at the GOO’s general effect in the year when the obligatory policy was still active and the year during active lawsuit against that policy. The second model considers the period between 2012 to 2013. Because it only considers the year when GOO was obligatory, the dummy variable is applied only to 2013. The analysis present data for every hour of the day, along with a lag for every day of the week. The results showed that the GOO has no significant impact on the price difference for PTR between the two countries when the regression is performed for all years. On the contrary, it suggests that the GOO has a significant effect on the price for PTR during the time of the policy that made it obligatory in 2013, and weak evidence during the court decision in 2014.