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Step

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STEP (Short Term Electricity Price), is an econometric model for short-term electricity price forecasts.

This econometric model is used to forecast hourly electricity prices (at national or zonal level) on the basis of historical correlations with key variables (time series for prices, demand, fuel prices, foreign prices).

The approach is best suited for price forecasts over time horizons of between one week and one year.

The model has been revised and upgraded substantially to incorporate both short and long-term historical trends in forecasts.

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