Textul licitației

roduction, energy became much more expensive also on the retail level for firms and households. Due to these events, the relationship between energy prices, inflation and the real economy stepped into spotlight. How do wholesale price shocks feed through to retail prices? The crisis of recent years has shown how understanding the pass-through rates and anticipating the retail sector’s reaction to wholesale shocks is fundamental to design efficient and effective markets and policies. Moreover, even when the crisis is over, the progressive phase-out of fossil fuels and deployment of variable renewable energy sources is expected to generate more volatility in wholesale markets. In this context, it is important to anticipate how this volatility may be transferred to retail prices and how this may affect consumer behaviour. Against this background, there is a limited understanding of how th