Bask, MikaelAnna, Widerberg2008-11-062008-11-062008-11-061403-2465http://hdl.handle.net/2077/18659By using a novel approach in this paper,(λ,σ²)-analysis, we have found that electricity prices most of the time have increased in stability and decreased in volatility when the Nordic power market has expanded and the degree of competition has increased. That electricity prices at Nord Pool have been generated by a stochastic dynamic system that most often has become more stable during the step-wise integration of the Nordic power market means that this market is less sensitive to shocks after the integration process than it was before this process. This is good news.engElectricity PricesGARCH ModelsLyapunov ExponentsMarket StructureReconstructed DynamicsStabilityVolatilityText