## 4 Analysis and Interpretation of Results
### Extreme Price Dynamics: Highs and Lows
In Estonia, despite a decline after the extreme peak in 2022, the difference in 2024 remains at an extremely high level (1916 \(\upxi\)/MWh), confirming the persistent market instability. The scientific results of this analysis (Table 6) show that electricity price volatility in Europe after 2022 has reached a new, significantly higher base level. Although there has been some reduction in absolute differences for some countries after 2022 compared to the peak of the crisis, markets remain much more volatile than in previous periods. This trend points to a sustained increase in the risk of price extremes, which can be explained scientifically by a combination of geopolitical factors, increasing integration of variable renewables, lower availability of traditional back-up capacity, and changes in market participants' behaviour. The results of the scientific research confirm that the magnitude of the daily price fluctuation in the European countries surveyed shows a clear upward trend over the period 2015-2025. While the absolute daily difference between the minimum and maximum electricity price was relatively stable and ranged from around 100 to 180 \(\upxi\)/MWh between 2015 and 2019, there is a clear increase in volatility after 2020. This trend increases significantly in 2022, which represents a tipping point due to the impact of geopolitical events, particularly the war in Ukraine, and related fundamentals. After this peak, volatility in 2023 and 2024, although slightly lower than after the start of the war, remains well above pre-crisis levels. \begin{table}
\begin{tabular}{c c c c c} \hline \hline  & **Year** & **Price\_MIN [eur/MW]** & **Price\_MAX [eur/MW]** & **Absolute Difference [eur/MW]** \\ \hline \multirow{3}{*}{GE} & 2015 & \(-\)79.94 & 99.77 & 179.71 \\  & 2024 & \(-\)135.45 & 2325.83 & 2461.28 \\  & 2023 & \(-\)500 & 524.27 & 1024.27 \\ \hline \multirow{3}{*}{FR} & 2015 & 0 & 123.46 & 123.46 \\  & 2022 & \(-\)1.44 & 2987.78 & 2989.22 \\  & 2021 & \(-\)66.18 & 620 & 686.18 \\ \hline \multirow{3}{*}{PL} & 2019 & 1.17 & 115.14 & 113.97 \\  & 2022 & 16.33 & 771 & 754.67 \\  & 2024 & \(-\)61.64 & 630.19 & 691.83 \\ \hline \multirow{3}{*}{SK} & 2016 & \(-\)20 & 101.7 & 121.7 \\  & 2022 & \(-\)10 & 900.23 & 910.23 \\  & 2024 & \(-\)146.13 & 850 & 996.13 \\ \hline \multirow{3}{*}{CZ} & 2015 & \(-\)11 & 99.01 & 110.01 \\  & 2024 & \(-\)138.75 & 844.63 & 983.38 \\  & 2022 & \(-\)22.45 & 871 & 893.45 \\ \hline \multirow{3}{*}{ES} & 2017 & 2.99 & 130.05 & 127.06 \\  & 2022 & \(-\)0.04 & 4000 & 4000.04 \\ \cline{1-1}  & 2024 & \(-\)19.96 & 1896 & 1915.96 \\ \hline \hline \end{tabular}
\end{table} 
Table 6: Maximum and minimum electricity price. Thus, the scientific analysis clearly shows that the magnitude of the daily price volatility increases systematically over the period under review. In terms of the impact of energy mix on the occurrence of price extremes, the research results suggest that countries with a higher share of renewables exhibit more pronounced price extremes. Germany and Estonia, as markets with a higher degree of integration of solar and wind generation, achieved the largest absolute daily price differences in the period analysed, with a peak in Estonia in 2022 of up to 4000 \(\upepsilon\)/MWh. It should be said, however, that this peak did not occur more than once. Germany showed similarly high values in 2022 and 2024, which was due to the impact of variability in renewable electricity generation. In contrast, markets such as Poland, Slovakia, and the Czech Republic, where the share of renewables is significantly lower, did experience increased volatility, but the absolute values of the fluctuations remained relatively lower. It should be noted, however, that price extremes in 2022 were significant in all countries, regardless of the structure of their energy mix, indicating the strong influence of factors such as gas prices, fuel availability, or the geopolitical situation. Scientific results suggest that a high share of renewables increases the likelihood of higher electricity price volatility.