In electric power market, knowledge of risk factors is essential to the risk management on price variations. Thus, weperformed attribution analysis on the spot prices in the Japanese wholesale electricity market by a linear multipleregression model with economical and physical parameters in electricity trades as predictor variables. The analysis showsthat the standardized partial regression coefficients as the incidence degree to the spot prices are statistically significant.Furthermore, the week variation, the deepest snowfall and the CIF fuel price are determined as the variation factors of thespot prices at the rate of incidence degree of 40%, 30%and 20%, respectively. It is concluded that the analysis using theproposed model provides the major variation factors and their incidence degree to the spot prices.
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