1. What does Merit-Order mean? Please discuss with your own understanding and definitions. (40 pts) 2. Calculate the portfolio value with deals on Table-1 by considering market prices on Table-2. (20 pts) Buy Table - 1 Direction Quantity Price Sell 5 270 Buy 10 266 Sell 10 260 Buy 5 270 Sell 5 255 Period H1 Q1 Q2 Feb Apr Period Jan Feb Table - 2 Sell 260 262 250 244 240 288 Mar Market 264 262 266 264 256 253 250 247 244 242 292 290 Apr May Jun 3. Please discuss the differences between hourly and block bid/offers in the Day Ahead Market. (20 pts) 4. What is the distinguishment between risk and uncertainty? (20 pts)