Investing in Bridging Fuels: The Unit Commitment Problem of Public vs. Private Ventures

Filippos Ioannidis, Kyriaki Kosmidou, Iordanis Kalaitzoglou, Kostas Andriosopoulos and Emilios Galariotis

The Energy Journal, 2023, vol. 44, issue 1, 93-118

Abstract: This paper presents an extensive comparison between public and private natural gas-fired units in managing the unit commitment problem in the context of the Greek electricity market. Using a unique hourly dataset from 2015–2019, our approach utilizes risk-weighted performance metrics—Cash Flows at Risk (CFaR) and Risk Weighted Return (RWR)—to analyze performance across the public and private units. Empirical findings indicate that publicly owned natural gas-fired units outperform privately owned natural gas-fired units in terms of operational efficiency, however the efficiency of privately owned natural gas-fired units is growing at a faster pace and is expected to surpass the efficiency of public units within 2 or 3 years.

Keywords: Electricity market modeling; Combined cycle gas turbines; Unit commitment problem; Risk weighted return (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:44:y:2023:i:1:p:93-118

DOI: 10.5547/01956574.44.1.fioa

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