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During the last two decades, an evolving market structure is recognised starting from the spot market and its derivatives, resulting to several other markets such as the Intraday Market (IM), the Balancing Market (BM) and the Reserve Capacity Market (RCM). The participation in these markets has changed significantly the operation policy of the plants and, consequently, their value in the market. The...
The SEE electricity market is characterized by its rapid development and growth during the last years. Important companies present in Europe and globally have shown interest for this market and expressed the latter through strategic actions such as project development and joint ventures with local companies. Cross border and internal trading witness an increasing liquidity as the environment becomes...
In this article, we consider a public power service in the liberalized market, operating its own power plant and participating in the spot market. In the short-term horizon, the objective is to optimize the dispatch of the power plant in discreet steps. The public service has to meet the demand of its customers, while trading in the spot market where transaction costs apply. The power plant operation...
This article discusses the advances in technology, the market conditions and the biomass solid fuel availability in the South East Europe. The energy mix in South East Europe (SEE) is known to be a highly polluting one with important CO2 and particulates emissions. Following the introduction for several of the countries in the European Union and the signature by most of them of the Kyoto protocol,...
We present two stochastic models optimizing a hydro-thermal power system; the first from the perspective of a global system and the second from a sub-system's (country or utility) perspective within a liberalized market. Particularly CO2 emission quotas and CO2 certificate prices are taken into account. The first model seeks to compute the electricity system marginal price as well as the CO2 emissions...
In this article we expose the status and outlook of the market dynamics and its related infrastructure in the South East Europe (SEE). An important emphasis is given in the actual coalitions that will assist in the faster and more robust development of the gas sector in SEE, the existing infrastructure, the future projects that are under development on under study and the regulation that is needed...
The objective of this article is to present a benchmarking of financial indicators implemented in hydroelectric stochastic risk management models. We present three model formulations using a tree approach for hydroelectric optimization using three procedures for financial risk control: minimum revenues (Rmin), value-at-risk (VaR) and conditional VaR (CVaR). According to their properties and their...
The objective of this paper is to present the operating and hedging analysis of a hydroelectric system in a non-hydro dominated market using a specifically-developed tool for operating and contracting decisions. Hydropower companies are likely to face stochastic inflows, spot prices, and forward prices, during their operation. The objective of the tool is to maximize expected revenues from spot and...
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