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

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.

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Keywords: Electricity market modeling, Combined cycle gas turbines, Unit commitment problem, Risk weighted return

DOI: 10.5547/01956574.44.1.fioa

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Published in Volume 44, Number 1 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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