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

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

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 20152019, our approach utilizes risk-weighted performance metricsCash 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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  • Filippos Ioannidis, Kyriaki Kosmidou, Iordanis Kalaitzoglou, Kostas Andriosopoulos, and Emilios Galariotis, 2023. "Investing in Bridging Fuels: The Unit Commitment Problem of Public vs. Private Ventures," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1).
    • Handle: RePEc:aen:journl:ej44-1-kosmidou
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    JEL classification:

    • F0 - International Economics - - General

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