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Impact of Reserve and Fixed Costs on the Day-Ahead Scheduling Problem in Greece’s Electricity Market


  • Andrianesis, Panagiotis
  • Liberopoulos, George
  • Sakellaris, Kostis
  • Vlachos, Andreas


We sketch the main aspects of Greece’s electricity system from a market-based point of view. First, we provide data concerning the mix of generating units, the system load and the frequency-related ancillary services. Then, we formulate a simplified model of Greece’s Day-Ahead Scheduling (DAS) problem that constitutes the basis for our analysis. We examine various cases concerning the format of the objective function as well as the pricing and compensation schemes. An illustrative example is used to indicate the impact of reserve and fixed (start-up, shut-down, and minimum-load) costs on the resulting dispatching of units and on clearing prices, under the different cases. Our analysis aims at unveiling the impact of cost components other than energy offers on the DAS problem, and provide the grounds for future research on the design of the electricity market.

Suggested Citation

  • Andrianesis, Panagiotis & Liberopoulos, George & Sakellaris, Kostis & Vlachos, Andreas, 2008. "Impact of Reserve and Fixed Costs on the Day-Ahead Scheduling Problem in Greece’s Electricity Market," MPRA Paper 21426, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:21426

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    References listed on IDEAS

    1. O'Neill, Richard P. & Sotkiewicz, Paul M. & Hobbs, Benjamin F. & Rothkopf, Michael H. & Stewart, William R., 2005. "Efficient market-clearing prices in markets with nonconvexities," European Journal of Operational Research, Elsevier, vol. 164(1), pages 269-285, July.
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    More about this item


    Electricity Market; Day-Ahead Scheduling;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities


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