Managing the Intermittency of Wind Energy Generation in Greece
This paper performs a comprehensive analysis of the wind energy potential of onshore regions in Greece with emphasis on quantifying the volume risk and the spatial covariance structure. Optimization techniques are employed to derive efficient wind capacity allocation plans (also known as generation...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-02-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/17/4/866 |
| _version_ | 1797298367401820160 |
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| author | Theodoros Christodoulou Nikolaos S. Thomaidis Stergios Kartsios Ioannis Pytharoulis |
| author_facet | Theodoros Christodoulou Nikolaos S. Thomaidis Stergios Kartsios Ioannis Pytharoulis |
| author_sort | Theodoros Christodoulou |
| collection | DOAJ |
| description | This paper performs a comprehensive analysis of the wind energy potential of onshore regions in Greece with emphasis on quantifying the volume risk and the spatial covariance structure. Optimization techniques are employed to derive efficient wind capacity allocation plans (also known as generation portfolios) incorporating different yield aspirations. The generation profile of minimum variance and other optimal portfolios along the efficient frontier are subject to rigorous evaluation using a fusion of descriptive and statistical methods. In particular, principal component analysis is employed to estimate factor models and investigate the spatiotemporal properties of wind power generation, providing valuable insights into the persistence of volume risk. The overarching goal of the study is to employ a set of statistical and mathematical programming tools guiding investors, aggregators and policy makers in their selection of wind energy generating assets. The findings of this research challenge the effectiveness of current policies and industry practices, offering a new perspective on wind energy harvesting with a focus on the management of volume risk. |
| first_indexed | 2024-03-07T22:33:51Z |
| format | Article |
| id | doaj.art-ad027bce65aa4d2191244e681203ce12 |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-07T22:33:51Z |
| publishDate | 2024-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-ad027bce65aa4d2191244e681203ce122024-02-23T15:15:17ZengMDPI AGEnergies1996-10732024-02-0117486610.3390/en17040866Managing the Intermittency of Wind Energy Generation in GreeceTheodoros Christodoulou0Nikolaos S. Thomaidis1Stergios Kartsios2Ioannis Pytharoulis3School of Economics, Aristotle University of Thessaloniki, 54124 Thessaloniki, GreeceRiskGroup, Department of Financial and Management Engineering, University of the Aegean, 82100 Chios, GreeceDepartment of Meteorology and Climatology, School of Geology, Aristotle University of Thessaloniki, 54124 Thessaloniki, GreeceDepartment of Meteorology and Climatology, School of Geology, Aristotle University of Thessaloniki, 54124 Thessaloniki, GreeceThis paper performs a comprehensive analysis of the wind energy potential of onshore regions in Greece with emphasis on quantifying the volume risk and the spatial covariance structure. Optimization techniques are employed to derive efficient wind capacity allocation plans (also known as generation portfolios) incorporating different yield aspirations. The generation profile of minimum variance and other optimal portfolios along the efficient frontier are subject to rigorous evaluation using a fusion of descriptive and statistical methods. In particular, principal component analysis is employed to estimate factor models and investigate the spatiotemporal properties of wind power generation, providing valuable insights into the persistence of volume risk. The overarching goal of the study is to employ a set of statistical and mathematical programming tools guiding investors, aggregators and policy makers in their selection of wind energy generating assets. The findings of this research challenge the effectiveness of current policies and industry practices, offering a new perspective on wind energy harvesting with a focus on the management of volume risk.https://www.mdpi.com/1996-1073/17/4/866wind energy generationportfolio theoryresource aggregationvolume riskprincipal component analysis |
| spellingShingle | Theodoros Christodoulou Nikolaos S. Thomaidis Stergios Kartsios Ioannis Pytharoulis Managing the Intermittency of Wind Energy Generation in Greece Energies wind energy generation portfolio theory resource aggregation volume risk principal component analysis |
| title | Managing the Intermittency of Wind Energy Generation in Greece |
| title_full | Managing the Intermittency of Wind Energy Generation in Greece |
| title_fullStr | Managing the Intermittency of Wind Energy Generation in Greece |
| title_full_unstemmed | Managing the Intermittency of Wind Energy Generation in Greece |
| title_short | Managing the Intermittency of Wind Energy Generation in Greece |
| title_sort | managing the intermittency of wind energy generation in greece |
| topic | wind energy generation portfolio theory resource aggregation volume risk principal component analysis |
| url | https://www.mdpi.com/1996-1073/17/4/866 |
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