Uncertainty is almost ubiquitous in energy related decision making. It has many sources, multiple facets and numerous implications. From the uncertainties surrounding Global Warming over the incertitude of future technological progress to the volatility of fuel and other energy prices, the...

The efficiency of capital markets has been questioned almost as long as the efficient market hypothesis had been worked out. Numerous critics have been formulated against this hypothesis, questioning notably the behavioural assumptions underlying the efficient market hypothesis. The present...

Ein moeglichst kostenguenstiges und oekologisches Heizsystem zu waehlen, ist für Gebaeudebesitzer von groeßter Wichtigkeit. Bisher gaengige Antworten sind jedoch spaetestens seit diesem Jahr nicht mehr uneingeschraenkt gueltig. Zum einen waren die Preise für Erdgas und Heizoel zuletzt starken...

Natural gas storages may be valuated by applying real options theory. However it is crucial, not to ignore that most evolving gas spot markets, like the German spot market, lack of liquidity. In this context, considering storage operators as price takers does not account for interdependencies of...

Optimal capacity allocation for investments in electricity generation assets can be deterministically derived by comparing technology specific long-term and short-term marginal costs. In an uncertain market environment, Mean-Variance Portfolio (MVP) theory provides a consistent framework to...

Ueber das Fuer und Wider einer Foerderung Erneuerbarer Energien mittels spezifischer Foerderinstrumente wie dem EEG sowie ueber die bestmoegliche Ausgestaltung dieser Instrumente sind in den letzten Jahren viele sowohl praxisorientierte als auch wissenschaftliche Debatten gefuehrt worden. Dabei...

In principle, portfolio optimization in electricity markets can make use of the standard mean-variance model going back to Markowitz. Yet a key restriction in most electricity markets is the limited liquidity. Therefore the standard model has to be adapted to cope with limited liquidity. An...

The electricity generation mix of many European countries is strongly dominated by fossil fuelled power plants. Given that CO2-emissions are responsible for a major part of the anthropogenic greenhouse effect, emission trading has been introduced in the EU in 2005. Under the European emissions...

Small decentralized power generation units (DG) are politically promoted because of their potential to reduce GHG-emissions and the existing dependency on fossil fuels. A long term goal of this promotion should be the creation of a level playing field for DG and conventional power generation....

Power systems with high shares of wind and solar power have to balance their intermittent nature. Pumpedâ€hydro storage plants can provide the required flexibility, while thermal backup plants offer an alternative. This paper proposes a model based on peakâ€loadâ€pricing theory to...