The profitable exploitation of asset portfolios in the European electricity markets has become more challenging in recent years. This is particularly true for combined heat and power (CHP) generation units that are often facing must-run conditions due to heat demands that need to be satisfied....

This article examines the challenge of personnel scheduling problem by incorporating a labor flexibility approach that integrates annualized hours, multiskilled employees, and overtime within an uncertain demand environment. To address this problem, a two-stage stochastic optimization model is...