Fuzzy sets theory is proposed as an alternative to the probabilistic approach for assessing portfolios of power plants, in order to capture the complex reality of decision-making processes. This paper presents different fuzzy portfolio selection models, where the rate of returns as well as the...

The promotion of electricity from renewable energies in Germany causes difficulties in the profitable operation of many modern conventional power plants. Nevertheless, fluctuating availability of power from renewable energy sources requires flexible conventional plants, i.e. power plants which...

The liberalization of the energy markets and the merit order effect lead to difficulties in the operation even of modern, highly energy-effcient conventional power plants ('missing money problem'). Their operation often becomes unprofitable, so that sometimes the only remaining option is to...

In this paper we apply fuzzy set theory to the portfolio optimization of power generation assets, using a semi-mean absolute deviation (SMAD) model as a benchmark and a fuzzy semi-mean absolute deviation (FSMAD) model for comparison. The two models are applied to five onshore wind power plants...

This paper aims to analyze what happens with renewable energy power plants, such as onshore wind, photovoltaics and biomass, when the public policy support based on the Renewable Energy Law expires. With its expiration the first renewable energy (and especially onshore wind) power plants will...

In this paper we develop a decision tool that is based on real options analysis and that supports flexibility investment decisions concerning conventional lignite-fired power plants. The value of the power plant is influenced both by technical and economic variables, the latter including...

In this paper we start off by reviewing the literature on how to extend the mean-variance portfolio model to multi-stage portfolio problems. We then apply a multi-period portfolio selection model to power generation assets, which is based on a reallocation methodology with scenario tree. Two...

This paper reports on the Austrian research project “Renewable energy in Austria: Modeling possible development trends until 2020”. The project investigated possible economic and ecological effects of a substantially increased use of renewable energy sources in Austria. Together with...

This paper investigates whether coal- or biomass-fired Integrated Gasification Combined-Cycle (IGCC) power plants can serve as an economically viable future technology for providing clean electricity and heat in Germany. In the context of CO2 emission reduction in power generation, energy...

Space heating accounts for a large fraction of the primary energy consumption and CO2 emissions of residential buildings. Besides targeting the insulation standard, residential heating systems (RHS) offer the potential to reduce energy demand for space heating. Therefore, understanding the...