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A Multicriteria Assessment Approach to the Energy Trilemma

Athanasios Pliousis, Kostas Andriosopoulos, Michalis Doumpos, and Emilios Galariotis

Year: 2019
Volume: Volume 40
Number: The New Era of Energy Transition
DOI: 10.5547/01956574.40.SI1.apli
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Abstract:
The development of sustainable energy systems is pivotal in addressing climate change, but is also a complex and multifaceted task that should take into consideration a wide range of technological and socio-economic issues. The energy trilemma concept acknowledges this complexity and emphasizes the need to achieve a balance among three main dimensions: energy security, energy equity, and environmental sustainability. This study provides a systematic treatment of the energy trilemma at the country level. A novel multicriteria assessment framework is employed to evaluate the related performance of countries. Such an evaluation provides useful results for policy making, as it enables the examination of the status of each country and the challenges that it faces in achieving energy sustainability. The obtained empirical results are analyzed over time as well as considering the characteristics of the countries.



Could Market Making be Profitable in The European Carbon Market?

Emilios Galariotis, Iordanis Kalaitzoglou, Kyriaki Kosmidou, Spiros Papaefthimiou, and Spyros I. Spyrou

Year: 2019
Volume: Volume 40
Number: The New Era of Energy Transition
DOI: 10.5547/01956574.40.SI1.egal
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Abstract:
We investigate when market making can be profitable in the European Carbon Futures market, by developing an order type selection rule, based solely on transaction level data. We employ a granular approach that uses an observable variable, i.e. trading intensity, to extract the liquidity and information price components and we investigate their impact on spreads, volatility and ultimately on the profitability of different order types. We find that market orders are always less profitable than limit orders. In addition, market makers are expected to derive most of their profits in a low trading intensity environment, mainly due to higher liquidity commissions and a lower probability of dealing with better informed agents. In contrast, an unconditional limit order submission strategy from an off-floor trader should not be preferred, apart from a medium trading intensity environment, where information and liquidity premia adequately compensate them for execution and information risk.



Investing in Bridging Fuels: The Unit Commitment Problem of Public vs. Private Ventures

Filippos Ioannidis, Kyriaki Kosmidou, Iordanis Kalaitzoglou, Kostas Andriosopoulos, and Emilios Galariotis

Year: 2023
Volume: Volume 44
Number: Number 1
DOI: 10.5547/01956574.44.1.fioa
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Abstract:
This paper presents an extensive comparison between public and private natural gas-fired units in managing the unit commitment problem in the context of the Greek electricity market. Using a unique hourly dataset from 2015–2019, our approach utilizes risk-weighted performance metrics—Cash Flows at Risk (CFaR) and Risk Weighted Return (RWR)—to analyze performance across the public and private units. Empirical findings indicate that publicly owned natural gas-fired units outperform privately owned natural gas-fired units in terms of operational efficiency, however the efficiency of privately owned natural gas-fired units is growing at a faster pace and is expected to surpass the efficiency of public units within 2 or 3 years.





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