Version 1
: Received: 1 December 2023 / Approved: 4 December 2023 / Online: 4 December 2023 (03:04:28 CET)
Version 2
: Received: 14 February 2024 / Approved: 15 February 2024 / Online: 16 February 2024 (11:09:23 CET)
Christodoulou, T.; Thomaidis, N.S.; Kartsios, S.; Pytharoulis, I. Managing the Intermittency of Wind Energy Generation in Greece. Energies2024, 17, 866.
Christodoulou, T.; Thomaidis, N.S.; Kartsios, S.; Pytharoulis, I. Managing the Intermittency of Wind Energy Generation in Greece. Energies 2024, 17, 866.
Christodoulou, T.; Thomaidis, N.S.; Kartsios, S.; Pytharoulis, I. Managing the Intermittency of Wind Energy Generation in Greece. Energies2024, 17, 866.
Christodoulou, T.; Thomaidis, N.S.; Kartsios, S.; Pytharoulis, I. Managing the Intermittency of Wind Energy Generation in Greece. Energies 2024, 17, 866.
Abstract
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.
Keywords
wind energy generation; portfolio theory; resource aggregation; volume risk; principal component analysis
Subject
Environmental and Earth Sciences, Other
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
