Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.ejor.2009.01.067
Title: Risk management in power markets: The Hedging value of production flexibility
Authors: Doege, J.
Fehr, M.
Hinz, J. 
Lüthi, H.-J.
Wilhelm, M.
Keywords: Dispatch management of power plants
Electricity risk
Emission trading
Futures markets
Operational flexibility
Power derivatives
Issue Date: 16-Dec-2009
Citation: Doege, J., Fehr, M., Hinz, J., Lüthi, H.-J., Wilhelm, M. (2009-12-16). Risk management in power markets: The Hedging value of production flexibility. European Journal of Operational Research 199 (3) : 936-943. ScholarBank@NUS Repository. https://doi.org/10.1016/j.ejor.2009.01.067
Abstract: Since the 1990s power markets are being restructured worldwide and nowadays electrical power is traded as a commodity. The liberalization and with it the uncertainty in gas, fuel and electrical power prices requires an effective management of production facilities and financial contracts. Thereby derivatives build essential instruments to exchange volume as well as price risks. The challenge for participants in the newly competitive market environment is how to design, price and hedge derivative contracts in particular combination with the flexibility embedded in dispatch strategies of production assets. Accordingly, an adequate basis for management and investment decisions is needed which responds to the highly complex market situation. © 2009 Elsevier B.V. All rights reserved.
Source Title: European Journal of Operational Research
URI: http://scholarbank.nus.edu.sg/handle/10635/104064
ISSN: 03772217
DOI: 10.1016/j.ejor.2009.01.067
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