Benchmarking Copula-Based Scenario Models and Risk Criteria for Multi-Market BESS Scheduling in the Greek Electricity Market

This study presents an observed-day-ahead computational benchmark comparing Gaussian, Student-t, first-tree-truncated Gaussian D-vine, and single-parameter Clayton scenarios under expected-value (EV), lower-tail conditional value-at-risk (CVaR), and finite-scenario maximin scheduling of a 20 MWh/10 MW battery in the Greek electricity market. The day-ahead trajectory is fixed, and recourse decisions use complete daily scenarios. An 84-day experiment provides descriptive economic comparisons at finite solver gaps. An additional twelve-date assessment yields 67 accepted solutions out of 144, without a common accepted date across all four copulas under EV or CVaR. Independent recalculation verifies seven accepted EV–CVaR pairs with sampled lower-tail mean increases of EUR 0.17–10.40/day. These changes are interpreted descriptively in view of their magnitude relative to the objective gaps. Full-training D-vine ordering reproduces the historical chain for the supplied input. Source reconciliation identifies first-quarter-hour selection and a one-hour balancing-series offset across 5040 nominal rows in the exact workbook used by the additional experiment. The comparisons are conditional on this representation and assumed balancing-opportunity bounds; the retained records leave uncertainty about the source units and battery-specific interpretation. The study integrates dependence diagnostics, scheduling objectives, numerical precision, and input provenance within a computational benchmark, with operational market performance beyond its empirical scope.

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Publication Details

Journal
Energies
Published
2026-10-28
DOI
https://doi.org/10.3390/en19215144
Primary Topic
Electric Power System Optimization
Type
article
Field-Weighted Citation Impact
0.00

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article

Benchmarking Copula-Based Scenario Models and Risk Criteria for Multi-Market BESS Scheduling in the Greek Electricity Market

Emmanuel S. Karapidakis, Aris Dimeas, George C. Kiokes, Athanasios-Rafail Lagos et al.
1 links
Energies
Electric Power System Optimization
article

Benchmarking Copula-Based Scenario Models and Risk Criteria for Multi-Market BESS Scheduling in the Greek Electricity Market

Emmanuel S. Karapidakis, Aris Dimeas, George C. Kiokes, Athanasios-Rafail Lagos, Ioannis Karakitsios
article en

Abstract

This study presents an observed-day-ahead computational benchmark comparing Gaussian, Student-t, first-tree-truncated Gaussian D-vine, and single-parameter Clayton scenarios under expected-value (EV), lower-tail conditional value-at-risk (CVaR), and finite-scenario maximin scheduling of a 20 MWh/10 MW battery in the Greek electricity market. The day-ahead trajectory is fixed, and recourse decisions use complete daily scenarios. An 84-day experiment provides descriptive economic comparisons at finite solver gaps. An additional twelve-date assessment yields 67 accepted solutions out of 144, without a common accepted date across all four copulas under EV or CVaR. Independent recalculation verifies seven accepted EV–CVaR pairs with sampled lower-tail mean increases of EUR 0.17–10.40/day. These changes are interpreted descriptively in view of their magnitude relative to the objective gaps. Full-training D-vine ordering reproduces the historical chain for the supplied input. Source reconciliation identifies first-quarter-hour selection and a one-hour balancing-series offset across 5040 nominal rows in the exact workbook used by the additional experiment. The comparisons are conditional on this representation and assumed balancing-opportunity bounds; the retained records leave uncertainty about the source units and battery-specific interpretation. The study integrates dependence diagnostics, scheduling objectives, numerical precision, and input provenance within a computational benchmark, with operational market performance beyond its empirical scope.

EnergiesVol. 19(21)
National Technical University of Athens (GR), Hellenic Mediterranean University (GR), Merchant Marine Academy (GR)
National Technical University of Athens
Affordable and clean energy
Openalex Percentile: Top 24%
Electric Power System Optimization
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