Handbook of Risk Management in Energy Production and Trading

This book presents an overview of the risks involved in modern electricity production, delivery and trading, including technical risk in production, transportation and delivery, operational risk for the system operators, market risks for traders, and poli

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Raimund M. Kovacevic Georg Ch. Pflug Maria Teresa Vespucci Editors

Handbook of Risk Management in Energy Production and Trading

International Series in Operations Research & Management Science

Volume 199

Series Editor Frederick S. Hillier Stanford University, CA, USA Special Editorial Consultant Camille C. Price Stephen F. Austin State University, TX, USA

For further volumes: http://www.springer.com/series/6161

Raimund M. Kovacevic • Georg Ch. Pflug Maria Teresa Vespucci Editors

Handbook of Risk Management in Energy Production and Trading

123

Editors Raimund M. Kovacevic Department of Statistics & OR University of Vienna Wien, Austria

Georg Ch. Pflug Department of Statistics & OR University of Vienna Wien, Austria

Maria Teresa Vespucci Department of IT & Mathematical Methods University of Bergamo Dalmine, Bergamo, Italy

ISSN 0884-8289 ISBN 978-1-4614-9034-0 ISBN 978-1-4614-9035-7 (eBook) DOI 10.1007/978-1-4614-9035-7 Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2013953340 © Springer Science+Business Media New York 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

Preface

Energy production, delivery, and trading developed from simple supply chains with one producer, owning the entire delivery network, at the b