Akademik Veri Yönetim Sistemi
Progress in Sustainable Development: Sustainable Engineering Practices, Elsevier, ss.115-154, 2023
Electrical energy is a necessary component of human existence. Mainly due to population growth, the need for energy increases, and the strategic importance of electrical energy is better understood. Fossil fuels are still used extensively for energy production. Fossil fuels are exhaustible, nonrenewable resources in nature. However, it also causes climate change due to environmental pollution. In order to meet the increasing energy demand today, the interest in alternative, clean and sustainable renewable energies to fossil fuels have increased with government incentives. Since the resources used for energy production are limited, it is essential to use these resources effectively and efficiently and produce optimal energy. Electricity market participants must optimize their generation capacities as well as their bid strategies in order to generate optimal energy. Solar power plants were employed in this empirical study to address the issue of climate change and to urge electricity providers to diversify their generation portfolios by including renewable energy sources. Mean-variance (MV), semi-variance (SV) optimization models, Sharpe ratio (ShR), and Sortino ratio (SoR) optimizations have been applied to the Turkish electricity market. Each model includes various different objective functions (maximum return, maximum risk-adjusted return ratio, minimum risk, and maximum utility) for risk-free assets (bilateral contract) and upper investment constraint, with a total of 24 optimizations has been applied. All optimization results were analyzed one by one. Portfolio performances were compared according to Sharpe ratio, Sortino ratio, and Treynor ratio performance criteria, and recommendations were made to electrical suppliers.