The present dissertation uses historical data of generating capacity factors
from 29 European countries and examines the effect of spatial diversification on the
formation of wind energy generating portfolios through Markowitz's modern portfolio
theory. Τhe methodology included the construction of wind energy generation
portfolios with a different number of countries participating in the formation of wind
energy portfolios with increasing spatial diversification. The results showed that the
increase of the participating countries in the wind generating energy portfolio reduces
the standard deviation of the average generating capacity. This reduction contributes
to better ensuring a stable supply of electricity from wind power plants that aim to
cover an increasing percentage of the electricity market demand daily.
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