George Karakatsanis

Economist, PhD candidate
georgios@itia.ntua.gr

Participation in research projects

Participation as Researcher

  1. Maintenance, upgrading and extension of the Decision Support System for the management of the Athens water resource system

Published work

Conference publications and presentations with evaluation of abstract

  1. V. Daniil, G. Pouliasis, E. Zacharopoulou, E. Demetriou, G. Manou, M. Chalakatevaki, I. Parara, C. Georganta, P. Stamou, S. Karali, E. Hadjimitsis, G. Koudouris, E. Moschos, D. Roussis, K. Papoulakos, A. Koskinas, G. Pollakis, N. Gournari, K. Sakellari, Y. Moustakis, N. Mamassis, A. Efstratiadis, H. Tyralis, P. Dimitriadis, T. Iliopoulou, G. Karakatsanis, K. Tzouka, E. Deligiannis, V. Tsoukala, P. Papanicolaou, and D. Koutsoyiannis, The uncertainty of atmospheric processes in planning a hybrid renewable energy system for a non-connected island, European Geosciences Union General Assembly 2017, Geophysical Research Abstracts, Vol. 19, Vienna, EGU2017-16781-4, doi:10.13140/RG.2.2.29610.62406, European Geosciences Union, 2017.
  2. A. Koskinas, E. Zacharopoulou, G. Pouliasis, I. Engonopoulos, K. Mavroyeoryos, E. Deligiannis, G. Karakatsanis, P. Dimitriadis, T. Iliopoulou, D. Koutsoyiannis, and H. Tyralis, Simulation of electricity demand in a remote island for optimal planning of a hybrid renewable energy system, European Geosciences Union General Assembly 2017, Geophysical Research Abstracts, Vol. 19, Vienna, 19, EGU2017-10495-4, doi:10.13140/RG.2.2.10529.81767, European Geosciences Union, 2017.
  3. D. Roussis, I. Parara, N. Gournari, Y. Moustakis, P. Dimitriadis, T. Iliopoulou, D. Koutsoyiannis, and G. Karakatsanis, Energy, variability and weather finance engineering, European Geosciences Union General Assembly 2017, Geophysical Research Abstracts, Vol. 19, Vienna, 19, EGU2017-16919, European Geosciences Union, 2017.
  4. H. Tyralis, G. Karakatsanis, K. Tzouka, and N. Mamassis, Analysis of the electricity demand of Greece for optimal planning of a large-scale hybrid renewable energy system, European Geosciences Union General Assembly 2015, Geophysical Research Abstracts, Vol. 17, Vienna, EGU2015-5643, European Geosciences Union, 2015.
  5. G. Karakatsanis, Entropy, pumped-storage and energy system finance, European Geosciences Union General Assembly 2015, Geophysical Research Abstracts, Vol. 17, Vienna, EGU2015-11759, European Geosciences Union, 2015.
  6. A. Koukouvinos, D. Nikolopoulos, A. Efstratiadis, A. Tegos, E. Rozos, S.M. Papalexiou, P. Dimitriadis, Y. Markonis, P. Kossieris, H. Tyralis, G. Karakatsanis, K. Tzouka, A. Christofides, G. Karavokiros, A. Siskos, N. Mamassis, and D. Koutsoyiannis, Integrated water and renewable energy management: the Acheloos-Peneios region case study, European Geosciences Union General Assembly 2015, Geophysical Research Abstracts, Vol. 17, Vienna, EGU2015-4912, doi:10.13140/RG.2.2.17726.69440, European Geosciences Union, 2015.
  7. G. Karakatsanis, N. Mamassis, D. Koutsoyiannis, and A. Efstratiadis, Entropy, pricing and macroeconomics of pumped-storage systems, European Geosciences Union General Assembly 2014, Geophysical Research Abstracts, Vol. 16, Vienna, EGU2014-15858-6, European Geosciences Union, 2014.
  8. G. Karakatsanis, N. Mamassis, D. Koutsoyiannis, and A. Efstratiadis, Entropy and reliability of water use via a statistical approach of scarcity, Facets of Uncertainty: 5th EGU Leonardo Conference – Hydrofractals 2013 – STAHY 2013, Kos Island, Greece, doi:10.13140/RG.2.2.24450.68809, European Geosciences Union, International Association of Hydrological Sciences, International Union of Geodesy and Geophysics, 2013.

Miscellaneous works

  1. G. Karakatsanis, I. Apostolopoulos, G. Alexiou, P. Stamouli, I. Fountoulakis, S. C. Batelis, Y. Dimakos, E. Feloni, E. C. Moschou, N. Bountas, N. Boboti, D. Bouziotas, P. Dimas, and E. Sepetzi, Water resources, infrastructures and services: Privatization or municipalization?, Athens, 4 July 2013.

Details on research projects

Participation as Researcher

  1. Maintenance, upgrading and extension of the Decision Support System for the management of the Athens water resource system

    Duration: October 2008–November 2011

    Budget: €72 000

    Project director: N. Mamassis

    Principal investigator: D. Koutsoyiannis

    This research project includes the maintenance, upgrading and extension of the Decision Support System that developed by NTUA for EYDAP in the framework of the research project “Updating of the supervision and management of the water resources’ system for the water supply of the Athens’ metropolitan area”. The project is consisted of the following parts: (a) Upgrading of the Data Base, (b)Upgrading and extension of hydrometeorological network, (c) upgrading of the hydrometeorological data process software, (d) upgrading and extension of the Hydronomeas software, (e) hydrological data analysis and (f) support to the preparation of the annual master plans

Published work in detail

Conference publications and presentations with evaluation of abstract

  1. V. Daniil, G. Pouliasis, E. Zacharopoulou, E. Demetriou, G. Manou, M. Chalakatevaki, I. Parara, C. Georganta, P. Stamou, S. Karali, E. Hadjimitsis, G. Koudouris, E. Moschos, D. Roussis, K. Papoulakos, A. Koskinas, G. Pollakis, N. Gournari, K. Sakellari, Y. Moustakis, N. Mamassis, A. Efstratiadis, H. Tyralis, P. Dimitriadis, T. Iliopoulou, G. Karakatsanis, K. Tzouka, E. Deligiannis, V. Tsoukala, P. Papanicolaou, and D. Koutsoyiannis, The uncertainty of atmospheric processes in planning a hybrid renewable energy system for a non-connected island, European Geosciences Union General Assembly 2017, Geophysical Research Abstracts, Vol. 19, Vienna, EGU2017-16781-4, doi:10.13140/RG.2.2.29610.62406, European Geosciences Union, 2017.

    Non-connected islands to the electric gird are often depending on oil-fueled power plants with high unit cost. A hybrid energy system with renewable resources such as wind and solar plants could reduce this cost and also offer more environmental friendly solutions. However, atmospheric processes are characterized by high uncertainty that does not permit harvesting and utilizing full of their potential. Therefore, a more sophisticated framework that somehow incorporates this uncertainty could improve the performance of the system. In this context, we describe several stochastic and financial aspects of this framework. Particularly, we investigate the cross-correlation between several atmospheric processes and the energy demand, the possibility of mixing renewable resources with the conventional ones and in what degree of reliability, and critical financial subsystems such as weather derivatives. A pilot application of the above framework is also presented for a remote island in the Aegean Sea.

    Full text: http://www.itia.ntua.gr/en/getfile/1689/1/documents/EGU2017oral_16781_final.pdf (3038 KB)

    Additional material:

  1. A. Koskinas, E. Zacharopoulou, G. Pouliasis, I. Engonopoulos, K. Mavroyeoryos, E. Deligiannis, G. Karakatsanis, P. Dimitriadis, T. Iliopoulou, D. Koutsoyiannis, and H. Tyralis, Simulation of electricity demand in a remote island for optimal planning of a hybrid renewable energy system, European Geosciences Union General Assembly 2017, Geophysical Research Abstracts, Vol. 19, Vienna, 19, EGU2017-10495-4, doi:10.13140/RG.2.2.10529.81767, European Geosciences Union, 2017.

    We simulate the electrical energy demand in the remote island of Astypalaia. To this end we first obtain information regarding the local socioeconomic conditions and energy demand. Secondly, the available hourly demand data are analysed at various time scales (hourly, weekly, daily, seasonal). The cross-correlations between the electrical energy demand and the mean daily temperature as well as other climatic variables for the same time period are computed. Also, we investigate the cross-correlation between those climatic variables and other variables related to renewable energy resources from numerous observations around the globe in order to assess the impact of each one to a hybrid renewable energy system. An exploratory data analysis including all variables is performed with the purpose to find hidden relationships. Finally, the demand is simulated considering all the periodicities found in the analysis. The simulation time series will be used in the development of a framework for planning of a hybrid renewable energy system in Astypalaia.

    Full text: http://www.itia.ntua.gr/en/getfile/1684/2/documents/EGU2017_CrossCorr-EnergyDemand.pdf (2668 KB)

    Additional material:

  1. D. Roussis, I. Parara, N. Gournari, Y. Moustakis, P. Dimitriadis, T. Iliopoulou, D. Koutsoyiannis, and G. Karakatsanis, Energy, variability and weather finance engineering, European Geosciences Union General Assembly 2017, Geophysical Research Abstracts, Vol. 19, Vienna, 19, EGU2017-16919, European Geosciences Union, 2017.

    Most types of renewable energies are characterized by intense intermittency, causing significant instabilities to the grid; further requiring additional infrastructure (e.g. pumped-storage) for buffering hydrometeorological uncertainties, as well as complex operational rules for load balancing. In addition, most intermittent renewable units are subsidized, creating significant market inefficiencies.Weather derivatives comprise mature financial tools for integrating successfully the intermittent-load and base-load components into a unified hybrid energy system and establish their operation within a generalized uncertainty management market. With a growing global market share and 46% utilization of this financial tool by the energy industry and 12% by agriculture (that partially concerns biofuel resources), weather derivatives are projected to constitute a critical subsystem of many grids for buffering frequent hydrometeorological risks of low and medium impacts –which are not covered by standard insurance contracts that aim exclusively at extreme events and high financial damages. In this context, we study the attributes of hydrometeorological time series in a remote and small island in Greece, powered by an autonomous hybrid energy system. Upon the results we choose the optimal underlying index and we further compose and engineer a weather derivative with features of a typical option contract –which we consider most flexible and appropriate for the case– to test our assumptions on its beneficiary effects for both the budget of private energy producers and the island’s public administration.

    Additional material:

  1. H. Tyralis, G. Karakatsanis, K. Tzouka, and N. Mamassis, Analysis of the electricity demand of Greece for optimal planning of a large-scale hybrid renewable energy system, European Geosciences Union General Assembly 2015, Geophysical Research Abstracts, Vol. 17, Vienna, EGU2015-5643, European Geosciences Union, 2015.

    The Greek electricity system is examined for the period 2002-2014. The demand load data are analysed at various time scales (hourly, daily, seasonal and annual) and they are related to the mean daily temperature and the gross domestic product (GDP) of Greece for the same time period. The prediction of energy demand, a product of the Greek Independent Power Transmission Operator, is also compared with the demand load. Interesting results about the change of the electricity demand scheme after the year 2010 are derived. This change is related to the decrease of the GDP, during the period 2010-2014. The results of the analysis will be used in the development of an energy forecasting system which will be a part of a framework for optimal planning of a large-scale hybrid renewable energy system in which hydropower plays the dominant role.

    Full text:

  1. G. Karakatsanis, Entropy, pumped-storage and energy system finance, European Geosciences Union General Assembly 2015, Geophysical Research Abstracts, Vol. 17, Vienna, EGU2015-11759, European Geosciences Union, 2015.

    Pumped-storage holds a key role for integrating renewable energy units with non-renewable fuel plants into large-scale energy systems of electricity output. An emerging issue is the development of financial engineering models with physical basis to systematically fund energy system efficiency improvements across its operation. A fundamental physically-based economic concept is the Scarcity Rent; which concerns the pricing of a natural resource’s scarcity. Specifically, the scarcity rent comprises a fraction of a depleting resource’s full price and accumulates to fund its more efficient future use. In an integrated energy system, scarcity rents derive from various resources and can be deposited to a pooled fund to finance the energy system’s overall efficiency increase; allowing it to benefit from economies of scale. With pumped-storage incorporated to the system, water upgrades to a hub resource, in which the scarcity rents of all connected energy sources are denominated to. However, as available water for electricity generation or storage is also limited, a scarcity rent upon it is also imposed. It is suggested that scarcity rent generation is reducible to three (3) main factors, incorporating uncertainty: (1) water’s natural renewability, (2) the energy system’s intermittent components and (3) base-load prediction deviations from actual loads. For that purpose, the concept of entropy is used in order to measure the energy system’s overall uncertainty; hence pumped-storage intensity requirements and generated water scarcity rents.

    Full text: http://www.itia.ntua.gr/en/getfile/1528/1/documents/EGU2015-11759-2.pdf (35 KB)

  1. A. Koukouvinos, D. Nikolopoulos, A. Efstratiadis, A. Tegos, E. Rozos, S.M. Papalexiou, P. Dimitriadis, Y. Markonis, P. Kossieris, H. Tyralis, G. Karakatsanis, K. Tzouka, A. Christofides, G. Karavokiros, A. Siskos, N. Mamassis, and D. Koutsoyiannis, Integrated water and renewable energy management: the Acheloos-Peneios region case study, European Geosciences Union General Assembly 2015, Geophysical Research Abstracts, Vol. 17, Vienna, EGU2015-4912, doi:10.13140/RG.2.2.17726.69440, European Geosciences Union, 2015.

    Within the ongoing research project “Combined Renewable Systems for Sustainable Energy Development” (CRESSENDO), we have developed a novel stochastic simulation framework for optimal planning and management of large-scale hybrid renewable energy systems, in which hydropower plays the dominant role. The methodology and associated computer tools are tested in two major adjacent river basins in Greece (Acheloos, Peneios) extending over 15 500 km2 (12% of Greek territory). River Acheloos is characterized by very high runoff and holds ~40% of the installed hydropower capacity of Greece. On the other hand, the Thessaly plain drained by Peneios – a key agricultural region for the national economy – usually suffers from water scarcity and systematic environmental degradation. The two basins are interconnected through diversion projects, existing and planned, thus formulating a unique large-scale hydrosystem whose future has been the subject of a great controversy. The study area is viewed as a hypothetically closed, energy-autonomous, system, in order to evaluate the perspectives for sustainable development of its water and energy resources. In this context we seek an efficient configuration of the necessary hydraulic and renewable energy projects through integrated modelling of the water and energy balance. We investigate several scenarios of energy demand for domestic, industrial and agricultural use, assuming that part of the demand is fulfilled via wind and solar energy, while the excess or deficit of energy is regulated through large hydroelectric works that are equipped with pumping storage facilities. The overall goal is to examine under which conditions a fully renewable energy system can be technically and economically viable for such large spatial scale.

    Full text:

    Additional material:

    See also: http://dx.doi.org/10.13140/RG.2.2.17726.69440

  1. G. Karakatsanis, N. Mamassis, D. Koutsoyiannis, and A. Efstratiadis, Entropy, pricing and macroeconomics of pumped-storage systems, European Geosciences Union General Assembly 2014, Geophysical Research Abstracts, Vol. 16, Vienna, EGU2014-15858-6, European Geosciences Union, 2014.

    We propose a pricing scheme for the enhancement of macroeconomic performance of pumped-storage systems, based on the statistical properties of both geophysical and economic variables. The main argument consists in the need of a context of economic values concerning the hub energy resource; defined as the resource that comprises the reference energy currency for all involved renewable energy sources (RES) and discounts all related uncertainty. In the case of pumped-storage systems the hub resource is the reservoir’s water, as a benchmark for all connected intermittent RES. The uncertainty of all involved natural and economic processes is statistically quantifiable by entropy. It is the relation between the entropies of all involved RES that shapes the macroeconomic state of the integrated pumped-storage system. Consequently, there must be consideration on the entropy of wind, solar and precipitation patterns, as well as on the entropy of economic processes –such as demand preferences on either current energy use or storage for future availability. For pumped-storage macroeconomics, a price on the reservoir’s capacity scarcity should also be imposed in order to shape a pricing field with upper and lower limits for the long-term stability of the pricing range and positive net energy benefits, which is the primary issue of the generalized deployment of pumped-storage technology.

    Additional material:

  1. G. Karakatsanis, N. Mamassis, D. Koutsoyiannis, and A. Efstratiadis, Entropy and reliability of water use via a statistical approach of scarcity, Facets of Uncertainty: 5th EGU Leonardo Conference – Hydrofractals 2013 – STAHY 2013, Kos Island, Greece, doi:10.13140/RG.2.2.24450.68809, European Geosciences Union, International Association of Hydrological Sciences, International Union of Geodesy and Geophysics, 2013.

    The paper examines economic reliability of water resource availability within a stochastic framework. Hoekstra and Mekonnen (2012) provide water use data for agricultural and industrial production. The current work utilizes these findings by coupling hydrological processes with reliability for economic use via a statistical approach of scarcity. Water extracted from the hydrological cycle is never bounded permanently, but only creates temporary scarcity via the competitive use of its limited economically useful attributes (such as its quality). The replenishment rate of freshwater reservoirs is limited and the return of water to its natural path requires energy inputs and time. Hence, what the economy is actually deprived of via the intensification of water use, the diversion of a water resource from its natural hydrological path and the eventual degradation after its use is its immediate availability, which is equivalent to increased uncertainty as the economy reaches closer to its natural water supply reliability limit. Georgescu-Roegen (1986) postulated a connection between increased dispersion and supply uncertainty of a resource to entropy, which in the case of water might be interpreted as increase of the probability of temporal unavailability.

    Full text: http://www.itia.ntua.gr/en/getfile/1389/1/documents/Kos_Karakatsanis.pdf (736 KB)

    See also: http://dx.doi.org/10.13140/RG.2.2.24450.68809

Miscellaneous works

  1. G. Karakatsanis, I. Apostolopoulos, G. Alexiou, P. Stamouli, I. Fountoulakis, S. C. Batelis, Y. Dimakos, E. Feloni, E. C. Moschou, N. Bountas, N. Boboti, D. Bouziotas, P. Dimas, and E. Sepetzi, Water resources, infrastructures and services: Privatization or municipalization?, Athens, 4 July 2013.

    Remarks:

    Student Workshop of the course "Water Resources Management". Coordinators: Demetris Koutsoyiannis & Andreas Efstratiadis

    Photos from the workshop are also available. Extensive reportage of the event was presented by the newspaper Eleftherotypia, (see also the print version in an attached file above), as well as by Internet forums (e.g. Econews, Infowar).

    Full text:

    Additional material: