Electricity 2020, 1(1), 1-11; https://doi.org/10.3390/electricity1010001 - 04 May 2020
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A lot of companies in the power sector use Engineering, Procurement, and Construction (EPC) contracts for complex infrastructure projects such as power plants. This paper presents a series two-stage data envelopment analysis (DEA) approach for the ex ante benchmarking of EPC power plant
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A lot of companies in the power sector use Engineering, Procurement, and Construction (EPC) contracts for complex infrastructure projects such as power plants. This paper presents a series two-stage data envelopment analysis (DEA) approach for the ex ante benchmarking of EPC power plant projects. The current study aims to improve over single-stage DEA and evaluate the efficiency of a group of twelve domestic (located in Greece) and international natural gas-fired power plant projects of different technologies (combined cycle power plant (CCPP) projects with single and multi-shaft configuration, and open cycle power plant (OCPP) projects) by employing a series two-stage DEA model. In the first stage, performance of the EPC mode is evaluated, whereas in the second stage the plant annual operational efficiency is assessed. In the light of the results, there is a lower level of performance in the EPC mode than in operating efficiency. The OCPP projects have the best operating efficiency, whereas they are ranked in-between the CCPP projects with single and multi-shaft configuration in EPC mode performance.
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