This paper presents a flexible new family of copula-based multivariate models designed for handling large numbers of variables (1) as random vectors in the static case or (2) as vector stochastic processes in the dynamic case. The family includes models with upper and lower tail dependence....

The standard approach of evaluating flexible power plants in deregulated markets is by modelling the spark spread. While this takes account of the volatility of electricity prices and cost of gas and CO2, it does not take account of technical costs (such as ramping up and down) and it ignores...