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The Benefit of Regional Diversification of Cogeneration Investments in Europe: A Mean-Variance Portfolio Analysis

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Gunther Westner, Reinhard Madlener
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This paper examines various ways in which combined heat and power (CHP) has been promoted in European Union (EU) member states and reviews the economic results in Germany, France, Italy and the United Kingdom. CHP technologies have great potential for increasing energy efficiency and the European Commission issued the EU CHP Directive 2004 to encourage member states to implement CHP technologies and support mechanisms.