| Περιεχόμενα : | The electricity sector is becoming more and more complex. On one hand deregulation and the opening to competition has ended the previously monopolistic structure of the sector. On the other hand the energy system is going through a transition, driven by climate related policies leading to increased investments in renewables energy resources and the promotion of energy efficiency policies. These two main factors, competition and revenue uncertainty, make investment choices in electricity increasingly difficult for the power producing companies. In this context models become an important tool to assist decision makers in making the best possible choices. This dissertation aims to provide a detailed overview of the past, present and future modelling approaches. Although the focus is more on game-theoretic models, all strands of related literature on capacity expansion in electricity markets are covered, in an effort to highlight the pros and cons of each methodological approach. Selected models are described in more detail, in order for the reader to better understand the technical complexities related to the various approaches, as well as providing a more analytical comparison of the different models. My main conclusion is that the current stylized approaches are useful, but need to be significantly improved and be combined with simulation techniques in order to capture the complexities of the sector and the significant uncertainties around it.
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