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The impact of policy measures on future power generation portfolio and infrastructure: a combined electricity and CCTS investment and dispatch model (ELCO)
Citation key mendelevitch_impact_2017
Author Mendelevitch, Roman and Oei, Pao-Yu
Pages 1–30
Year 2017
ISSN 1868-3967, 1868-3975
DOI 10.1007/s12667-017-0242-z
Journal Energy Systems
Abstract This paper presents a general electricity-CO22_2 modeling framework that is able to simulate interactions of the energy-only market with different forms of national policy measures. We set up a two sector model where players can invest into various types of generation technologies including renewables, nuclear power and carbon capture, transport, and storage (CCTS). For a detailed representation of CCTS we also include industry players (iron and steel as well as cement), and CO22_2 transport and CO22_2 storage including the option for CO22_2 enhanced oil recovery (CO22_2-EOR). The players maximize their expected profits based on variable, fixed and investment costs as well as endogenous prices of electricity, CO22_2 abatement cost and other incentives, subject to technical and environmental constraints. Demand is inelastic and represented via type hours. The model framework allows for regional disaggregation and features simplified electricity and CO22_2 pipeline networks. It is balanced via a market clearing for the electricity as well as CO22_2 market. The equilibrium solution is subject to constraints on CO22_2 emissions and renewable generation share. We apply the model to a case study of the UK electricity market reform to illustrate the mechanisms and potential results attained from the model.
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