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Carbon Capture and Storage Technologies in the European Power Market

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  • Rolf Golombek
  • Mads Greaker
  • Sverre A.C. Kittelsen
  • Ole Røgeberg
  • Finn Roar Aune

Abstract

We examine the potential of Carbon Capture and Storage (CCS) technologies in the European electricity markets, assessing whether CCS technologies will reduce carbon emissions substantially in the absence of investment subsidies, and how the availability of CCS technologies may affect electricity prices and the amount of renewable electricity. To this end we augment a multi-market equilibrium model of the European energy markets with CCS electricity technologies. The CCS technologies are characterized by costs and technical efficiencies synthesized from a number of recent CCS reviews. Our simulations indicate that with realistic values for carbon prices, new CCS coal power plants become profitable, totally replacing non-CCS coal power investments and to a large extent replacing new wind power. New CCS gas power also becomes profitable, but does not replace non-CCS gas power investment fully. Substantially lower costs, through subsidies on technological development or deployment, would be necessary to make CCS modification of existing coal and gas power plants profitable for private investors. doi: 10.5547/ISSN0195-6574-EJ-Vol32-No3-8

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume 32 (2011)
Issue (Month): Number 3 ()
Pages: 209-238

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Handle: RePEc:aen:journl:32-3-a08

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Cited by:
  1. Rübbelke, Dirk & Vögele, Stefan, 2013. "Effects of carbon dioxide capture and storage in Germany on European electricity exchange and welfare," Energy Policy, Elsevier, vol. 59(C), pages 582-588.
  2. Durmaz, Tunç & Schroyen, Fred, 2013. "Evaluating Carbon Capture and Storage in a Climate Model with Directed Technical Change," Discussion Paper Series in Economics 14/2013, Department of Economics, Norwegian School of Economics.
  3. Grimaud, André & Rougé, Luc, 2012. "Carbon Sequestration, Economic Policies and Growth," IDEI Working Papers 751, Institut d'Économie Industrielle (IDEI), Toulouse, revised Aug 2013.
  4. Kjell Arne Brekke & Rolf Golombek & Michal Kaut & Sverre A.C. Kittelsen & Stein W. Wallace, 2013. "The Impact of Uncertainty on the European Energy Market: A Scenario Aggregation Approach," CESifo Working Paper Series 4500, CESifo Group Munich.
  5. Hoel, Michael & Jensen, Svenn, 2012. "Cutting costs of catching carbon—Intertemporal effects under imperfect climate policy," Resource and Energy Economics, Elsevier, vol. 34(4), pages 680-695.

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