Space and time: Wind in an investment planning model
AbstractInvestment planning models inform investment decisions and government policies. Current models do not capture the intermittent nature of renewable energy sources, restricting the applicability of the models for high penetrations of renewables. We provide a methodology to capture spatial variation in wind output in combination with transmission constraints. The representation of wind distributions using stochastic approaches or using extensive historic data sets exceeds computational constraints for real world application. Hence we restrict the amount of input data, and use bootstrapping to illustrate the robustness of the results. For the UK power system we model wind deployment and the value of transmission capacity.
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Bibliographic InfoArticle provided by Elsevier in its journal Energy Economics.
Volume (Year): 30 (2008)
Issue (Month): 4 (July)
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Web page: http://www.elsevier.com/locate/eneco
Other versions of this item:
- Neuhoff, K. & Ehrenmann, A. & Butler, L. & Cust, J. & Hoexter, H. & Keats, K. & Kreczko,A. & Sinden, G., 2006. "Space and Time: Wind in an Investment Planning Model," Cambridge Working Papers in Economics 0620, Faculty of Economics, University of Cambridge.
- L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
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