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Space and Time: Wind in an Investment Planning Model

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Author Info

  • Neuhoff, K.
  • Ehrenmann, A.
  • Butler, L.
  • Cust, J.
  • Hoexter, H.
  • Keats, K.
  • Kreczko,A.
  • Sinden, G.

Abstract

Investment 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 with stochastic approaches or an extensive historic data set would exceed computational constraints for real world application. Hence we restrict the amount of input data, and use boot-strapping 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 Info

Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0620.

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Length: 20
Date of creation: Feb 2006
Date of revision:
Handle: RePEc:cam:camdae:0620

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Web page: http://www.econ.cam.ac.uk/index.htm

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Keywords: Investment planning model; Wind distribution; Electricity transmission; Renewables;

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References

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  1. Jean J. Gabszewicz & Sougata Poddar, 1997. "Demand fluctuations and capacity utilization under duopoly," Economic Theory, Springer, vol. 10(1), pages 131-146.
  2. Neuhoff, K. & Cust, J. & Keats, K, 2007. "Implications of intermittency and transmission constraints for renewables deployment," Cambridge Working Papers in Economics 0711, Faculty of Economics, University of Cambridge.
  3. Wu, Felix, et al, 1996. "Folk Theorems on Transmission Access: Proofs and Counterexamples," Journal of Regulatory Economics, Springer, vol. 10(1), pages 5-23, July.
  4. Coulomb, L. & Neuhoff, K., 2006. "Learning curves and changing product attributes: the case of wind turbines," Cambridge Working Papers in Economics 0618, Faculty of Economics, University of Cambridge.
  5. Francis Bessière, 1970. "The "Investment '85" Model of Electricite de France," Management Science, INFORMS, vol. 17(4), pages B192-B211, December.
  6. Kahn, Edward P., 2004. "Effective Load Carrying Capability of Wind Generation: Initial Results with Public Data," The Electricity Journal, Elsevier, vol. 17(10), pages 85-95, December.
  7. Cardell, Judith B. & Hitt, Carrie Cullen & Hogan, William W., 1997. "Market power and strategic interaction in electricity networks," Resource and Energy Economics, Elsevier, vol. 19(1-2), pages 109-137, March.
  8. Keats, K. Martinez & Neuhoff, K., 2004. "Allocation of Carbon Emission Certificates in the Power Sector: How generators profit from grandfathered rights," Cambridge Working Papers in Economics 0444, Faculty of Economics, University of Cambridge.
  9. DeCarolis, Joseph F. & Keith, David W., 2006. "The economics of large-scale wind power in a carbon constrained world," Energy Policy, Elsevier, vol. 34(4), pages 395-410, March.
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Citations

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Cited by:
  1. Neuhoff, K., 2009. "Implementing the EU Renewables Directive," Cambridge Working Papers in Economics 0913, Faculty of Economics, University of Cambridge.
  2. Hirth, Lion, 2013. "The market value of variable renewables," Energy Economics, Elsevier, vol. 38(C), pages 218-236.
  3. Nagl, Stephan & Fürsch, Michaela & Lindenberger, Dietmar, 2012. "The costs of electricity systems with a high share of fluctuating renewables - a stochastic investment and dispatch optimization model for Europe," EWI Working Papers 2012-1, Energiewirtschaftliches Institut an der Universitaet zu Koeln.
  4. Spiecker, Stephan & Weber, Christoph, 2014. "The future of the European electricity system and the impact of fluctuating renewable energy – A scenario analysis," Energy Policy, Elsevier, vol. 65(C), pages 185-197.
  5. Lion Hirth, 2013. "The Optimal Share of Variable Renewables. How the Variability of Wind and Solar Power Affects their Welfare-optimal Deployment," Working Papers 2013.90, Fondazione Eni Enrico Mattei.
  6. Bergek, Anna & Mignon, Ingrid & Sundberg, Gunnel, 2013. "Who invests in renewable electricity production? Empirical evidence and suggestions for further research," Energy Policy, Elsevier, vol. 56(C), pages 568-581.
  7. Ambec, Stefan & Crampes, Claude, 2012. "Electricity provision with intermittent sources of energy," Resource and Energy Economics, Elsevier, vol. 34(3), pages 319-336.
  8. Stefan Ambec & Claude Crampes, 2010. "Electricity Production with Intermittent Sources of Energy," LERNA Working Papers 10.07.313, LERNA, University of Toulouse.
  9. Leuthold, Florian & Weigt, Hannes & von Hirschhausen, Christian, 2008. "Efficient pricing for European electricity networks - The theory of nodal pricing applied to feeding-in wind in Germany," Utilities Policy, Elsevier, vol. 16(4), pages 284-291, December.
  10. Brancucci Martínez-Anido, C. & Vandenbergh, M. & de Vries, L. & Alecu, C. & Purvins, A. & Fulli, G. & Huld, T., 2013. "Medium-term demand for European cross-border electricity transmission capacity," Energy Policy, Elsevier, vol. 61(C), pages 207-222.
  11. Fürsch, Michaela & Hagspiel, Simeon & Jägemann, Cosima & Nagl, Stephan & Lindenberger, Dietmar & Tröster, Eckehard, 2012. "The role of grid extensions in a cost-efficient transformation of the European electricity system until 2050," EWI Working Papers 2012-4, Energiewirtschaftliches Institut an der Universitaet zu Koeln.

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