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Space and time: Wind in an investment planning model

  • Neuhoff, Karsten
  • Ehrenmann, Andreas
  • Butler, Lucy
  • Cust, Jim
  • Hoexter, Harriet
  • Keats, Kim
  • Kreczko, Adam
  • Sinden, Graham

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 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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Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 30 (2008)
Issue (Month): 4 (July)
Pages: 1990-2008

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Handle: RePEc:eee:eneeco:v:30:y:2008:i:4:p:1990-2008
Contact details of provider: Web page: http://www.elsevier.com/locate/eneco

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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. 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.
  3. MURPHY, Frederic & SMEERS, Yves, 2002. "Generation capacity expansion in imperfectly competitive restructured electricity markets," CORE Discussion Papers 2002069, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. 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.
  5. Kim Keats Martinez & Karsten Neuhoff, 2005. "Allocation of carbon emission certificates in the power sector: how generators profit from grandfathered rights," Climate Policy, Taylor & Francis Journals, vol. 5(1), pages 61-78, January.
  6. 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.
  7. Francis Bessière, 1970. "The "Investment '85" Model of Electricite de France," Management Science, INFORMS, vol. 17(4), pages B192-B211, December.
  8. 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.
  9. 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.
  10. 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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