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Economic and investment models for future grids: Final Report Project 3

Listed author(s):
  • Foster, John
  • Wagner, Liam
  • Liebman, Ariel

This final Future Grid Cluster Project 3 report provides the deployment of key modelling results and the identification of strategic priorities for stakeholders. The purpose of the University of Queensland’s project has been to create “Economic and Investment Models for the Future Grid” and the primary objectives are as follows: Provide broad understanding of how the electricity sector will need to change in a carbon constrained world. This transition to a lower emissions intensive technology base will require significant structural and regulatory reform to the energy markets; Development of quantitative methods to analyse how price levels and volatility on the wholesale electricity market are affected by changes to the transmission network structure and technology deployment; Implement modelling platforms which can inform stakeholders in the energy market of how changing network structure and electricity generation technology effects electricity prices; Develop market simulation platforms for natural gas to gain a better understanding of how changing the fuel and technology mixes will affect the power delivery process; Develop a scenario planning tool set for future electricity market modelling. This deliverable 6 reports the final analysis and results for the Future Grid project for the University of Queensland (UQ). It is also intended to highlight the progress made on the following topics: Modelling the National Electricity Market under fuel price uncertainty and the shift from coal to gas as the primary fuel source in the generation fleet.The tools developed to model the east coast gas market are discussed in the previous deliverable report [1]. The planning and scenario development is discussed in brief below (section 2) and in [2-4]; Modelling the rise Renewable Energy with a proactive consumer base (“Prosumer”) and the effects on the electricity market. The details of proactive consumers affect electricity markets and the development of modelling techniques to accommodate this new consumer class are detailed more fully in [5, 2, 6, 4, 7]. This report summarises the work carried out by the Project 3 team and a separate report details the work of Future Grid Cluster and its interconnections and progress by other projects. The work carried out by this team is also summarized by several working papers available on the Energy Economics and Management Group website . Details of how this and other projects within the cluster have co-contributed to addressing the transition to a carbon constrained future is detailed in its final summary document.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 78866.

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Date of creation: 30 Apr 2017
Handle: RePEc:pra:mprapa:78866
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  1. Liam Wagner & Lynette Molyneaux & John Foster, 2012. "Magnifying uncertainty: the impact of a shift to gas under a carbon price," Energy Economics and Management Group Working Papers 11-2012, School of Economics, University of Queensland, Australia.
  2. John Foster & William Paul Bell & Phil Wild & Deepak Sharma & Suwin Sandu & Craig Froome & Liam Wagner & Suchi Misra & Ravindra Bagia, 2013. "Analysis of institutional adaptability to redress electricity infrastructure vulnerability due to climate change," Energy Economics and Management Group Working Papers 6-2013, School of Economics, University of Queensland, Australia.
  3. Byrnes, Liam & Brown, Colin & Wagner, Liam & Foster, John, 2016. "Reviewing the viability of renewable energy in community electrification: The case of remote Western Australian communities," Renewable and Sustainable Energy Reviews, Elsevier, vol. 59(C), pages 470-481.
  4. Wagner, Liam & Molyneaux, Lynette & Foster, John, 2014. "The magnitude of the impact of a shift from coal to gas under a Carbon Price," Energy Policy, Elsevier, vol. 66(C), pages 280-291.
  5. Molyneaux, Lynette & Froome, Craig & Wagner, Liam & Foster, John, 2013. "Australian power: Can renewable technologies change the dominant industry view?," Renewable Energy, Elsevier, vol. 60(C), pages 215-221.
  6. John Foster & Liam Wagner & Phil Wild & Junhua Zhao & Lucas Skoofa & Craig Froome, 2011. "Market and Economic Modelling of the Intelligent Grid: End of Year Report 2009," Energy Economics and Management Group Working Papers 09, School of Economics, University of Queensland, Australia.
  7. Liam Wagner & Luke Reedman, 2010. "Modeling the deployment of plug-in hybrid and electric vehicles and their effects on the Australian National Electricity Market," Energy Economics and Management Group Working Papers 06, School of Economics, University of Queensland, Australia.
  8. John Foster & Liam Wagner & Alexandra Bratanova, 2014. "LCOE models: A comparison of the theoretical frameworks and key assumptions," Energy Economics and Management Group Working Papers 4-2014, School of Economics, University of Queensland, Australia.
  9. John Foster & Craig Froome & Ove Hoegh-Guldberg & Paul Meredith & Lynette Molyneaux & Tapan Saha & Liam Wagner & Barry Ball, 2013. "Delivering a competitive Australian power system Part 2: The challenges, the scenarios," Energy Economics and Management Group Working Papers 1-2013, School of Economics, University of Queensland, Australia.
  10. John Foster & Liam Wagner & Phil Wild & William Paul Bell & Junhua Zhao & Craig Froome, 2011. "Final Report: Market and Economic Modelling of the Intelligent Grid," Energy Economics and Management Group Working Papers 12, School of Economics, University of Queensland, Australia.
  11. John Foster & Liam Wagner & Ariel Liebman, 2011. "Market and Economic Modelling of the Intelligent Grid: 1st Interim Report 2009," Energy Economics and Management Group Working Papers 08, School of Economics, University of Queensland, Australia.
  12. Alexandra Bratanova & Jacqueline Robinson & Liam Wagner, 2012. "Energy cost modelling of new technology adoption for Russian regional power and heat generation," Energy Economics and Management Group Working Papers 9-2012, School of Economics, University of Queensland, Australia.
  13. Liam Wagner & John Foster, 2011. "Is There an Optimal Entry Time for Carbon Capture and Storage? A Case Study for Australia's National Electricity Market," Energy Economics and Management Group Working Papers 07, School of Economics, University of Queensland, Australia.
  14. Byrnes, Liam & Brown, Colin & Foster, John & Wagner, Liam D., 2013. "Australian renewable energy policy: Barriers and challenges," Renewable Energy, Elsevier, vol. 60(C), pages 711-721.
  15. John Foster & Liam Wagner & Phil Wild & William Paul Bell & Junhua Zhao & Craig Froome, 2011. "Market and Economic Modelling of the Intelligent Grid: Interim Report 2011," Energy Economics and Management Group Working Papers 11, School of Economics, University of Queensland, Australia.
  16. Paul L. Joskow, 2008. "Lessons Learned from Electricity Market Liberalization," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 9-42.
  17. Alexandra Bratanova & Jacqueline Robinson & Liam Wagner, 2013. "New Technology Adoption for Russian Regional Energy Generation: Moscow Case Study," Energy Economics and Management Group Working Papers 4-2013, School of Economics, University of Queensland, Australia.
  18. John Foster & Liam Wagner & Phil Wild & Junhua Zhao & Lucas Skoofa & Craig Froome & Ariel Liebman, 2011. "Market and Economic Modelling of the Intelligent Grid: End of Year Report 2010," Energy Economics and Management Group Working Papers 10, School of Economics, University of Queensland, Australia.
  19. John Foster & Liam Wagner & Liam Byrnes, 2014. "A Review of Distributed Generation for Rural and Remote Area Electrification," Energy Economics and Management Group Working Papers 3-2014, School of Economics, University of Queensland, Australia.
  20. Defeuilley, Christophe, 2009. "Retail competition in electricity markets," Energy Policy, Elsevier, vol. 37(2), pages 377-386, February.
  21. Barry Ball & Bertram Ehmann & John Foster & Craig Froome & Ove Hoegh-Guldberg & Paul Meredith & Lynette Molyneaux & Tapan Saha & Liam Wagner, 2011. "Delivering a Competitive Australian Power System. Part 1: Australia’s Global Position," Energy Economics and Management Group Working Papers 13, School of Economics, University of Queensland, Australia.
  22. Lynette Molyneaux & Craig Froome & Liam Wagner & John Foster, 2012. "Australian Power: Can renewable technologies change the dominant industry view?," Energy Economics and Management Group Working Papers 13-2012, School of Economics, University of Queensland, Australia.
  23. Defeuilley, Christophe, 2009. "Retail competition in electricity markets--Expectations, outcomes and economics: A reply," Energy Policy, Elsevier, vol. 37(2), pages 764-765, February.
  24. Foster, John & Wagner, Liam & Liebman, Ariel, 2015. "Modelling the Electricity and Natural Gas Sectors for the Future Grid: Developing Co-Optimisation Platforms for Market Redesign," MPRA Paper 70114, University Library of Munich, Germany.
  25. William E., Lilley & Luke J., Reedman & Liam D., Wagner & Colin F., Alie & Anthony R., Szatow, 2012. "An economic evaluation of the potential for distributed energy in Australia," Energy Policy, Elsevier, vol. 51(C), pages 277-289.
  26. Bratanova, Alexandra & Robinson, Jacqueline & Wagner, Liam, 2016. "New technology adoption for Russian energy generation: What does it cost? A case study for Moscow," Applied Energy, Elsevier, vol. 162(C), pages 924-939.
  27. John Foster & William Paul Bell & Craig Froome & Phil Wild & Liam Wagner & Deepak Sharma & Suwin Sandu & Suchi Misra & Ravindra Bagia, 2012. "Institutional adaptability to redress electricity infrastructure vulnerability due to climate change," Energy Economics and Management Group Working Papers 7-2012, School of Economics, University of Queensland, Australia.
  28. John Foster & Craig Froome & Chris Greig & Ove Hoegh-Guldberg & Paul Meredith & Lynette Molyneaux & Tapan Saha & Liam Wagner & Barry Ball, 2013. "Delivering a competitive Australian power system Part 3: A Better Way to Competitive Power in 2035," Energy Economics and Management Group Working Papers 10-2013, School of Economics, University of Queensland, Australia.
  29. Molyneaux, Lynette & Brown, Colin & Wagner, Liam & Foster, John, 2016. "Measuring resilience in electricity generation: An empirical analysis," MPRA Paper 72884, University Library of Munich, Germany.
  30. Bratanova, Alexandra & Robinson, Jacqueline & Wagner, Liam, 2015. "Modification of the LCOE model to estimate a cost of heat and power generation for Russia," MPRA Paper 65925, University Library of Munich, Germany.
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