Analysing decarbonizing strategies in the European power system applying stochastic dominance constraints

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11320%2F21%3A10438224" target="_blank" >RIV/00216208:11320/21:10438224 - isvavai.cz</a>

Alternative codes found

RIV/61989100:27510/21:10247726

Result on the web

<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=r04Ss~miow" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=r04Ss~miow</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.eneco.2021.105438" target="_blank" >10.1016/j.eneco.2021.105438</a>

Result language

angličtina

Original language name

Analysing decarbonizing strategies in the European power system applying stochastic dominance constraints

Original language description

In this paper we develop an analysis of the efficiency of the expansion strategies to be followed to attain the emissions targets established by the European Commission in the Energy Roadmap 2050. A multi-stage investment model in generating and storage capacity from the point of view of a central planner is presented, considering long-term uncertainties in the decision-making process, such as the demand growth and the investment and fuel costs, and short-term variability. To evaluate the wellness of the expansion strategies according to the CO2 emissions generated and the total cost, second-order stochastic dominance constraints are introduced in the model. This approach allows to obtain better expansion strategies enforcing acceptable distributions of CO2 emissions. The numerical study is carried out considering the case of the European power system. The predictions and suggestions made by the European Commission towards 2050 are the basis to define the benchmark solutions, whose outcomes are analysed. The results obtained from this study highlight that a renewable capacity of at least 2900 GW is needed to attain a net zero CO2 emission European power system. The strategy based on carbon capture and storage does not reduce effectively CO2 emissions while it represents an expensive alternative. Including stochastic dominance in the optimization model allows to obtain less expensive alternative expansion strategies with comparatively lower CO2 emissions in the worst scenarios.

Czech name

—

Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

—

OECD FORD branch

10103 - Statistics and probability

Project

<a href="/en/project/GX19-28231X" target="_blank" >GX19-28231X: DyMoDiF - Dynamic Models for the Digital Finance</a><br>

Continuities

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year

2021

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Energy Economics

ISSN

0140-9883

e-ISSN

—

Volume of the periodical

101

Issue of the periodical within the volume

September 2021

Country of publishing house

NL - THE KINGDOM OF THE NETHERLANDS

Number of pages

16

Pages from-to

105438

UT code for WoS article

000693413200002

EID of the result in the Scopus database

2-s2.0-85109640217