European electricity sector decarbonization under different levels of foresight
By Clemens Gerbaulet, C. von Hirschhausen, Claudia Kemfert, Casimir Lorenz, P. oei. Renewable Energy, 2019
112 citations recorded by the source corpus.
Abstract The European Union has set out to reduce the carbon intensity of its electricity generation substantially, as defined in the European Roadmap 2050. This paper analyses the impact of foresight towards decarbonization targets on the investment decisions in the European electricity sector using a specific model developed by the authors called dynELMOD. Incorporating the climate targets makes the investment into any additional fossil capacity uneconomic from 2025 onwards, resulting in a coal and natural gas phase-out in the 2040s. Limited foresight thus results in stranded investments of fossil capacities in the 2020s. Using a CO2 budgetary approach, on the other hand, leads to an even sharper emission reduction in the early periods before 2030, reducing overall costs. We also find that renewables carry the major burden of decarbonization; nuclear power (3rd or 4th generation) is unable to compete with other fuels and will, therefore, be phased out over time.
Subfields: Electrical and Electronic Engineering, Energy Engineering and Power Technology, Renewable Energy, Sustainability and the Environment
View Paper: https://www.semanticscholar.org/paper/f40076ffac02b50c471f158eeea4bc81c24a38cb
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In Renewable Energy, Sustainability and the Environment
Citations in the corpus
- Decarbonizing China’s energy system – Modeling the transformation of the electricity, transportation, heat, and industrial sectors (2019, unknown): “[41] show that reduced foresight in energy system models can lead to a substantial amount of stranded assets.”
- Analyzing Similarities between the European Union Countries in Terms of the Structure and Volume of Energy Production from Renewable Energy Sources (2020, background): “Unfortunately, the production of electricity and heat in many countries, including the European Union (EU) countries, is largely based on traditional, conventional raw materials [8].”