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An MILP modeling approach to systemic energy technology valuation in the 21st Century energy system

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Title: An MILP modeling approach to systemic energy technology valuation in the 21st Century energy system
Authors: Heuberger, C
Staffell, I
Shah, N
Mac Dowell, N
Davison, J
Item Type: Conference Paper
Abstract: New cannot be measured with old. The transformation of the electricity system from a network of fossil-based dispatchable power plants to one with large amounts of intermittent renewable power generation, flexible loads and markets, requires a concurrent development of new evaluation tools and metrics. The focus of this research is to investigate the value of power technologies in order to support decision making on optimal power system design and operation. Technology valuation metrics need to consider the complexity and interdependency of environmental and security objectives, rather than focusing on individual cost-competitiveness of technologies outside of the power system. We present the System Value as a new technology valuation metric, based on a mixed-integer linear program (MILP) formulation of a national-scale electricity system. The Electricity System Optimization model is able to capture detailed technical operation of the individual power plants as well as environmental and security requirements on the system level. We present a case study on the System Value of onshore wind power plants in comparison with Carbon Capture and Storage (CCS) equipped gas-fired power plants in a 2035 UK electricity system. Under the given emission constraints, the deployment of both technologies reduce total system cost of electricity generation. In the case of CCS-equipped power plants the reductions in total system cost are 2 to 5 times higher than for the deployment of onshore wind capacity.
Issue Date: 18-Aug-2017
Date of Acceptance: 30-Mar-2017
URI: http://hdl.handle.net/10044/1/50647
DOI: https://dx.doi.org/10.1016/j.egypro.2017.03.1772
ISSN: 1876-6102
Publisher: Elsevier
Start Page: 6358
End Page: 6365
Journal / Book Title: Energy Procedia
Volume: 114
Copyright Statement: © 2017 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Sponsor/Funder: Engineering & Physical Science Research Council (EPSRC)
IEAGHG t/a IEA Environmental Projects Ltd
Funder's Grant Number: EP/M001369/1
Conference Name: 13th International Conference on Greenhouse Gas Control Technologies
Publication Status: Published
Start Date: 2016-11-14
Finish Date: 2016-11-18
Conference Place: Lausanne, Switzerland
Open Access location: http://www.sciencedirect.com/science/article/pii/S1876610217319744
Appears in Collections:Centre for Environmental Policy
Chemical Engineering
Faculty of Natural Sciences