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Nearly perfect and poles apart: investment strategies into the UK power system until 2050

Trutnevyte, E; Strachan, N; (2013) Nearly perfect and poles apart: investment strategies into the UK power system until 2050. In: (Proceedings) International Energy Workshop 2013. Green open access

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Abstract

United Kingdom, like several other countries worldwide, adopted an ambitious target to reduce greenhouse gas emissions until 2050 by 80%, as compared to the emissions of 1990. Energy system models, that optimize the total system costs under emissions constraint, have been extensively used to derive transition pathways and investment strategies. While these transition pathways are optimal, given the costs and emissions dimensions, they may not be optimal if further dimensions, such as supply security or stakeholder preferences, are added. State-of-the-art research argues, therefore, that near-optimal transition pathways need to be explored as well. Building on existing static approaches, this conference paper introduces a dynamic energy system model D-EXPANSE. This model is used to analyze the cost-optimal and near-optimal transition pathways of the UK power system until 2050. The model shows that investment strategies, that are nearly optimal with respect to the total system costs, are at the same time poles apart in terms of technologies and temporal distribution of investment.

Type: Proceedings paper
Title: Nearly perfect and poles apart: investment strategies into the UK power system until 2050
Event: International Energy Workshop 2013
Location: Paris, France
Dates: 2013-06-19 - 2013-06-21
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.worldenergyoutlook.org/media/weowebsite...
Language: English
Additional information: With permission from the publisher
Keywords: near optimal, energy system optimization, transition pathways, investment appraisal, UK power system
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources
URI: https://discovery.ucl.ac.uk/id/eprint/1388910
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