Power system portfolio selection under uncertainty

Mari, Carlo

doi:10.1007/s12667-017-0262-8

Cited by 4 publications

(4 citation statements)

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“…In this section, we will investigate the impact of CO 2 price volatility on generating costs of gas and coal technologies. As a cost metric, we use the stochastic EEC, a recently introduced stochastic metric useful to discuss the trade-off between expected cost and risk of generation portfolios from the point of view of the society [18] (see Appendix A).…”

Section: Co 2 Price Volatility Effects On the Stochastic Eec Of Fossimentioning

confidence: 99%

“…where c v is the capacity value of the power system [18]. Equation (A9) states that in a technically-feasible portfolio, the produced electricity by dispatchable sources must be equal to the power system demanded electricity Q sys reduced bȳ w nd Q sys to account for intermittent electricity injections into the grid.…”

Section: Appendix B Optimal Power System Portfolios: a Brief Reviewmentioning

confidence: 99%

“…In a stochastic framework in which three sources of risk, namely fossil fuels (gas, and coal) prices and CO 2 prices (in the CO 2 volatile scenario), are taken into account, it has been shown [18] that in each subset Φ, there exists an optimal portfolio that stochastically dominates from the cost point of view all the systemic portfolios belonging to the same subset. Assuming that dispatchable generation technologies are ordered by increasing values of the unitary fixed costs of generation, the stochastic EEC S * Φ (ω) of such an optimal portfolio can be expressed in the following way: …”

Section: Appendix B Optimal Power System Portfolios: a Brief Reviewmentioning

confidence: 99%

“…The quantitative analysis is developed within the context of a methodology recently introduced for power system portfolio selection under uncertainty [18]. Such a methodology allows us to analyze the power system as a whole in its interactions between dispatchable and intermittent sources from the point of view of the society.…”

Section: Introductionmentioning

confidence: 99%

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CO2 Price Volatility Effects on Optimal Power System Portfolios

Mari

2018

Energies

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This paper investigates the effects of CO 2 price volatility on optimal power system portfolios and on CO 2 emissions assessment. In a stochastic setting in which three sources of uncertainty are considered, namely fossil fuels (gas and coal) and CO 2 prices, we discuss a unifying scheme for quantifying the impact of integrated environmental and renewable energy policies on the power system. We will show that the effects produced by a given environmental policy scheme strongly depend on the configuration of the power system, i.e., on the composition of the generating sources in the power system portfolio. In the empirical analysis performed on U.S. technical and cost data, we found that a non-volatile carbon tax scheme can produce significant effects on the power system portfolio selection problem in the presence of a carbon-free dispatchable source, like nuclear power, but it may have a negligible impact if the (non-renewable) dispatchable part of the power system portfolio is fully composed by fossil fuel, gas and coal, sources. On the other side, generating CO 2 price volatility market-oriented mechanisms can produce relevant effects on both power system configurations. Although the empirical analysis is performed on U.S. data, the proposed methodology is general and can be used as a quantitative support by policy makers in their attempts to reconcile environmental and economic issues.

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Section: Co 2 Price Volatility Effects On the Stochastic Eec Of Fossimentioning

confidence: 99%

Section: Appendix B Optimal Power System Portfolios: a Brief Reviewmentioning

confidence: 99%

Section: Appendix B Optimal Power System Portfolios: a Brief Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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