The impact of policy measures on future power generation portfolio and infrastructure: a combined electricity and CCTS investment and dispatch model (ELCO)

Abstract

This paper presents a general electricity-CO\(_{2}\) modeling framework that is able to simulate interactions of the energy-only market with different forms of national policy measures. We set up a two sector model where players can invest into various types of generation technologies including renewables, nuclear power and carbon capture, transport, and storage (CCTS). For a detailed representation of CCTS we also include industry players (iron and steel as well as cement), and CO\(_{2}\) transport and CO\(_{2}\) storage including the option for CO\(_{2}\) enhanced oil recovery (CO\(_{2}\)-EOR). The players maximize their expected profits based on variable, fixed and investment costs as well as endogenous prices of electricity, CO\(_{2}\) abatement cost and other incentives, subject to technical and environmental constraints. Demand is inelastic and represented via type hours. The model framework allows for regional disaggregation and features simplified electricity and CO\(_{2}\) pipeline networks. It is balanced via a market clearing for the electricity as well as CO\(_{2}\) market. The equilibrium solution is subject to constraints on CO\(_{2}\) emissions and renewable generation share. We apply the model to a case study of the UK electricity market reform to illustrate the mechanisms and potential results attained from the model.

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Notes

  1. 1.

    RES and nuclear provide sufficient decarbonization alternatives for the electricity sector. The high cost increase, however, is caused by only limited alternative decarbonization technologies in the industry sector. Negative emissions of large-scale utilization of CCTS with biomass, in addition, compensate for unabatable emissions in other sectors [18].

  2. 2.

    The specifics of a possible CM in the UK are not clear yet and were therefore not included in this case study.

  3. 3.

    This is influenced through the diffusion constraint which limits the maximal annual construction, esp. in early periods.

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Acknowledgements

The first draft of the model was developed during a research stay at the International Institute for Applied System Analysis (IIASA) in Laxenburg, Austria. We want to thank all members of the Energy department and in particular Nils Johnson for numerous fruitful discussions and helpful inputs during these months. Additional thanks goes to our colleagues at DIW Berlin and TU Berlin Claudia Kemfert, Christian von Hirschhausen, Franziska Holz, Daniel Huppmann, and Alexander Zerrahn for their discussions, critiques, and comments. The usual disclaimer applies.

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Correspondence to Roman Mendelevitch.

Appendix: Karush–Kuhn–Tucker conditions of the ELCO model

Appendix: Karush–Kuhn–Tucker conditions of the ELCO model

The electricity sector

$$\begin{aligned}&\begin{array}{l} \frac{\partial L^{T,N}}{\partial g_{h,n,t,a} }: \\ {\begin{array}{lll} {0\le \left( {\begin{array}{l} DF_a \cdot PD_a \cdot TD_h \cdot \left( {\begin{array}{l} -mu\_e_{h,n,a} \\ +EF\_EL_t \cdot \left( {1-CR\_G_t } \right) \cdot \left( {CPS_a +EUA_a } \right) \\ +VC\_G_{n,t,a} +INTC\_G_t \cdot g_{h,n,t,a} \\ -\lambda _a^{target\_CO2} \cdot \alpha _{t,a} \\ \end{array}} \right) \\ +TD_h \cdot \lambda _{n,t,a}^{emps} \cdot EF\_EL_t \cdot \left( {1-CR\_G_t } \right) +\lambda _{h,n,t,a}^{cap\_g} +\lambda _{h,a}^{curt\_el} \\ \end{array}} \right) } \\ \end{array} } \\ \end{array}\nonumber \\&\qquad \bot \, {g_{h,n,t,a} \ge 0}. \end{aligned}$$
(25)
$$\begin{aligned} \begin{array}{lll} &{}&{}\frac{\partial L^{T,N}}{\partial g\_\hbox {cfd}_{h,n,t,aa,a} }: \\ &{}0\le &{} DF_a \cdot PD_a \cdot TD_h \cdot \left( {\begin{array}{lll} -SP_{t,aa} -\sum \limits _{aaa\in I\_USE_{t,aa,aaa} } {\alpha _{t,aaa} \cdot \lambda _{aaa}^{target\_co2} } \\ -\sum \limits _{\begin{array}{lll} aaa\in I\_USE\_EL_{t,aa,aaa} , \\ t\in T\_RES \\ \end{array}}\\ {\left[ {\left( {1-TARGET\_RE_{aaa} } \right) \cdot \lambda _{aaa}^{target\_RE} } \right] } \\ +\sum \limits _{\begin{array}{c} aaa\in I\_USE\_EL_{t,aa,aaa} , \\ t\notin T\_RES \end{array}}\\ {\left[ {TARGET\_RE_{aaa} \cdot \lambda _{aaa}^{target\_RE} } \right] } \\ +EF\_EL_t \cdot \left( {1-CR\_G_t } \right) \cdot \left( {CPS_a +EUA_a } \right) \\ +EF\_EL_t \cdot CR\_G_t \cdot mu\_co2_{h,n,a} \\ +VC\_G_{n,t,a} +INTC\_G_t \cdot g\_cfd_{h,n,t,aa,a} \\ \end{array}} \right) \\ &{}&{}+\,TD_h \cdot \sum \limits _{tt\in ONEFUEL_{tt,t} } {\lambda _{n,tt,a}^{emps} } \cdot EF\_EL_t \cdot \left( {1-CR\_G_t } \right) +\lambda _{h,n,t,aa,a}^{cap\_g\_cfd} +\lambda _{h,a}^{curt\_el} \\ &{}&{}+\,TD_h \cdot \lambda _{t,a}^{diff\_g} -TD_h \cdot DIFF\_G_t \cdot \left( {\lambda _{t,a+1}^{diff\_g} +\lambda _{t,a+2}^{diff\_g} } \right) \\ &{}&{} \quad \bot \hbox { }g\_cfd_{h,n,t,aa,a} \ge 0. \\ \end{array} \end{aligned}$$
(26)
$$\begin{aligned} \begin{array}{l} {\begin{array}{ll} {\begin{array}{l} \frac{\partial L^{T,N}}{\partial inv\_g_{n,t,a} }: \\ 0\le \left[ {\begin{array}{l} \sum \limits _{aa\in I\_USE\_EL_{t,a,aa} } {PD_{aa} \cdot DF_{aa} \cdot \left( {FC\_G_{n,t,aa} +INVC\_G_{n,t,aa} } \right) } \\ -\sum \limits _h {TD_h \cdot AVAIL_{h,n,t} } \cdot EMPS_a \cdot \sum \limits _{\begin{array}{l} aa\in I\_USE\_EL_{t,a,aa} \\ tt\in ONEFUEL_{tt,t} \\ \end{array}} {\lambda _{n,tt,aa}^{emps} } \\ -\sum \limits _h {\sum \limits _{aa\in I\_USE\_EL_{t,a,aa} } {\left( {\textit{AVAIL}_{h,n,t} \cdot \lambda _{h,n,t,aa}^{cap\_g} } \right) } } \\ -\sum \limits _h {\sum \limits _{aa\in USE\_EL_{t,a,aa} } {\left( {\textit{AVAIL}_{h,n,t} \cdot \lambda _{h,n,t,a,aa}^{cap\_g\_cfd} } \right) } } \\ +\sum \limits _{aa\in I\_USE\_EL_{t,a,aa} } {\lambda _{n,t,aa}^{pot\_g} } \\ \end{array}} \right] \\ \end{array}}\\ \quad \bot \hbox { }inv\_g_{h,n,t,a} \ge 0 \\ \end{array} } \end{array} \end{aligned}$$
(27)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{T,N}}{\partial \lambda _{n,t,a}^{emps} }: \\ 0\le \left( {\begin{array}{l} \sum \limits _h {TD_h \cdot AVAIL_{h,n,t} \cdot } \sum \limits _{\begin{array}{l} aa\in USE\_EL_{t,a,aa} , \\ (t,tt)\in ONE\_FUEL_{t,tt} \\ \end{array}} {inv\_g_{n,tt,aa} } \cdot EMPS_{aa} \\ -\sum \limits _h {TD_h \cdot \left[ {\begin{array}{l} \left[ {g_{h,n,t,a} \cdot \left( {EF\_EL_t \cdot \left( {1-CR\_G_t } \right) } \right) } \right] \\ +\sum \limits _{\begin{array}{l} aa\in USE\_EL_{t,a,aa} , \\ \left( {t,tt} \right) \in ONE\_FUEL_{t,tt} \\ \end{array}} \left[ g\_cfd_{h,n,tt,aa,a}\right. \\ \left. \cdot \left( {EF\_EL_{tt} \cdot \left( {1-CR\_G_{tt} } \right) } \right) \right] \\ \end{array}} \right] } \\ \end{array}} \right) \\ \qquad \bot \hbox { }\lambda _{n,t,a}^{emps} \ge 0 \\ \end{array} \end{aligned}$$
(28)
$$\begin{aligned}&\tfrac{\partial L^{T,N}}{\partial \lambda _{h,n,t,a}^{cap\_g} }:\nonumber \\&0\le AVAIL_{h,n,t} \cdot \left( {INICAP\_G_{n,t,a} +\sum \limits _{aa\in USE\_EL_{t,a,aa} } {inv\_g_{n,t,aa} } } \right) \nonumber \\&\qquad -g_{h,n,t,a} \hbox { }\bot \hbox { }\lambda _{h,n,t,a}^{cap\_g} \ge 0 \end{aligned}$$
(29)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{T,N}}{\partial \lambda _{h,n,t,aa,a}^{cap\_g\_cfd} }: \\ 0\le AVAIL_{h,n,t} \cdot inv\_g_{n,t,aa} -g\_cfd_{h,n,t,aa,a} \hbox { }\bot \hbox { }\lambda _{h,n,t,aa,a}^{cap\_g\_cfd} \ge 0 \\ \end{array} \end{aligned}$$
(30)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{T,N}}{\partial \lambda _{n,t,a}^{pot\_g} }: \\ 0\le MAX\_INV_{n,t} -\sum \limits _{aa\in USE\_EL_{t,a,aa} } {inv\_g_{n,t,aa} } \hbox { }\bot \hbox { }\lambda _{n,t,a}^{pot\_g} \ge 0 \\ \end{array} \end{aligned}$$
(31)
$$\begin{aligned}&\tfrac{\partial L^{T,N}}{\partial \lambda _{t,a}^{diff\_g} }: \nonumber \\&0\le \left( START\_G_t \cdot \frac{\sum \limits _{h,n} {AVAIL_{h,n,t} \cdot TD_h } }{\# of\hbox { }nodes}\right. \nonumber \\&\qquad +\left. \left[ {\sum \limits _{h,n,aa} {TD_h \cdot \left( {g\_cfd_{h,n,t,aa,a-1} +g\_cfd_{h,n,t,aa,a-2} } \right) } } \right] \right) \cdot DIFF\_G_t\nonumber \\&\qquad -\sum \limits _{h,n,aa} {TD_h \cdot g\_cfd_{h,n,t,aa,a} } \hbox { }\bot \hbox { }\lambda _{t,a}^{diff\_g} \ge 0 \end{aligned}$$
(32)

Shared environmental constraints for the electricity sector

$$\begin{aligned} 0\le & {} PD_a \cdot \sum _{h,n,t} {TD_h \cdot \left[ {\left( {g_{h,n,t,a} +\sum _{aa\in USE\_EL_{t,a,aa} } {g\_cfd_{h,n,t,aa,a} } } \right) \cdot \alpha _{t,a} } \right] } \nonumber \\&\bot \hbox { }\lambda _a^{target\_co2} \ge 0. \end{aligned}$$
(33)
$$\begin{aligned} 0\le & {} PD_a \cdot \sum \limits _{h,n} {TD_h \cdot } \left[ {\begin{array}{l} \sum \limits _{\begin{array}{c} aa\in USE\_EL_{t,a,aa} , \\ t\in T\_RES \end{array}} {g\_cfd_{h,n,t,aa,a} } +RES\_OLD_{h,n,a} \\ -RE\_TARGET_a \cdot \sum \limits _{h,n} {d_{h,n,a} } \\ \end{array}} \right] \nonumber \\&\bot \hbox { }\lambda _a^{target\_RE} \ge 0. \end{aligned}$$
(34)

The electricity transportation utility

$$\begin{aligned}&\tfrac{\partial L^{TSO\_E}}{\partial el\_t}: \nonumber \\&0\le DF_a \cdot PD_a \cdot TD_h \cdot \left( {mu\_el_{h,n,a} -mu\_el_{h,nn,a} +VC\_EL\_T_{n,nn} } \right) \nonumber \\&\qquad +\,\lambda _{h,n,nn,a}^{cap\_el} \hbox { }\bot \hbox { }el\_t_{h,n,nn,a} \ge 0 \end{aligned}$$
(35)
$$\begin{aligned}&\tfrac{\partial L^{TSO\_E}}{\partial inv\_el\_t}: \nonumber \\&0\le \sum \limits _{aa>a} {PD_{aa} \cdot \left( {DF_{aa} \cdot INVC\_EL\_T_{n,nn} } \right) } -ADJ\_EL_{n,nn} \nonumber \\&\qquad \cdot \sum \limits _h {\sum \limits _{aa>a} {\left( {\lambda _{h,n,nn,aa}^{cap\_el\_t} +\lambda _{h,nn,n,aa}^{cap\_el\_t} } \right) } } \hbox { }\bot \hbox { }inv\_el\_t_{h,n,nn,a} \ge 0 \end{aligned}$$
(36)
$$\begin{aligned}&\tfrac{\partial L^{TSO\_E}}{\partial \lambda _{h,n,nn,a}^{cap\_el\_t} }: \nonumber \\&0\le INICAP\_EL\_T_{n,nn} +\sum \limits _{aa<a} \left( ADJ\_EL_{n,nn} \cdot inv\_el\_t_{n,nn,aa} \right. \nonumber \\&\qquad +\left. ADJ\_EL_{nn,n} \cdot inv\_el\_t_{nn,n,aa} \right) -el\_t_{h,n,nn,a} \nonumber \\&\qquad \bot \hbox { }\lambda _{h,n,nn,a}^{cap\_el\_t} \ge 0 \end{aligned}$$
(37)

The industry sector

$$\begin{aligned}&\tfrac{\partial L^{I,N}}{\partial co2\_c_{h,n,i,a} }: \nonumber \\&0\le DF_a \cdot PD_a \cdot TD_h \cdot \left( {-EUA_a +mu\_co2_{h,n,a} +VC\_CO2_{n,i,a} } \right) \nonumber \\&\qquad +\,\lambda _{h,n,i,a}^{max\_ind} +{\lambda _{h,n,i,a}^{cap\_co2\_c}}\hbox { }^{\bot \hbox { }co2\_c_{h,n,i,a} \ge 0} \end{aligned}$$
(38)
$$\begin{aligned} {\begin{array}{ll} {\begin{array}{l} \frac{\partial L^{I,N}}{\partial inv\_co2\_c_{n,i,a} }: \\ 0\le \left[ {\begin{array}{l} \sum \limits _{aa\in I\_USE\_CO2_{i,a,aa} } PD_{aa} \cdot DF_{aa}\\ \cdot \left( {FC\_CO2_{n,i,aa} +INVC\_CO2_{n,i,aa} } \right) \\ -\sum \limits _h {\sum \limits _{aa\in I\_USE\_CO2_{i,a,aa} } {\lambda _{h,n,i,aa}^{cap\_co2\_c} \cdot CR\_IND_i } } \\ +\,\lambda _{i,a}^{diff\_co2\_c} -\sum \limits _{aa>a} {\left( {\lambda _{i,aa}^{diff\_co2\_c} \cdot DIFF\_CO2_i } \right) } \\ \end{array}} \right] \\ \end{array}}&{} {\bot \hbox { }inv\_co2\_c_{n,i,a} \ge 0} \\ \end{array} } \end{aligned}$$
(39)
$$\begin{aligned} \begin{array}{l} \tfrac{\partial L^{I,N}}{\partial \lambda _{h,n,i,a}^{max\_ind} }: \\ 0\le CO2\_IND_{h,n,i,a} \cdot CR\_IND_i -co2\_c_{h,n,i,a} \hbox { }\bot \hbox { }\lambda _{h,n,i,a}^{max\_ind} \ge 0 \\ \end{array} \end{aligned}$$
(40)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{I,N}}{\partial \lambda _{h,n,i,a}^{cap\_co2\_c} }: \\ \sum \limits _{aa\in USE\_CO2_{i,a,aa} } {inv\_co2\_c_{n,i,aa} } \cdot CR\_IND_i -co2\_c_{h,n,i,a} \hbox { }\bot \hbox { }\lambda _{h,n,i,a}^{cap\_co2\_c} \ge 0 \\ \end{array} \end{aligned}$$
(41)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{I,N}}{\partial \lambda _{i,a}^{diff\_co2\_c} }: \\ 0\le \left( {START\_CO2_i +\sum \limits _n {\sum \limits _{aa<a} {inv\_co2\_c_{n,i,aa} } } } \right) \cdot DIFF\_CO2_i\\ \qquad -\sum \limits _n {inv\_co2\_c_{n,i,a} } \hbox { }\bot \hbox { }\lambda _{i,a}^{diff\_co2\_c} \ge 0 \\ \end{array} \end{aligned}$$
(42)

The CO\(_{2}\) transportation utility

$$\begin{aligned} \begin{array}{l} \frac{\partial L^{TSO\_CO2}}{\partial co2\_t_{h,n,nn,a} }: \\ 0\le DF_a \cdot PD_a \cdot TD_h \cdot \left( {mu\_co2_{h,nn,a} -mu\_co2_{h,n,a} +VC\_CO2\_t_{n,nn} } \right) \\ \qquad +\,\lambda _{h,n,nn,a}^{cap\_co2\_t} \hbox { }\bot \hbox { }co2\_t_{h,n,nn,a} \ge 0 \\ \end{array} \end{aligned}$$
(43)
$$\begin{aligned}&\tfrac{\partial L^{TSO\_E}}{\partial inv\_co2\_t}: \nonumber \\&0\le \sum \limits _{aa>a} {PD_{aa} \cdot \left( {DF_{aa} \cdot INVC\_CO2\_T_{n,nn} } \right) }\nonumber \\&\qquad -ADJ\_CO2_{n,nn} \cdot \sum \limits _h {\sum \limits _{aa>a} {\left( {\lambda _{h,n,nn,aa}^{cap\_co2\_t} +\lambda _{h,nn,n,aa}^{cap\_co2\_t} } \right) } }\nonumber \\&\qquad \bot \hbox { }inv\_co2\_t_{h,n,nn,a} \ge 0 \end{aligned}$$
(44)
$$\begin{aligned}&\tfrac{\partial L^{TSO\_E}}{\partial \lambda _{h,n,nn,a}^{cap\_co2\_t} }: \nonumber \\&0\le INICAP\_CO2\_T_{n,nn} +\sum \limits _{aa<a} \left( ADJ\_CO2_{n,nn} \cdot inv\_co2\_t_{n,nn,aa}\right. \nonumber \\&\qquad \left. +ADJ\_CO2_{nn,n} \cdot inv\_co2\_t_{nn,n,aa} \right) -co2\_t_{h,n,nn,a} \hbox { }\bot \hbox { }\lambda _{h,n,nn,a}^{cap\_co2\_t} \ge 0\nonumber \\ \end{aligned}$$
(45)

The CO\(_{2}\) storage sector

$$\begin{aligned} {\begin{array}{ll} {\begin{array}{l} \frac{\partial L^{S,N}}{\partial co2\_s_{h,n,s,a} }: \\ 0\le \left[ {\begin{array}{l} DF_a \cdot PD_a \cdot TD_h \cdot \left( {\begin{array}{l} -EFF\_CO2\cdot OILPRICE_a \\ -mu\_co2_{h,n,a} +VC\_CO2_{n,s,a} \\ +INTC\_S_t \cdot co2\_s_{h,n,s,a} \\ \end{array}} \right) \\ +\sum \limits _{hh} {TD_{hh} } \cdot \left( {\sum \limits _{aa\ge a} {PD_{aa} \cdot \lambda _{n,s,aa}^{max\_stor} } } \right) +\lambda _{h,n,s,a}^{cap\_co2\_s} \\ \end{array}} \right] \hbox { } \\ \end{array}}\\ \qquad \bot \hbox { }co2\_s_{h,n,s,a} \ge 0 \\ \end{array} } \end{aligned}$$
(46)
$$\begin{aligned} {\begin{array}{ll} {\begin{array}{l} \frac{\partial L^{S,N}}{\partial inv\_co2\_s_{n,s,a} }: \\ 0\le \left[ {\begin{array}{l} \sum \limits _{aa\in I\_USE\_CO2_{s,a,aa} } PD_{aa} \cdot DF_{aa}\\ \cdot \left( {FC\_CO2_{n,s,aa} +INVC\_CO2_{n,s,aa} } \right) \\ -\sum \limits _h {\sum \limits _{aa\in I\_USE\_CO2_{s,a,aa} } {\lambda _{h,n,s,aa}^{cap\_co2\_s} } } +\lambda _{s,a}^{diff\_co2\_s}\\ -\sum \limits _{aa>a} {\left( {\lambda _{s,aa}^{diff\_co2\_s} \cdot DIFF\_CO2_s } \right) } \\ \end{array}} \right] \\ \hbox { } \\ \end{array}}&{} {\bot \hbox { }inv\_co2\_s_{n,s,a} \ge 0} \\ \end{array} } \end{aligned}$$
(47)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{S,N}}{\partial \lambda _{h,n,s,a}^{cap\_co2\_s} }: \\ 0\le \sum \limits _{aa\in USE\_CO2_{s,a,aa} } {inv\_co2\_s_{n,s,aa} } -co2\_s_{h,n,s,a} \hbox { }\bot \hbox { }\lambda _{h,n,s,a}^{cap\_co2\_s} \ge 0 \\ \end{array} \end{aligned}$$
(48)
$$\begin{aligned} \begin{array}{l} \frac{\partial L^{S,N}}{\partial \lambda _{n,s,a}^{\max \_stor} }: \\ 0\le MAX\_STOR_{n,s} -\sum \limits _h {\left( {TD_h \cdot \sum \limits _{aa\le a} {PD_{aa} \cdot co2\_s_{h,n,s,aa} } } \right) } \hbox { }\bot \hbox { }\lambda _{n,s,a}^{\max \_stor} \ge 0 \\ \end{array} \end{aligned}$$
(49)
$$\begin{aligned}&\tfrac{\partial L^{S,N}}{\partial \lambda _{s,a}^{diff\_co2\_s} }: \nonumber \\&0\le \left( {START\_CO2_s +\sum \limits _n {\sum \limits _{aa<a} {inv\_co2\_s_{n,s,aa} } } } \right) \cdot DIFF\_CO2_s\nonumber \\&\qquad -\sum \limits _n {inv\_co2\_s_{n,s,a} } \hbox { }\bot \hbox { }\lambda _{s,a}^{diff\_co2\_s} \ge 0 \end{aligned}$$
(50)

Market clearing conditions across all sectors

$$\begin{aligned} 0= & {} \sum \limits _t {\left( {g_{h,n,t,a} +\sum \limits _{aa\in USE\_EL_{t,a,aa} } {g\_cfd_{h,n,t,aa,a} } } \right) } +\sum \limits _{nn} {el\_t_{h,nn,n,a} }\nonumber \\&-\sum \limits _{nn} {el\_t_{h,n,nn,a} } -\left( {D_{h,n,a} -RES\_OLD_{h,n,a} } \right) mu\_e_{h,n,a} \hbox { }(free)\quad \forall h,n,a \nonumber \\ \end{aligned}$$
(51)
$$\begin{aligned}&\tfrac{\partial L^{T,N}}{\partial \lambda _{h,a}^{curt\_el} }: \nonumber \\&0\le \sum \limits _n {\left( {D_{h,n,a} -RES\_OLD_{h,n,a} } \right) }\nonumber \\&\qquad -\sum \limits _{n,t} {\left( {g_{h,n,t,a} +\sum \limits _{aa\in USE\_EL_{t,a,aa} } {g\_cfd_{h,n,t,aa,a} } } \right) } \hbox { }\bot \hbox { }\lambda _{h,a}^{curt\_el} \ge 0 \end{aligned}$$
(52)
$$\begin{aligned} 0= & {} -\left( {\begin{array}{l} \sum \limits _t {\left( {\sum \limits _{aa\in USE\_EL_{t,a,aa} } {g\_cfd_{h,n,t,aa,a} } \cdot EF\_EL_t \cdot CR\_G_t } \right) } \\ +\sum \limits _i {co2\_c_{h,n,i,a} } \\ +\sum \limits _{nn} {co2\_t_{h,nn,n,a} } -\sum \limits _{nn} {co2\_t_{h,n,nn,a} } -\sum \limits _s {co2\_s_{h,n,s,a} } \\ \end{array}} \right) \nonumber \\&mu\_co2_{h,n,a} \hbox { }(free)\quad \forall h,n,a \end{aligned}$$
(53)

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Mendelevitch, R., Oei, PY. The impact of policy measures on future power generation portfolio and infrastructure: a combined electricity and CCTS investment and dispatch model (ELCO). Energy Syst 9, 1025–1054 (2018). https://doi.org/10.1007/s12667-017-0242-z

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Keywords

  • Energy policy
  • Electricity
  • CO\(_{2}\)
  • CCS
  • UK
  • EOR
  • Modeling

JEL Classification

  • C61
  • L94
  • O33
  • Q42