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GTAP Resource #5789

"Effective Capacity Expansion of Renewable Energy for Decarbonization"
by Yuan, Mei, Karen Tapia-Ahumada and David Montgomery

With the aim for a transition to a low-carbon energy system, many states in the U.S. have proposed to extend or increase their renewable portfolio standards (RPS) targets. The policy ambition of integrating more renewable generation together with other emissions mitigation efforts brings challenges for the power system operation. Increasing dependence on renewables demands greater system flexibility such as the deployment of fast-response electric generating units, additional reserve requirements, transmission interconnections across regions, and energy storage units. Fast expansion of renewable generation will impact not only the electricity sector but other sectors such as transportation, energy conversion and supply sectors. Investment in renewable capacity as well as ancillary capacities as a backup to resolve intermittency competes with investment in other low-carbon technologies. To evaluate the RPS policy proposals, we use an integrated top-down bottom-up modeling framework that combines a regional chronological hourly-dispatch and capacity expansion electricity model with a multi-region multi-sector dynamic general equilibrium model of the U.S. economy. This model explicitly addresses the intermittency of renewable electricity in order to answer questions about how tighter RPS requirements would affect the delivered cost of electricity and the marginal investment cost of RPS in carbon reduction. We set up scenarios that enable us to trace out a marginal investment cost curve for RPS by interpolating between the scenarios results. In addition, we ask how tighter RPS requirements affect the share of investment that must be devoted to capacity expansion due to increasing renewable generation relative to the need to fund and develop other low-carbon strategies, such as programs to induce low-carbon transportation fuels. We will compare the costs of tighter RPS standards across regions as well as investigate how they affect the time profile of generation costs.

Resource Details (Export Citation) GTAP Keywords
Category: 2019 Conference Paper
Status: Published
By/In: Presented at the 22nd Annual Conference on Global Economic Analysis, Warsaw, Poland
Date: 2019
Created: Yuan, M. (4/14/2019)
Updated: Yuan, M. (6/19/2019)
Visits: 1,403
- Dynamic modeling
- Climate change policy
- Technological change
- Other data bases and data issues
- North America

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