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Myopic decision making in energy system decarbonisation pathways. A UK case study
KTH, School of Industrial Engineering and Management (ITM), Energy Technology, Energy Systems Analysis. University College London, United Kingdom.
2017 (English)In: Energy Strategy Reviews, ISSN 2211-467X, E-ISSN 2211-4688, Vol. 17, 19-26 p.Article in journal (Refereed) Published
Abstract [en]

With an application on the UK, this paper shows that myopic planning might result in delayed strategic investments and in considerably higher costs for achieving decarbonisation targets compared to estimates done with perfect foresight optimisation energy models. It also suggests that carbon prices obtained from perfect foresight energy models might be under-estimated. The study was performed using a combination of the standard UK Times Model (UKTM), a perfect foresight, bottom-up, technology-rich cost optimisation energy model, and its myopic foresight version: My-UKTM. This also demonstrates that using perfect foresight optimisation models in tandem with their myopic equivalents can provide valuable indications for policy design.

Place, publisher, year, edition, pages
Elsevier, 2017. Vol. 17, 19-26 p.
Keyword [en]
Energy systems decarbonisation, Myopic models, Optimisation energy models, Perfect foresight, Technology diffusion, TIMES model, United Kingdom
National Category
Energy Systems
Identifiers
URN: urn:nbn:se:kth:diva-210191DOI: 10.1016/j.esr.2017.06.001Scopus ID: 2-s2.0-85020698596OAI: oai:DiVA.org:kth-210191DiVA: diva2:1117458
Note

QC 20170629

Available from: 2017-06-29 Created: 2017-06-29 Last updated: 2017-06-29Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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More styles
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  • Other locale
More languages
Output format
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