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[en] Electricity markets are increasingly influenced by variable renewable energy such as wind and solar power with a pronounced weather-induced variability and imperfect predictability. As a result, the evaluation of the capacity value of variable renewable energy, i.e. its contribution to security of supply, gains importance. This paper develops a new methodology to endogenously determine the capacity value in large-scale investment and dispatch models for electricity markets. The framework allows to account for balancing effects due to the spatial distribution of generation capacities and interconnectors. The practical applicability of the methodology is shown with an application for wind power in Europe. We find that wind power can substantially contribute to security of supply in a decarbonized European electricity system in 2050, with regional capacity values ranging from 1 - 40 %. Analyses, which do not account for the temporal and spatial heterogeneity of the contribution of wind power to security of supply therefore lead to inefficient levels of dispatchable back-up capacity. Applying a fixed wind power capacity value of 5% results in an overestimation of firm capacity requirements in Europe by 66GW in 2050. This translates to additional firm capacity provision costs of 3.8 bn EUR per year in 2050, which represents an increase of 7 %.
[en] Ongoing climate change affects complex and long-lived infrastructures like electricity systems. Particularly for decarbonized electricity systems based on variable renewable energies, there is a variety of impact mechanisms working differently in size and direction. Main impacts for Europe include changes in wind and solar resources, hydro power, cooling water availability for thermoelectric generation and electricity demand. Hence, it is not only important to understand the total effects, i.e., how much welfare may be gained when accounting for climate change impacts in all dimensions, but also to disentangle various effects in terms of their marginal contribution to the potential welfare loss. This paper applies a two-stage modeling framework to assess RCP8.5 climate change impacts on the European electricity system. Thereby, the performance of two electricity system design strategies - one based on no anticipation of climate change and one anticipating impacts of climate change - is studied under a variety of climate change impacts. Impacts on wind and solar resources are found to cause the largest system effects in 2100. Combined climate change impacts increase system costs of a system designed without climate change anticipation due to increased fuel and carbon permit costs. Applying a system design strategy with climate change anticipation increases the cost-optimal share of variable renewable energy based on additional wind offshore capacity in 2100, at a reduction in nuclear, wind onshore and solar PV capacity. Compared to a no anticipation strategy, total system costs are reduced.
[en] In principle cross-border electricity transmission can be accounted for by price differences between the relevant electricity exchanges. For any given level of electricity demand the price of electricity at the individual electricity exchanges is primarily influenced by fuel prices, power plant availability and the feed-in of electricity from renewable energy, and differences in electricity prices in turn are a determinant of cross-border transmission. Some may have been surprised by the high level of electricity export in the spring of 2011, only shortly after 8 GW of power plant capacity had been shut down as part of the nuclear energy phaseout. What in fact explains the existing export surplus are the continuing excess of power plant capacity, an efficient power plant fleet compared with other European countries and the continuing growth of renewable energies in Germany.
[en] Despite regulation efforts,CO2 emissions from European road transport have continued to rise. Increased use of electricity offers a promising decarbonization option, both to fuel electric vehicles and run power- to-x systems producing synthetic fuels. To understand the economic implications of increased coupling of the road transport and electricity sectors, an integrated multi-sectoral partial-equilibrium investment and dispatch model is developed for the European electricity and road transport sectors, linked by an energy transformation module to endogenously account for, e.g., increasing electricity consumption and flexibility provision from electric vehicles and power-to-x systems. The model is applied to analyze the effects of sector- specific CO2 reduction targets on the vehicle, electricity and ptx technology mix as well as trade flows of ptx fuels in European countries from 2020 to 2050. The results show that, by 2050, the fuel shares of electricity and ptx fuels in the European road transport sector reach 37% and 27%, respectively, creating an additional electricity demand of 1200 TWh in Europe. To assess the added value of the integrated modeling approach, an additional analysis is performed in which all endogenous ties between sectors are removed. The results show that by decoupling the two sectors, the total system costs may be significantly over estimated and the production costs of ptx fuels may be inaccurately approximated, which may affect the merit order of decarbonization options.