Hafner, Sarah and Jones, Aled and Anger-Kraavi, Annela (2021) Economic impacts of achieving a net-zero emissions target in the UK power sector. Journal of Cleaner Production, 312. p. 127610. ISSN 1879-1786
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Accepted Version Restricted to Repository staff only until 26 May 2022. Available under the following license: Creative Commons Attribution Non-commercial No Derivatives. Download (594kB) | Request a copy |
Abstract
With increasing concerns about climate change, calls for the adoption of net-zero carbon emissions targets are rising. Achieving this target necessitates a radical decarbonisation of the electricity system, including the shut-down of currently operating high-carbon energy infrastructure. In the light of this background, we develop a novel system dynamics energy-economy model to explore the long-term macroeconomic effects, and changes in the power system costs of different low-carbon electricity transition scenarios. Using the UK as a case study, our simulations demonstrate that there is no win-win policy solution. We argue that while the early retirement of a certain amount of brown energy infrastructure is required for the UK to achieve its emissions target, the amount should be determined with care in order to manage the electricity system costs and prices. By using an implicit carbon price, we find that certain trajectories lead to lower energy system costs while achieving the net-zero target.
Item Type: | Journal Article |
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Keywords: | energy transition, system dynamics, energy economy modelling, climate change, policy |
Faculty: | Faculty of Science & Engineering |
SWORD Depositor: | Symplectic User |
Depositing User: | Symplectic User |
Date Deposited: | 28 May 2021 09:17 |
Last Modified: | 24 Sep 2021 12:17 |
URI: | https://arro.anglia.ac.uk/id/eprint/706616 |
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