| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Why Wind Is Not Coal: On the Economics of Electricity |
| Lion Hirth; Falko Ueckerdt; Ottmar Edenhofer
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| 发表日期 | 2014
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| 出处 | Energy: Resources and Markets
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| 出版年 | 2014
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| 语种 | 英语
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| 摘要 | The economics of electricity is shaped by its physics. A well know example is the non-storability of electricity that causes its price to fluctuate widely. More generally, physical constraints cause electricity to be a heterogeneous good along three dimensions - time, space, and lead-time. Consequently, different generation technologies, such as coal and wind power, produce different economic goods that have a different marginal economic value. Welfare maximization or competitiveness analyses that ignore heterogeneity deliver biased estimates. This paper provides an analytical welfare-economic framework that accounts for heterogeneity for unbiased assessments of power generators. The framework offers a rigorous interpretation of commonly used cost indicators such as ‘levelized electricity costs’ and ‘grid parity’. Heterogeneity is relevant for all generators, but especially for variable renewables such as wind and solar power. We propose a definition of ‘variability’, derive the opportunity costs of variability, and link that concept to the ‘integration cost’ literature. A literature review shows that variability can reduce the value of wind power by 20-50%. Thus it is crucial that economic analysis accounts for the physics of electricity.
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Suggested citation: Hirth, L., F. Ueckerdt, O. Edenhofer, (2014), 'Why Wind Is Not Coal: On the Economics of Electricity', Nota di Lavoro 39.2014, Milan, Italy: Fondazione Eni Enrico Mattei. |
| 特色分类 | Q42;D61;C61
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| 关键词 | Power Generation
Electricity Sector
Integrated Assessment Modeling
Variable Renewables
Integration Costs
Welfare Economics
Power Economics
Levelized Electricity Cost
Grid Parity
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/why-wind-is-not-coal-on-the-economics-of-electricity/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118281
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推荐引用方式
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Lion Hirth,Falko Ueckerdt,Ottmar Edenhofer. Why Wind Is Not Coal: On the Economics of Electricity. 2014.
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