Modelling the economic impacts of 500 MW of wave power in Ireland

This paper investigates the impacts of including 500 MW of wave power into Ireland's electricity generation portfolio in the year 2020. One year of detailed market simulations are undertaken to determine the impact on wholesale electricity prices, system operation costs and CO2 emissions with a...

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Bibliographic Details
Published inEnergy policy Vol. 45; pp. 614 - 627
Main Authors DEANE, J. P, DALTON, G, GALLACHOIR, B. P. O
Format Journal Article
LanguageEnglish
Published Kidlington Elsevier 01.06.2012
Elsevier Science Ltd
Subjects
Applied sciences
Carbon
Carbon dioxide
Costs
Economic data
Economic impact
Economic models
Electric energy
Electricity
Electricity generation
Energy
Energy economics
Energy policy
Exact sciences and technology
General, economic and professional studies
Islands
Markets
Natural energy
Prices
Studies
Wave power
Europe
Ireland
Eire
Ocean energy
Energy policy modelling
Wave energy
Wave power generator
Carbon dioxide
Wholesale market
2020
Market penetration
Pollutant emission
Modeling
Return on investment
Electricity
Renewable energy
Price
Environment impact
Economic impact
Medium term
Electric power production
Cost analysis
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Summary:This paper investigates the impacts of including 500 MW of wave power into Ireland's electricity generation portfolio in the year 2020. One year of detailed market simulations are undertaken to determine the impact on wholesale electricity prices, system operation costs and CO2 emissions with and without this installed wave power under a number carbon prices assumptions. In both scenarios (with and without wave energy), Ireland's installed renewable capacity is fixed such that 40% of Ireland's electricity in 2020 is from renewable source. The likely revenue a wave energy device would earn in the market is also investigated and compared with what is required to achieve 500 MW installed capacity. It is shown that in general the inclusion of wave energy has a negligible effect on wholesale electricity prices, reduces total system cost in Ireland and can increase CO2 emissions on the island of Ireland under certain carbon price assumptions. It is also shown the current REFIT for wave energy is adequate. [PUBLICATION ABSTRACT]
Bibliography:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 23
ISSN:0301-4215
1873-6777
DOI:10.1016/j.enpol.2012.03.012