Lookup NU author(s): Alex Kell,
Dr Matthew Forshaw,
Dr Stephen McGough
This is the authors' accepted manuscript of a conference proceedings (inc. abstract) that has been published in its final definitive form by ACM, 2019.
For re-use rights please refer to the publisher's terms and conditions.
Due to the threat of climate change, a transition from a fossil-fuel based system to one based on zero-carbon is required. However, this is not as simple as instantaneously closing down all fossil fuel energy generation and replacing them with renewable sources -- careful decisions need to be taken to ensure rapid but stable progress. To aid decision makers, we present a new tool, ElecSim, which is an open-sourced agent-based modelling framework used to examine the effect of policy on long-term investment decisions in electricity generation. ElecSim allows non-experts to rapidly prototype new ideas.Different techniques to model long-term electricity decisions are reviewed and used to motivate why agent-based models will become an important strategic tool for policy. We motivate why an open-source toolkit is required for long-term electricity planning.Actual electricity prices are compared with our model and we demonstrate that the use of a Monte-Carlo simulation in the system improves performance by 52.5%. Further, using ElecSim we demonstrate the effect of a carbon tax to encourage a low-carbon electricity supply. We show how a £40 ($50) per tonne of CO2 emitted would lead to 70% renewable electricity by 2050.
Author(s): Kell AJM, Forshaw M, McGough AS
Publication type: Conference Proceedings (inc. Abstract)
Publication status: Published
Conference Name: Tenth ACM International Conference on Future Energy Systems (ACM e-Energy)
Year of Conference: 2019
Print publication date: 15/06/2019
Online publication date: 03/07/2019
Acceptance date: 02/05/2019
Date deposited: 03/07/2019
Library holdings: Search Newcastle University Library for this item
Sponsor(s): State Grid Geiri North America, IBM