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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.
Impacts on natural and human systems have already been observed due to anthropogenic greenhouse gas emissions . To reduce these emissions, a transition to a low-carbon economy is required. Carbon taxes can be used as a tool for pricing in the negative externalities of pollution and enabling a more rapid transition to a low-carbon economy.This paper proposes the use of agent-based models to simulate an electricity market. We have used the United Kingdom as an exemplar, however any country can be used through parametrisation. We vary carbon tax to observe the effects on investment up until 2050. We find that a carbon tax of £70 ($90) per tonne of CO2 is sufficient in driving investment to an almost 100% renewable energy supply. A less aggressive option, however, of setting a carbon tax at £20 ($26) would lead to a 50% low-carbon, 50% traditional generation energy mix.
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 (e-Energy '19)
Year of Conference: 2019
Print publication date: 15/06/2019
Online publication date: 03/07/2019
Acceptance date: 31/03/2019
Date deposited: 03/07/2019
Library holdings: Search Newcastle University Library for this item
Sponsor(s): State Grid Geiri North America, IBM