Investments in new low carbon technologies such as wind power, PV, and CCS are critical for the transition of the European power system to a system with zero CO2 emissions. In the majority of models used for climate policy assessment and planning investment decisions taken by market agents are modelled in a very simple way. Typically the lowest system cost are searched for and it is assumed that the future market, technology and policy conditions are fully known when investment decisions are taken. In this project we want to push the modeling practice forward by considering that investment decisions are taken in a situation where producers (and consumers) do not have full information about future market, technology and policy conditions and were companies, to various degree, are not just passive price takers but do take into account that their investment decisions may also affect their market power. The project focus will be on the power sector and the challenges it faces in its transition to zero CO2 emissions and were varying renewable supply technologies will take a larger market share than what is the case today. The young researcher will be responsible for developing a modelling tool, using both agent-based modeling and optimization techniques, to analyze the electricity system and to make analysis of the results.

Planned secondments: Scottish Government (Scotland) and University of Groningen (Netherlands).
Main supervisors: Kristian Lindgren and Daniel Johansson.

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