What is your research focusing on?
The overall aim is to develop a computational model (an agent-based model) and explore the transition to a low-carbon electricity system. This research focuses on modelling investors’ (which is called “agent” in the model) investment choices of new power plants, and how new investments impact the development of the electricity system over time. This study also analyses which investment strategy is more robust to reduce the risk for bankruptcy when invest under uncertainties.
What has amazed you in your research so far?
This study finds out that under a growing tax scenario, the system transits from a fossil-based system to a low-carbon system. Agents with different characteristics make different investment choices and have different financial performances. Agents who use lower hurdle rates and expect higher future carbon tax are more willing to invest, however, agents expect too low or too high carbon tax are more likely to go bankrupt.
How does your secondment benefit your research?
My secondment at Edinburgh University has enhanced my understanding of how computational models are used for both policy advising purpose and for academic area.
I talked to model developers who worked for the Scottish Government and researchers at Edinburgh University. They shared their experiences of developing models for policymakers and for academia research.
How would you like to continue your research after the
After the ENSYSTRA project, I will continue this research and will move forward in two aspects. First, the model will be further developed to better reflects the investment decision in realty. Second, I plan to use this model to make more application studies, i.e. explore the technology learning curve.
By Jinxi Yang – email: email@example.com
What exciting milestones do you (want to) reach in the near future?
I am excited about the further model development, which will make the model more interesting and I can use it to explore more exciting research questions.
I am also excited about the ENSYSTRA final conference which is coming soon. It is a good opportunity to present our own work and learn from other participants as well.
If you are interested in the specifics of the 15 research projects, you can find summaries and video explanations from the researchers here.
Our project is supported by 23 industry partner institutions.
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