Security of supply in a carbon-free electric power system : the case of Iceland

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dc.contributor.authorDUEÑAS, Pablo
dc.contributor.authorRAMOS, Andrés
dc.contributor.authorTAPIA-AHUMADA, Karen
dc.contributor.authorOLMOS, Luis
dc.contributor.authorRIVIER, Michel
dc.contributor.authorPEREZ ARRIAGA, Jose Ignacio
dc.date.accessioned2018-02-12T16:01:12Z
dc.date.available2018-02-12T16:01:12Z
dc.date.issued2018
dc.descriptionPublished online: December 2017en
dc.description.abstractSecurity of supply and progressively climate change are guiding countries' energy policy worldwide. Iceland is a paradigmatic example of gaining energy independence and decarbonizing the power sector while meeting its growing demand. In this paper, we focus on some of the main generation and transmission expansion alternatives that the country is considering for the next decade in an environment dominated by an increasing demand and a generation mix with virtually zero variable cost. We assess the medium- to long-term dimensions of security of supply as determinants of the system configuration and resources utilization. Based on a stochastic hydrothermal scheduling model that includes DC power flows and generation expansion decisions, our analysis indicates that hydro, geothermal and wind renewable resources are more competitive than fossil fuels, while demand flexibility can also contribute to gain security of supply at comparable costs. In addition, our methodology incorporates a detailed bilateral contracting structure typically used by Icelandic generators and consumers to agree on power prices and negotiated curtailments. The modeling and security evaluation could be of interest in other countries and regions where inflexible thermal generation and hydro resources create a market characterized by prices that are close to zero during long periods, but spike when resources are scarce.en
dc.identifier.citationApplied energy, 2018, Vol. 212, pp. 443-454en
dc.identifier.doi10.1016/j.apenergy.2017.12.028
dc.identifier.endpage454en
dc.identifier.issn0306-2619
dc.identifier.startpage443en
dc.identifier.urihttps://hdl.handle.net/1814/51455
dc.identifier.volume212en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.ispartofApplied energyen
dc.titleSecurity of supply in a carbon-free electric power system : the case of Icelanden
dc.typeArticleen
dspace.entity.typePublication
eui.subscribe.skiptrue
person.identifier.other38299
relation.isAuthorOfPublicationa78a2237-9336-4310-9712-d80bbb4bab2f
relation.isAuthorOfPublication.latestForDiscoverya78a2237-9336-4310-9712-d80bbb4bab2f
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