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A framework for analyzing trade-offs in cost and emissions in power sector

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  • Kumar, Pankaj
  • Banerjee, Rangan
  • Mishra, Trupti

Abstract

Current electricity markets operate on a cost minimizing objective for power supply. However, countries across the world need to decarbonize their power systems in line with their policy objectives to mitigate climate change. In this context, this paper presents a framework to analyze synergies and trade-offs in cost and emission minimization strategies in the power sector. Emission minimizing objective can reduce emissions from existing fleets having flexibility in electricity supply, regardless of renewable energy capacity additions. This framework can also provide us with win-win strategies for reducing emissions while keeping costs low.

Suggested Citation

  • Kumar, Pankaj & Banerjee, Rangan & Mishra, Trupti, 2020. "A framework for analyzing trade-offs in cost and emissions in power sector," Energy, Elsevier, vol. 195(C).
    • Handle: RePEc:eee:energy:v:195:y:2020:i:c:s0360544220300566
    DOI: 10.1016/j.energy.2020.116949
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    1. Giannousakis, Anastasis & Hilaire, Jérôme & Nemet, Gregory F. & Luderer, Gunnar & Pietzcker, Robert C. & Rodrigues, Renato & Baumstark, Lavinia & Kriegler, Elmar, 2021. "How uncertainty in technology costs and carbon dioxide removal availability affect climate mitigation pathways," Energy, Elsevier, vol. 216(C).
    2. Jain, A. & Yamujala, S. & Gaur, A. & Das, P. & Bhakar, R. & Mathur, J., 2023. "Power sector decarbonization planning considering renewable resource variability and system operational constraints," Applied Energy, Elsevier, vol. 331(C).
    3. Wang, Fei & Lu, Xiaoxing & Chang, Xiqiang & Cao, Xin & Yan, Siqing & Li, Kangping & Duić, Neven & Shafie-khah, Miadreza & Catalão, João P.S., 2022. "Household profile identification for behavioral demand response: A semi-supervised learning approach using smart meter data," Energy, Elsevier, vol. 238(PB).
    4. Bhattacharya, Subhadip & Banerjee, Rangan & Ramadesigan, Venkatasailanathan & Liebman, Ariel & Dargaville, Roger, 2024. "Bending the emission curve ― The role of renewables and nuclear power in achieving a net-zero power system in India," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PA).
    5. Jiaojiao Sun & Feng Dong, 2023. "Optimal reduction and equilibrium carbon allowance price for the thermal power industry under China’s peak carbon emissions target," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    6. Ramit Debnath & Vibhor Mittal & Abhinav Jindal, 2022. "A review of challenges from increasing renewable generation in the Indian Power Sector: Way forward for Electricity (Amendment) Bill 2020," Energy & Environment, , vol. 33(1), pages 3-40, February.

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