Abstract
The probably biggest challenge for climate change mitigation is to find a secure low-carbon energy supply, which especially is difficult as the supply of renewable sources underlies strong volatility and storage possibilities are limited. We therefore consider the energy sector of a small country that optimizes a portfolio consisting of fossil and/or renewable energy to cover a given energy demand, considering seasonal fluctuations in renewable energy generation. By solving these non-autonomous optimal control models with infinite horizon, we investigate the impact of fossil energy prices on the annual optimal portfolio composition shown by the obtained periodic solutions.
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Notes
- 1.
Note that we only consider annual fluctuations and do not include daily fluctuations from day to night nor changes due to weather conditions. To get reasonable parameter values we used Austrian data for the estimation (cf. [9]).
- 2.
If the initial capital stock along the fossil solution arc is zero, the whole energy demand is covered with fossil energy. If, however, the initial capital stock is positive, also renewable energy contributes to the coverage of the energy demand, nevertheless at a decreasing rate as no investments are done and depreciation reduces the stock.
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Moser, E., Grass, D., Tragler, G., Prskawetz, A. (2014). Optimal Control Models of Renewable Energy Production Under Fluctuating Supply. In: Lirkov, I., Margenov, S., Waśniewski, J. (eds) Large-Scale Scientific Computing. LSSC 2013. Lecture Notes in Computer Science(), vol 8353. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-43880-0_14
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