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- W4385962445 abstract "Early and deep electricity decarbonisation is critical to achieve the overall energy transition target of net-zero emissions by 2050. This paper extends an electricity agent based model to capture the inter-dependence of consistent governance with underpinning societal pressure and resultant investment strategies. Results show only with the strongest level of governance – reflected in the range of national/local policy mechanisms used, and their strength/timing when interim targets are met/missed – can near-zero electricity emissions be met well before 2050. Strong governance can also ensure a stable electricity system, with consistent policies mitigating the intensity of any investment cycles. Strong governance entails higher capital investments, but these can deliver lower electricity prices in the long-term. And strong governance means that a successful electricity decarbonisation does not need to be built solely on existing incumbents, but also via local cooperatives to aggregate household financing and demand side management. However, with inconsistent governance, a vicious cycle ensues with a weak rationale to enact ambitious policies at both the local and national levels, significant inertia in new electricity investments, and hence “failure” scenarios of decarbonisation. This challenges the prior findings of optimistic achievement of electricity decarbonisation scenarios by standard techno-economic optimisation models." @default.
- W4385962445 created "2023-08-18" @default.
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- W4385962445 date "2023-10-01" @default.
- W4385962445 modified "2023-10-14" @default.
- W4385962445 title "Modelling governance for a successful electricity sector decarbonisation" @default.
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- W4385962445 doi "https://doi.org/10.1016/j.erss.2023.103240" @default.
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