Modelling the economic impacts of 500MW of wave power in Ireland

J. P. Deane; G. Dalton; B. P. Ó Gallachóir

doi:10.1016/j.enpol.2012.03.012

Modelling the economic impacts of 500MW of wave power in Ireland

University College Cork

Research output: Contribution to journal › Article › peer-review

Abstract

This paper investigates the impacts of including 500MW of wave power into Ireland's electricity generation portfolio in the year 2020. One year of detailed market simulations are undertaken to determine the impact on wholesale electricity prices, system operation costs and CO ₂ emissions with and without this installed wave power under a number carbon prices assumptions. In both scenarios (with and without wave energy), Ireland's installed renewable capacity is fixed such that 40% of Ireland's electricity in 2020 is from renewable source. The likely revenue a wave energy device would earn in the market is also investigated and compared with what is required to achieve 500MW installed capacity. It is shown that in general the inclusion of wave energy has a negligible effect on wholesale electricity prices, reduces total system cost in Ireland and can increase CO ₂ emissions on the island of Ireland under certain carbon price assumptions. It is also shown the current REFIT for wave energy is adequate.

Original language	English
Pages (from-to)	614-627
Number of pages	14
Journal	Energy Policy
Volume	45
DOIs	https://doi.org/10.1016/j.enpol.2012.03.012
Publication status	Published - Jun 2012

Keywords

Energy policy modelling
Renewable energy
Wave energy

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1016/j.enpol.2012.03.012

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title = "Modelling the economic impacts of 500MW of wave power in Ireland",

abstract = "This paper investigates the impacts of including 500MW of wave power into Ireland's electricity generation portfolio in the year 2020. One year of detailed market simulations are undertaken to determine the impact on wholesale electricity prices, system operation costs and CO 2 emissions with and without this installed wave power under a number carbon prices assumptions. In both scenarios (with and without wave energy), Ireland's installed renewable capacity is fixed such that 40\% of Ireland's electricity in 2020 is from renewable source. The likely revenue a wave energy device would earn in the market is also investigated and compared with what is required to achieve 500MW installed capacity. It is shown that in general the inclusion of wave energy has a negligible effect on wholesale electricity prices, reduces total system cost in Ireland and can increase CO 2 emissions on the island of Ireland under certain carbon price assumptions. It is also shown the current REFIT for wave energy is adequate.",

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AU - Deane, J. P.

AU - Dalton, G.

AU - Ó Gallachóir, B. P.

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N2 - This paper investigates the impacts of including 500MW of wave power into Ireland's electricity generation portfolio in the year 2020. One year of detailed market simulations are undertaken to determine the impact on wholesale electricity prices, system operation costs and CO 2 emissions with and without this installed wave power under a number carbon prices assumptions. In both scenarios (with and without wave energy), Ireland's installed renewable capacity is fixed such that 40% of Ireland's electricity in 2020 is from renewable source. The likely revenue a wave energy device would earn in the market is also investigated and compared with what is required to achieve 500MW installed capacity. It is shown that in general the inclusion of wave energy has a negligible effect on wholesale electricity prices, reduces total system cost in Ireland and can increase CO 2 emissions on the island of Ireland under certain carbon price assumptions. It is also shown the current REFIT for wave energy is adequate.

AB - This paper investigates the impacts of including 500MW of wave power into Ireland's electricity generation portfolio in the year 2020. One year of detailed market simulations are undertaken to determine the impact on wholesale electricity prices, system operation costs and CO 2 emissions with and without this installed wave power under a number carbon prices assumptions. In both scenarios (with and without wave energy), Ireland's installed renewable capacity is fixed such that 40% of Ireland's electricity in 2020 is from renewable source. The likely revenue a wave energy device would earn in the market is also investigated and compared with what is required to achieve 500MW installed capacity. It is shown that in general the inclusion of wave energy has a negligible effect on wholesale electricity prices, reduces total system cost in Ireland and can increase CO 2 emissions on the island of Ireland under certain carbon price assumptions. It is also shown the current REFIT for wave energy is adequate.

KW - Energy policy modelling

KW - Renewable energy

KW - Wave energy

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DO - 10.1016/j.enpol.2012.03.012

M3 - Article

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SN - 0301-4215

VL - 45

SP - 614

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JO - Energy Policy

JF - Energy Policy

ER -

Modelling the economic impacts of 500MW of wave power in Ireland

Abstract

Keywords

UN SDGs

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