Which model features matter? An experimental approach to evaluate power market modeling choices

Kais Siala, Mathias Mier, Lukas Schmidt, Laura Torralba-Díaz, Siamak Sheykhha and Georgios Savvidis

Energy, 2022, vol. 245, issue C

Abstract: A novel experimental approach of inter- and intramodel comparisons is conducted with five power market models to give recommendations for modelers working on decarbonization pathways of Europe until 2050. The experiments investigate the impact of model type (optimization vs. simulation), planning horizon (intertemporal vs. myopic), temporal resolution (8760 vs. 384 h), and spatial resolution (28 countries vs. 12 mega-regions). The model type fundamentally determines the evolution of capacity expansion. Planning horizon (assumed foresight of firms) plays a minor role for scenarios with high carbon prices. For low carbon prices in turn, results from myopic models deviate considerably from those of intertemporal models. Lower temporal and spatial resolutions foster wind power via storage and via neglected transmission boundaries, respectively. Using simulation instead of optimization frameworks, a shorter planning horizon of firms, or lower temporal and spatial resolutions might be necessary to reduce the computational complexity. This paper delivers recommendations on how to limit the discrepancies in such cases.

Keywords: Model comparison; Power system; Optimization; Simulation; Temporal resolution; Spatial resolution (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (29)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544222002043
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:245:y:2022:i:c:s0360544222002043

DOI: 10.1016/j.energy.2022.123301

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().