Effects of stochastic energy prices on long-term energy-economic scenarios

Volker Krey, Dag Martinsen and Hermann-Josef Wagner

Energy, 2007, vol. 32, issue 12, 2340-2349

Abstract: In view of the currently observed energy prices, recent price scenarios, which have been very moderate until 2004, also tend to favor high future energy prices. Having a large impact on energy-economic scenarios, we incorporate uncertain energy prices into an energy systems model by including a stochastic risk function. Energy systems models are frequently used to aid scenario analysis in energy-related studies. The impact of uncertain energy prices on the supply structures and the interaction with measures in the demand sectors is the focus of the present paper.

Keywords: Energy systems model; Scenarios; Stochastic optimization; Energy prices; Risk hedging (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (22)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:32:y:2007:i:12:p:2340-2349

DOI: 10.1016/j.energy.2007.05.013

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