Sustainable Energy Portfolios for Small Island States

Sándor Szabó, Ioannis Kougias, Magda Moner-Girona and Katalin Bódis
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Sándor Szabó: European Commission, Joint Research Centre, Institute for Energy and Transport, Renewables and Energy Efficiency Unit, Via E. Fermi, 2749 Ispra, Italy
Ioannis Kougias: European Commission, Joint Research Centre, Institute for Energy and Transport, Renewables and Energy Efficiency Unit, Via E. Fermi, 2749 Ispra, Italy
Magda Moner-Girona: European Commission, Joint Research Centre, Institute for Energy and Transport, Renewables and Energy Efficiency Unit, Via E. Fermi, 2749 Ispra, Italy
Katalin Bódis: European Commission, Joint Research Centre, Institute for Energy and Transport, Renewables and Energy Efficiency Unit, Via E. Fermi, 2749 Ispra, Italy

Sustainability, 2015, vol. 7, issue 9, 1-19

Abstract: The study presents a cost effective electricity generation portfolio for six island states for a 20-year period (2015–2035). The underlying concept investigates whether adding sizeable power capacities of renewable energy sources (RES) options could decrease the overall costs and contribute to a more sustainable, indigenous electricity generation at the same time. Often, island states rely on fossil fuels which, apart from dependence on foreign resources, also includes an additional, significant transport cost. This is an extra motive to study the extent in which island states represent primary locations for RES technologies. For the aims of the present study an optimization model has been developed and following numerous runs the obtained results show that installing PV and battery capacities can delay-reduce the huge investments in fossil options in early periods. Thus, investment on RES can have a positive, long-term effect on the overall energy mix. This prompt development can happen without adding new subsidies but there is a need to address the existing socio-economic barriers with intelligent design of financing and economic instruments and capacity building as discussed in the conclusions.

Keywords: renewable energy; sustainable development; solar; PV; battery; fossil fuels; optimization; harmony search algorithm; island energy portfolio (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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