Carbon Capture and Storage Technologies in the European Power Market
By Golombek, Rolf, Mads Greaker, Sverre A.C. Kittelsen, Ole R°geberg and Finn Roar Aune
Energy Journal, Vol. 32, No. 3, 209-238
|| We examine the potential of Carbon Capture and Storage (CCS) technologies
in the European electricity markets, assessing whether CCS technologies
will reduce carbon emissions substantially in the absence of investment subsidies,
and how the availability of CCS technologies may affect electricity prices and the
amount of renewable electricity. To this end we augment a multi-market equilibrium
model of the European energy markets with CCS electricity technologies.
The CCS technologies are characterized by costs and technical efficiencies synthesized
from a number of recent CCS reviews. Our simulations indicate that with
realistic values for carbon prices, new CCS coal power plants become profitable,
totally replacing non-CCS coal power investments and to a large extent replacing
new wind power. New CCS gas power also becomes profitable, but does not
replace non-CCS gas power investment fully. Substantially lower costs, through
subsidies on technological development or deployment, would be necessary to
make CCS modification of existing coal and gas power plants profitable for private
3146 Subsidizing R&D and installment of carbon abatement in open economics |
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