Characterizing fusion market entry via an agent-based power plant fleet model

Spangher, Lucas; Vitter, J. Scott; Umstattd, Ryan

doi:10.1016/j.esr.2019.100404

Title: Characterizing fusion market entry via an agent-based power plant fleet model

Full Record
Other Related Research

Abstract

An agent based model characterizing the U.S. power plant fleet was formulated to compare scenarios for fusion energy technology diffusion. The model employs historical data to form distributions for power plant retirements, and simulates construction of new capacity to meet electricity demand on an annual basis. Scenario analysis within this paper explores model sensitivity to 1) the year of market entry for commercial fusion technologies, 2) rate of diffusion, and 3) market capture limit. Results indicate that the first-decade market potential for fusion power plants depends on retirements of other generating resources and finds that near-term availability of fusion technology has limited potential to mitigate fleet-wide emissions in the near term, even at high rates of market capture.

Authors:

; Vitter, J. Scott; Umstattd, Ryan

Publication Date:: 2019-11-01

Research Org.:: Univ. of Texas, Austin, TX (United States)

Sponsoring Org.:: USDOE Advanced Research Projects Agency - Energy (ARPA-E)

OSTI Identifier:: 1562728

Alternate Identifier(s):: OSTI ID: 1820941

Grant/Contract Number:: EE0007091

Resource Type:: Published Article

Journal Name:: Energy Strategy Reviews

Additional Journal Information:: Journal Name: Energy Strategy Reviews Journal Volume: 26 Journal Issue: C; Journal ID: ISSN 2211-467X

Publisher:: Elsevier

Country of Publication:: Netherlands

Language:: English

Subject:: 11 NUCLEAR FUEL CYCLE AND FUEL MATERIALS; Agent-based modeling; Fusion energy; Power plant; Green new deal

Citation Formats


                    Spangher, Lucas, Vitter, J. Scott, and Umstattd, Ryan. Characterizing fusion market entry via an agent-based power plant fleet model.  Netherlands: N. p., 2019. 
Web.  doi:10.1016/j.esr.2019.100404.

Copy to clipboard


                    Spangher, Lucas, Vitter, J. Scott, & Umstattd, Ryan. Characterizing fusion market entry via an agent-based power plant fleet model.  Netherlands.  https://doi.org/10.1016/j.esr.2019.100404

Copy to clipboard


                    Spangher, Lucas, Vitter, J. Scott, and Umstattd, Ryan. Fri .  
"Characterizing fusion market entry via an agent-based power plant fleet model".  Netherlands.  https://doi.org/10.1016/j.esr.2019.100404.

Copy to clipboard


                    
@article{osti_1562728,

  title        = {Characterizing fusion market entry via an agent-based power plant fleet model},

  author       = {Spangher, Lucas and Vitter, J. Scott and Umstattd, Ryan},

  abstractNote = {An agent based model characterizing the U.S. power plant fleet was formulated to compare scenarios for fusion energy technology diffusion. The model employs historical data to form distributions for power plant retirements, and simulates construction of new capacity to meet electricity demand on an annual basis. Scenario analysis within this paper explores model sensitivity to 1) the year of market entry for commercial fusion technologies, 2) rate of diffusion, and 3) market capture limit. Results indicate that the first-decade market potential for fusion power plants depends on retirements of other generating resources and finds that near-term availability of fusion technology has limited potential to mitigate fleet-wide emissions in the near term, even at high rates of market capture.},

  doi          = {10.1016/j.esr.2019.100404},

  journal      = {Energy Strategy Reviews},

  number       = C,

  volume       = 26,

  place        = {Netherlands},

  year         = {2019},

  month        = {11}

}

Copy to clipboard

Journal Article:

Free Publicly Available Full Text

Publisher's Version of Record
https://doi.org/10.1016/j.esr.2019.100404

Other availability

Search WorldCat to find libraries that may hold this journal

Citation Metrics:

Cited by: 1 work

Citation information provided by
Web of Science

Save / Share:

Export Metadata

Save to My Library

Similar Records in DOE PAGES and OSTI.GOV collections:

Impact of Market Behavior, Fleet Composition, and Ancillary Services on Revenue Sufficiency

Technical Report Frew, Bethany ; Gallo, Giulia ; Brinkman, Gregory ; ...

Revenue insufficiency, or the missing money problem, occurs when the revenues that generators earn from the market are not sufficient to cover both fixed and variable costs to remain in the market and/or justify investments in new capacity, which may be needed for reliability. The near-zero marginal cost of variable renewable generators further exacerbates these revenue challenges. Estimating the extent of the missing money problem in current electricity markets is an important, nontrivial task that requires representing both how the power system operates and how market participants behave. This paper explores the missing money problem using a production cost modelmore »« less
https://doi.org/10.2172/1262198

Full Text Available
Value and Role of Pumped Storage Hydro under High Variable Renewables

Technical Report Shao, Miaolei ; Guo, Xian ; Bisceglia, Christina ; ...

A project team, led by GE Research, was tasked by the U.S Department of Energy (DOE) to study the value and role of pumped storage hydro (PSH) under high variable renewables. The study was majority funded by DOE’s Office of Energy Efficiency and Renewable Energy (EERE) through a program managed by EERE’s Water Power Technologies Office. The project team for the study consists of three organizations – GE Research, GE Energy Consulting, and GE Renewables. PSH is an ideal complement to clean energy, as it can accommodate the intermittency and seasonality of variable energy resources such as solar and windmore »« less
https://doi.org/10.2172/1824300

Full Text Available
Quantifying operational lifetimes for coal power plants under the Paris goals

Journal Article Cui, Ryna Yiyun ; Hultman, Nathan ; Edwards, Morgan R. ; ... - Nature Communications

A rapid transition away from unabated coal use is essential to fulfilling the Paris climate goals. However, many countries are actively building and operating coal power plants. Here we use plant-level data to specify alternative trajectories for coal technologies in an integrated assessment model. We then quantify cost-effective retirement pathways for global and country-level coal fleets to limit long-term temperature change. We present our results using a decision-relevant metric: the operational lifetime limit. Even if no new plants are built, the lifetimes of existing units are reduced to approximately 35 years in a well-below 2 °C scenario or 20 yearsmore »« less
Cited by 12
https://doi.org/10.1038/s41467-019-12618-3

Full Text Available
Impacts of variable renewable energy on wholesale markets and generating assets in the United States: A review of expectations and evidence

Journal Article Mills, Andrew D. ; Levin, Todd ; Wiser, Ryan ; ... - Renewable and Sustainable Energy Reviews

We synthesize available literature, data, and analysis on the degree to which growth in variable renewable energy (VRE) has impacted or might in the future impact bulk power system assets, pricing, and costs in the United States. Most studies of future scenarios indicate that VRE reduces wholesale energy prices and capacity factors of thermal generators. Traditional baseload generators are more exposed to these changing market conditions than low-capital cost and more flexible intermediate and peak-load generators. From analysis of historical data we find that VRE is already influencing the bulk power market through changes in temporal and geographic patterns areasmore »« less
https://doi.org/10.1016/j.rser.2019.109670

Full Text Available
Integrated Commercial Carbon Capture and Storage (CCS) Prefeasibility Study at Rock Springs Uplift, Wyoming (Final Report)

Technical Report McLaughlin, Fred ; Quillinan, Scott ; Ganshin, Yuri ; ...

To establish the potential of safe, long-term commercial-scale carbon capture & storage (CCS) in southwestern Wyoming, the University of Wyoming formed a CCS coordination team (CCT) to complete a Phase I CarbonSAFE pre-feasibility study adjacent to the region’s largest coal-fired power plant, the Jim Bridger Plant (JBP). The study’s primary objective was to evaluate the potential of storing 50+ million metric tons of anthropogenic carbon dioxide (CO₂) in stacked reservoirs over a period of 25 years. In addition, this integrated study evaluated related aspects of carbon capture utilization & storage (CCUS) at the study site, including: (1) the CO₂ charactermore »« less
https://doi.org/10.2172/1523511

Full Text Available

Similar Records