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The Impact of a Carbon Tax on the CO2 Emissions Reduction of Wind

Chi Kong Chyong, Bowei Guo, and David Newbery

Year: 2020
Volume: Volume 41
Number: Number 1
DOI: 10.5547/01956574.41.1.cchy
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Abstract:
Energy policy aims to reduce emissions at least long-run cost while ensuring reliability. Its effecacy depends on the cost of emissions reduced. Britain introduced an additional carbon tax (the Carbon Price Support, CPS) for fuels used to generate electricity that by 2015 added £18/t CO2, dramatically reducing the coal share from 41% in 2013 to 6% in 2018. Policies have both short and long-run impacts. Both need to be estimated to measure carbon savings. The paper shows how to measure the Marginal Displacement Factor (MDF, tonnes CO2 /MWh) for wind. The short-run (SR) MDF is estimated econometrically while the long-run (LR) MDF is calculated from a unit commitment model of the GB system in 2015. We examine counter-factual fuel and carbon price scenarios. The CPS lowered the SR-MDF by 7% in 2015 but raised the LR-MDF (for a 25% increase in wind capacity) by 18%. We discuss reasons for the modest differences in the SR- and LR-MDFs.



Reforming the Operation Mechanism of Chinese Electricity System: Benefits, Challenges and Possible Solutions

Hao Chen, Chi Kong Chyong, Zhifu Mi, and Yi-Ming Wei

Year: 2020
Volume: Volume 41
Number: Number 2
DOI: 10.5547/01956574.41.2.hche
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Abstract:
A new wave of electricity market reform was launched by the Chinese government in March 2015, and one of its major objectives was to optimize the power system operation by reforming the low-efficient equal share dispatch mechanism. To provide scientific decision-making support for the current reform, we establish a mixed-integer linear programming optimization model to simulate the post-reform results, and the reform benefits are subsequently estimated by comparing those results with the pre-reform results. Then, we develop a political economy framework to identify the challenges associated with implementation of economic dispatch. At last, we propose several regulatory and market measures to address these identified challenges.





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