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As electricity demand increases, policymakers must make decisions about which energy resources will meet future demands. Much of the recent literature has focused on the contribution of new coal power plants to carbon emissions (Milford et al., 2005; Milford et al., 2007; MIT 2007). However, policymakers and industry are increasingly interested in job creation and economic development analyses to understand the full impacts of new electricity generation projects.1 Additionally, economic development impacts are often a critical piece in building public support for wind power projects. The purpose of this research is to look at the specific factors that drive wind-power-related economic development and to better understand...
Compressed air energy storage (CAES) could be paired with a wind farm to provide firm, dispatchable baseload power, or serve as a peaking plant and capture upswings in electricity prices. We present a firm-level engineering-economic analysis of a wind/CAES system with a wind farm in central Texas, load in either Dallas or Houston, and a CAES plant whose location is profit-optimized. With 2008 hourly prices and load in Houston, the economically optimal CAES expander capacity is unrealistically large – 24 GW – and dispatches for only a few hours per week when prices are highest; a price cap and capacity payment likewise results in a large (17 GW) profit-maximizing CAES expander. Under all other scenarios considered...
Categories: Publication; Types: Citation; Tags: economics, energy, supply demand
Increasing demand for energy, diminishing stocks of oil and natural gas, and the public’s desire to enhance environmental quality, particularly by reducing greenhouse gas emissions, all point to the need for improved materials. For example, generating electricity from the most abundant fossil fuel, coal, efficiently and with no environmental damage, presents notable challenges to develop higher performance materials. Technologies exist to transform one fossil fuel to other uses, such as coal to a gas or liquid. New materials that increase the efficiency of the transformation and lower its cost would provide valuable flexibility. Materials should be evaluated in terms of their entire lifecycle in order to discern...
Categories: Publication; Types: Citation; Tags: economics, energy, supply demand
Expanding the use of CO2-enhanced oil recovery (EOR) promises to both significantly increase recovery from existing U.S. oil reserves and possibly form a bridge to large-scale CO2 capture and sequestration. An important input into planning for such expansion are estimates of how both the supply of incremental oil and the derived CO2 demand from EOR are likely to vary with the prices of oil and CO2. We demonstrate how the “analog” method of predicting oil and CO2 flows can be used to readily generate such estimates, and apply the method to Wyoming’s Powder River Basin.
Categories: Publication; Types: Citation; Tags: economics, energy, supply demand
As electricity demand increases, policymakers must make decisions about which energy resources will meet future demands. Much of the recent literature has focused on the contribution of new coal power plants to carbon emissions (Milford et al., 2005; Milford et al., 2007; MIT 2007). However, policymakers and industry are increasingly interested in job creation and economic development analyses to understand the full impacts of new electricity generation projects.1 Additionally, economic development impacts are often a critical piece in building public support for wind power projects. The purpose of this research is to look at the specific factors that drive wind-power-related economic development and to better understand...
As electricity demand increases, policymakers must make decisions about which energy resources will meet future demands. Much of the recent literature has focused on the contribution of new coal power plants to carbon emissions (Milford et al., 2005; Milford et al., 2007; MIT 2007). However, policymakers and industry are increasingly interested in job creation and economic development analyses to understand the full impacts of new electricity generation projects.1 Additionally, economic development impacts are often a critical piece in building public support for wind power projects. The purpose of this research is to look at the specific factors that drive wind-power-related economic development and to better understand...