TY - JOUR A1 - Edenhofer, Ottmar A1 - Hirth, Lion A1 - Knopf, Brigitte A1 - Pahle, Michael A1 - Schlömer, Steffen A1 - Schmid, Eva A1 - Ueckerdt, Falko T1 - On the Economics of Renewable Energy Sources JF - Energy Economics N2 - With the global expansion of renewable energy (RE) technologies, the provision of optimal RE policy packages becomes an important task. We review pivotal aspects regarding the economics of renewables that are relevant to the design of an optimal RE policy, many of which are to date unresolved. We do so from three interrelated perspectives that a meaningful public policy framework for inquiry must take into account. First, we explore different social objectives justifying the deployment of RE technologies, including potential co-benefits of RE deployment, and review modelbased estimates of the economic potential of RE technologies, i.e. their socially optimal deployment level. Second, we address pivotal market failures that arise in the course of implementing the economic potential of RE sources in decentralized markets. Third, we discuss multiple policy instruments curing these market failures. Our framework reveals the requirements for an assessment of the relevant options for real-world decision makers in the field of RE policies. This review makes it clear that there are remaining white areas on the knowledge map concerning consistent and socially optimal RE policies. KW - Energy KW - Mitigation KW - Integrated assessment modeling KW - Variable renewables KW - Electricity market design KW - Renewable policy Y1 - 2013 UR - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:b1570-opus4-22965 SN - 0140-9883 N1 - This is a post-peer-review, pre-copyedit version of an article published in Energy Economics. The final authenticated version is available online at: DOI 10.1016/j.eneco.2013.09.015 VL - 40 IS - S1 SP - S12 EP - S23 ER - TY - JOUR A1 - Nahmmacher, Paul A1 - Schmid, Eva A1 - Hirth, Lion A1 - Knopf, Brigitte T1 - Carpe diem: A novel approach to select representative days for long-term power system modeling JF - Energy N2 - In order to explore scenarios on the future of power systems, a variety of numerical models have been developed. As the share of variable renewable energy sources, particularly wind and solar, is projected to significantly increase, accounting for their temporal and spatial variability becomes ever more important in developing sound long-term scenarios. Computational restrictions prevent many long-term power system models being developed with an hourly resolution; instead they use time slices that aggregate periods with similar load and renewable electricity generation levels. There is to date no reproducible and validated method to derive and select time slices for power system models with multiple fluctuating time series. In this paper, we present a novel and effective method that is easily applied to input data for all kinds of power system models. We utilize this procedure in the long-term power system model LIMES-EU and show that a small number of representative days developed in this way are sufficient to reflect the characteristic fluctuations of the input data. Alongside a validation of the method, we discuss the conditions under which seasonal differentiation, and the use of representative weeks instead of days, is necessary. KW - power system modeling KW - variability KW - renewable energy sources KW - time slices Y1 - 2016 U6 - https://doi.org/10.1016/j.energy.2016.06.081 SN - 0360-5442 VL - 112 SP - 430 EP - 442 ER -