The Linkage Between Income Distribution and Clean Energy Investments: Addressing Financing Cos

With a focus on alternative methods for accelerating clean energy policy adoption, this study introduces an innovative financing scheme for renewable and energy efficiency deployment. Financing barriers represent a notable obstacle for energy improvements and this is particularly the case for low-income households. Limited access to credit, due to socio-economic status and the lack of guarantees, are key issues related to financing barriers. Implementing a policy such as PACE – Property Assessed Clean Energy – allows for the provision of up-front funds for residential property owners to install electric and thermal solar systems and make energy-efficiency improvements to their buildings. This paper will inform the design of better policies tailored to the creation of the appropriate conditions for such investments to occur, especially when the lack of access to capital tends to stall them.Financing Barriers, Energy Efficiency, Solar PV, Energy Investments

Stochastic optimization model for coordinated operation of natural gas and electricity networks

Renewable energy sources will anticipate significantly in the future energy system paradigm due to their low cost of operation and low pollution. Considering the renewable generation (e.g., wind) intermittency, flexible gas-fired power plants will continue to play their essential role as the main linkage of natural gas and electricity networks, and hence coordinated operation of these networks is beneficial. Furthermore, uncertainty is always found in gas demand prediction, electricity demand prediction, and output power of wind generation. Therefore, in this paper, a two-stage stochastic model for operation of natural gas and electricity networks is implemented. In order to model uncertainty in these networks, Monte Carlo simulation is applied to generate scenarios representing the uncertain parameters. Afterwards, a scenario reduction algorithm based on distances between the scenarios is applied. Stochastic and deterministic models for natural gas and electricity networks are optimized and compared considering integrated and iterative operation strategies. Furthermore, the value of flexibility options (i.e., electricity storage systems) in dealing with uncertainty is quantified. A case study is presented based on a high pressure 15-node gas system and the IEEE 24-bus reliability test system to validate the applicability of the proposed approach. The results demonstrate that applying the stochastic model of gas and electricity networks as well as considering integrated operation strategy in the presence of flexibility provides different benefits (e.g., 14% cost savings) and enhances the system reliability in the case of contingency

Investing in flexibility in an integrated planning of natural gas and power systems

The growing interdependencies between natural gas and power systems, driven by gas-fired generators and gas compressors supplied by electricity, necessitates detailed investigation of the interactions between these vectors, particularly in the context of growing penetration of renewable energy sources. In this research, an expansion planning model for integrated natural gas and power systems is proposed. The model investigates optimal investment in flexibility options such as battery storage, demand side response, and gas-fired generators. The value of these flexibility options is quantified for gas and electricity systems in GB in 2030. The results indicate that the flexibility options could play an important role in meeting the emission targets in the future. However, the investment costs of these options highly impact the future generation mix as well as the type of reinforcements in the natural gas system infrastructure. Through deployment of the flexibility options up to £24.2b annual cost savings in planning and operation of natural gas and power systems could be achieved, compared to the case that no flexibility option is considered

Clean energy deployment: addressing financing cost

New methods are needed to accelerate clean energy policy adoption. To that end, this study proposes an innovative financing scheme for renewable and energy efficiency deployment. Financing barriers represent a notable obstacle for energy improvements and this is particularly the case for low income households. Implementing a policy such as PACE—property assessed clean energy—allows for the provision of upfront funds for residential property owners to install electric and thermal solar systems and make energy efficiency improvements to their buildings. This paper will inform the design of better policies tailored to the creation of the appropriate conditions for such investments to occur, especially in those countries where most of the population belongs to the low–middle income range facing financial constraints

Optical background measurement in a potential site for the NEMO KM undersea neutrino telescope

We describe the measurement of the deep sea optical background in some sites south of Capo Passero, Sicily. A continuous flux of about 440 photons cm -2 s -1 in the wavelength interval 440-550 nm is estimated due to the decays of the 40K contained in the sea water. Bioluminescence light bursts are also observed and an example of time evolution is reported. All the measurements were accomplished using a deep sea module also described in this article

Misplaced expectations from climate disclosure initiatives

The financial sector’s response to pressures around climate change has emphasized the role of disclosure, notably through the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. This Perspective examines two dimensions of the expectations behind transparency and disclosure initiatives: the belief that disinvestment is driven by disclosure; and that investment ‘switches’ from high- to low-carbon assets. We warn about the risk of disappointment from inflated expectations about what transparency can really deliver and suggest some areas that research and public policy should examine to mobilize the required capital to meet climate goals

Techno-economic assessment of battery storage and Power-to-Gas: A whole-system approach

The power systems in many countries are undergoing a radical transformation through employing a large capacity of renewable generation technologies such as wind turbine and solar photovoltaic. The power generation by wind and solar resources are variable and difficult to predict. Therefore, growing capacities of such technologies is expected to introduce challenges regarding balancing electricity supply and demand. This paper investigates the role of battery storage and power-to-gas systems to accommodate large capacity of intermittent power generation from wind and solar and therefore facilitates matching electricity supply and demand. The Combined Gas and Electricity Networks (CGEN) model was used to optimize the operation of gas and electricity networks in GB for typical weeks in winter and summer in 2030. The role of different capacity of battery storage and power-to-gas systems in reducing the wind curtailment and operating cost of the system were quantified and compared with the annualized cost of these technologies

“Accelerating institutional funding of low-carbon investment: The potential for an investment emissions intensity tax”

To encourage a step change in private finance for low-carbon investment, we examine the potential of taxing institutional investment funds (investment emissions intensity taxation, IEIT) if the emissions intensity of their portfolios exceeds specified thresholds. We examine how IEIT would impacts assets' relative expected rates of return, using a hypothetical diversified portfolio comprising the constituents of a leading market index. IEIT exerts a price influence on the flow of corporate capital expenditures financed either by capital-raising or by corporate retained earnings, encouraging both standalone low-carbon projects and more energy-efficient replacement of process-embedded fixed assets. IEIT must be a forward-looking tax with a pre-specified profile of reducing emissions intensity threshold levels to avoid potential offshoring of investment due to its significant impact on the cost of capital for high emissions intensity companies. IEIT challenges regulated investors to match their net zero declarations with actions, and acts as a policy backstop if emissions trading prices and coverage remain too low, or in case climate risk disclosure and investment taxonomy policies alone do not shift investment behaviours sufficiently

Coordinated operation of gas and electricity systems for flexibility study

The increase interdependencies between electricity and gas systems, driven by gas-fired power plants and gas electricity-driven compressors, necessitates detailed investigation of such interdependencies, especially in the context of increased share of renewable energy sources. 6 In this paper, the value of an integrated approach for operating gas and electricity systems is assessed. An outer approximation with equality relaxation (OA/ER) method is used to deal with the optimization class of mixed integer non-linear problem of integrated operation of gas and electricity systems. This method significantly improved the efficiency of the solution algorithm and achieved nearly 40% reduction in computation time compared to successive linear programming. The value of flexibility technologies including flexible gas compressors, demand side response, battery storage, and power-to-gas is quantified in the operation of integrated gas and electricity systems in GB 2030 energy scenarios for different renewable generation penetration levels. The modeling demonstrates that the flexibility options will enable significant cost savings in the annual operational costs of gas and electricity systems (up to 21%). On the other hand, the analysis carried out indicates that deployment of flexibility technologies support appropriately the interaction between gas and electricity systems