Examining the relationship between shale gas production and carbon capture and storage under CO2 taxes based on the social cost of carbon

Nichols, Christopher; Victor, Nadejda

doi:10.1016/j.esr.2015.03.005

Cited by 17 publications

(11 citation statements)

References 50 publications

(25 reference statements)

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“…However, in comparison, due to the consideration of uncertainty and investment flexibility, the real option method has better applicability in evaluating CCS investment [116,117]. MARKet ALlocation (MARKAL) and optimization methods are used to study the optimization of low-carbon power generation technology portfolio and CCS operation [118,119]. Scenario analysis and uncertainty analysis have wide applicability.…”

Section: Methodsmentioning

confidence: 99%

A Review of Carbon Capture and Storage Project Investment and Operational Decision-Making Based on Bibliometrics

Hou

Wang

et al. 2018

Energies

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The research on carbon capture and storage (CCS) project planning and investment and operational decision-making can provide a reference for enterprises to invest in CCS and for policy-makers to formulate policies to promote CCS development. So what are the current research hotspots in this field and the gaps that still need to be further studied in the future? This paper reviews the research in the field by a bibliometric analysis. The results show that the research in this field first focus on cost analysis, followed by project investment evaluation, project planning (cost curve and pipeline network), and project operation. In particular, fossil fuel power plants, pipeline transportation, and oil fields are the most crucial objects in the three technical links of CCS projects, respectively. Policies, carbon pricing, and uncertainty in cost and benefits are factors that are mainly discussed in this field. The methods used for CCS project planning are cost curve model and optimization model. The real option approach is suitable for the evaluation of investment decision-making. The evaluation of operational decision is mostly based on optimization model. The future research directions can be summarized as five points: (1) continuously and systematically update the calculated costs in the current research to the unified price of the latest year; (2) calculate the cost curve from the perspective of emission sources; (3) expand the planning region of pipeline network to the country, continent, and even the entire world; (4) pay more attention to the investment assessment of the CCS project that may be implemented with low cost and high return; and (5) analyze the optimal operation mode of CCS in the low-load power system.Energies 2019, 12, 23 2 of 22 of global CO 2 emissions come from processes such as the combustion and processing of energy [8]. Therefore, reducing energy-related CO 2 emissions is a key measure to mitigate climate change.The need to address climate change has reached a global consensus [9]. Many countries have introduced regulatory policy schemes for carbon reduction [10]. Mitigating climate change can start from three aspects: (1) efficiency improvement, (2) replacing fossil fuels with low-carbon energy, and (3) capture and storage of CO 2 . Although improving energy efficiency is the fundamental way to reduce greenhouse gas emissions by controlling growth in total energy demand, its potential for reducing emissions is gradually decreasing. The goal of developing low-carbon energy is to reduce emissions by reducing fossil fuel demand. However, the low-carbon energy development in some regions, especially in the low-carbon energy resource-poor regions, is not economically viable in the short term. In the foreseeable future, our world will still rely heavily on fossil energy [11].Carbon dioxide capture and storage (CCS) technology is a potential approach for mitigating climate change. Overall schematic of carbon capture and storage concept is shown in Figure 1. CCS technology is the key means to achi...

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Section: Methodsmentioning

confidence: 99%

A Review of Carbon Capture and Storage Project Investment and Operational Decision-Making Based on Bibliometrics

Hou

Wang

et al. 2018

Energies

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“…Both 4. NEMS and MARKAL have been used to evaluate energy-economic shocks including but not limited to implementation of strategies used to mitigate greenhouse gas (GHG) emissions (Palmer et al 2010;Goulder 2010;Wilkerson 2014;Victor et al 2018), utilization of renewable energy resources (Bernow et al 1997;Deyette and Clemmer 2004;Chen et al 2009), the connections between the natural gas boom and carbon mitigation (Nichols and Victor 2015;Gillingham and Huang 2019), the impact of government intervention in the biofuels industry (Saruca and Tyner 2013), cost-effectiveness of the clean energy standard (CES) (Mignone et al 2012), the impact of renewable portfolio standards (RPS) on energy prices (Fisher 2010) and cross border energy infrastructure in North America (Siddigui et al 2020).…”

Section: Ecio Model Designmentioning

confidence: 99%

Extending Macroeconomic Impacts Forecasting for NEMS

Court¹,

Jackson²,

Steele³

et al. 2022

The Energy Journal

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“…It was originally developed in the 1970s and has undergone continued development since that time. A number of country specific and multi-national databases have been developed for use with MARKAL and have been applied to wide ranging applications such as assessments of carbon mitigation strategies (Chiodi et al, 2013;Lu et al, 2016;Reikkola et al, 2011), analyses of the impacts of sectoral changes on the total energy system (Dodds, 2014;Nichols and Victor, 2015;Rosenberg et al, 2010), and the air quality impacts of technology change (Brown et al, 2013;MacKinnon et al, 2016;Rudokas et al, 2015). Trutnevyte et al (2016) included the UK MARKAL in a retrospective review of energy projections.…”

Section: Modelmentioning

confidence: 99%

Effects of recent energy system changes on CO2 projections for the United States

Lenox

Loughlin

2017

Clean Techn Environ Policy

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Recent projections of future United States carbon dioxide (CO) emissions are considerably lower than projections made just a decade ago. A myriad of factors have contributed to lower forecasts, including reductions in end-use energy service demands, improvements in energy efficiency, and technological innovations. Policies that have encouraged these changes include renewable portfolio standards, corporate vehicle efficiency standards, smart growth initiatives, revisions to building codes, and air and climate regulations. Understanding the effects of these and other factors can be advantageous as society evaluates opportunities for achieving additional CO reductions. Energy system models provide a means to develop such insights. In this analysis, the MARKet ALlocation (MARKAL) model was applied to estimate the relative effects of various energy system changes that have happened since the year 2005 on CO projections for the year 2025. The results indicate that transformations in the transportation and buildings sectors have played major roles in lowering projections. Particularly influential changes include improved vehicle efficiencies, reductions in projected travel demand, reductions in miscellaneous commercial electricity loads, and higher efficiency lighting. Electric sector changes have also contributed significantly to the lowered forecasts, driven by demand reductions, renewable portfolio standards, and air quality regulations.

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Examining the relationship between shale gas production and carbon capture and storage under CO2 taxes based on the social cost of carbon

Cited by 17 publications

References 50 publications

A Review of Carbon Capture and Storage Project Investment and Operational Decision-Making Based on Bibliometrics

A Review of Carbon Capture and Storage Project Investment and Operational Decision-Making Based on Bibliometrics

Extending Macroeconomic Impacts Forecasting for NEMS

Effects of recent energy system changes on CO2 projections for the United States

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