Life after Hazelwood
Greenhouse-gas neutral Germany 2050
Author: Dylan McConnell12
1Melbourne Energy Institute (University of Melbourne)
2Australian-German Climate and Energy College (University of Melbourne)
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- More storage capacity is required with 30-minute settlement to realise the same value as under 5-minute settlement.
- The impact of forecast errors has a substantial impact on the value of storage under 30-minute settlement.
- The value of storage under 5-minute settlement is generally 60-80% higher than under 30-minute settlement.
- 5-minute settlement also significantly improves the value of storage in real world cases when the occurrence of price spikes is not perfectly known. Approximately 80%-90% of the 'perfect value' can be captured with 5-minute settlement. By comparison, only 40%-60% of the 'perfect' value is captured under 30-minute settlement.
- 30-minute settlement increase cap contract prices from storage by up to 30% relative to the 5-minute settlement case.
- Cap contract penalty payments can substantially erode the value of providing fast response.
The Climate & Energy College is an international team of early career researchers. The College conducts climate and energy systems research in an interdisciplinary environment, advancing knowledge and informing responses to the complex challenges of climate change.
We are a world-class research hub located at the University of Melbourne collaborating with leading Australian and German research institutions. Our research is centred on:
Climate Change: Advancing understanding of climate system processes and assessing related impacts, through observational and modelling-based methods. Key research areas include climate projections, extreme events, impacts on ecosystems, agriculture and health, as well as vulnerability and resilience assessments.
Energy Transitions: Assessing the technical and social dynamics of regional and global energy systems, through research projects investigating the opportunities, technological challenges, implementation barriers, market designs, and economics of a transition towards a decarbonised energy system.
The scope of the College includes science, engineering, governance, policy, and law, cutting across climate change and energy transitions research. This includes examining global and regional emission pathways and mitigation strategies, equity, carbon budgets, trade, finance, mitigation costs and opportunities of different climate change response options.
The College offers PhD candidates the platform to pursue research in climate change and energy transitions in a multidisciplinary framework, alongside leading researchers in their respective fields. The College facilitates opportunities to develop research collaborations at partner institutions overseas.
The Climate & Energy College is more than a research platform. It is an immersive environment active in policy relevant discussions on a local, national and international scale. It makes submissions to public inquiries, provides input to international climate negotiations, engages with media, undertakes fact checks, and conducts commissioned research for public, private sectors, and civil society groups.
These extensive opportunities prepare our scholars for a diverse range of career pathways and facilitate participation in global professional networks.
Here is introduction to the College with its supervisors: