This paper studies the optimal transition from existing coal power plants to gas and renewable power under a carbon budget. It solves a model of polluting, exhaustible resources with capacity constraints and adjustment costs (to build coal, gas, and renewable power plants). It finds that optimal investment in renewable energy may start before coal power has been phased out and even before investment in gas has started, because doing so allows for...
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INFORMATION
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2014/07/01
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Document de travail de recherche sur les politiques
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WPS6985
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1
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1
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2014/07/01
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Disclosed
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Optimal transition from coal to gas and renewable power under capacity constraints and adjustment costs
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gas
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