期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2014
卷号：2014
出版社：Bergen
摘要：I consider an economy with fossil fuel and renewable energy and energystorage, and search for the conditions that lead to welfare improvementswhen energy is stored. I then solve for the optimal decision rule andanalyze the long-run tendencies of the economy-energy variables. The ndings are threefold. First, energy storage is fostered by the convexityof the marginal utility (prudence), the marginal cost function for fossilfuel energy, and the degree of intermittency. Second, considering a lowpenetration of renewable energy to the power grid, energy storage is notwelfare improving if the fossil fuel energy cost function is linear. Third,energy storage creates an added value to renewable energy investmentswhen actively used. By showing the inuence that energy storage can haveon energy generation and investment decisions, I hope that the currentwork can be inuential in a more generous treatment of energy supply infuture energy-economy-climate models.
关键词：Energy storage; Fossil fuel energy; Renewable energy;Precautionary savings; Collocation method; Monte Carlo simulations
