Jumping to a better world: An agent-based exploration of criticality in low-carbon energy transitions

Understanding the possible transition pathways of the energy system requires the integration of human behaviour in energy system models. In order to model the influence of actor behaviour we have developed ACT (Agent-Based Model of Critical Transitions), an agent-based model inspired by an existing conceptualisation of critical transitions....

Why fully liberalised electricity markets will fail to meet deep decarbonisation targets even with strong carbon pricing

Full decarbonisation of the electricity system is one of the key elements to limit global warming. As this transition takes place, the electricity system must maintain system adequacy and remain affordable to consumers. In liberalised electricity markets investors are seen as key actors driving this transition. Due to the intermittent...

Investment in the future electricity system - An agent-based modelling approach

Now that renewable technologies are both technically and commercially mature, the imperfect rational behaviour of investors becomes a critical factor in the future success of the energy transition. Here, we take an agent-based approach to model investor decision making in the electricity sector by modelling investors as actors with different ...