Energy - TIAM-UCL
|Institution||University College London (UCL), UK, https://www.ucl.ac.uk.|
|Solution concept||Partial equilibrium (price elastic demand)|
|Solution method||Linear optimisation|
(Stochastic and myopic runs are also possible)
TIAM-UCL models all primary energy sources (oil, gas, coal, nuclear, biomass, and renewables) from resource production through to their conversion, infrastructure requirements, and finally to sectoral end-use. Note, throughout this section the term hurdle rate is used to refer to a technology specific discount rate. That is, the model assumes that the payment of any capital cost is spread over an economic life that may be different from the technical life of the process, and annualized at a different rate than the overall discount rate.