The most dangerous effects of anthropogenic climate change can be mitigated by using emissions taxes or other regulatory interventions to reduce greenhouse gas (GHG) emissions. This paper takes a regulatory viewpoint and describes the Weighted Sum Bisection method to determine the lowest emission tax rate that can reduce the anticipated emissions of the power sector below a prescribed, regulatorily-defined target. This bilevel method accounts for a variety of operating conditions via stochastic programming and remains computationally tractable for realistically large planning test systems, even when binary commitment decisions and multiperiod constraints on conventional generators are considered.
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To combat climate change, the Intergovernmental Panel for Climate Change (IPCC) calculated that greenhouse gas emissions in the energy domain should be reduced by 90%, compared to 2010 emissions, between the years 2040 and 2070. In Europe, residential households consume about a quarter of total energy used (excluding the energy that is embodied in products). To contribute to the carbon emission reduction targets set by the IPCC , households need to reduce their fossilenergy use.
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