Power generation expansion planning model towards low-carbon economy and its application in China

Climate change poses a huge threat to human welfare. Hence, developing a low-carbon economy has become a prevailing and inevitable trend. Decarbonization of power generation, especially converting the current power mix into a low-carbon structure, will be a critical option for CO2 emission mitigation. In this paper, an integrated power generation expansion (PGE) planning model towards low-carbon economy is proposed, which properly integrates and formulates the impacts of various low-carbon factors on PGE models. In order to adapt to the characteristics of PGE models based on low-carbon scenario, a compromised modeling approach is presented, which reasonably decreases complexities of the model, while properly keeping the significant elements and maintaining moderate precision degree. In order to illustrate the proposed model and approach, a numerical case is studied based on the background of China's power sector, making decisions on the optimal PGE plans and revealing the prospects and potentials for CO2 emission reduction.