TIMES MACRO Plus is a hybrid energy system and multi-sector economic growth model for use in evaluating analyses of UK energy systems and wider economic interactions. The focus of this modelling development is to expand the current single economic sector depiction in energy-economic hybrid models into a multi-sectoral economic module for a more nuanced understanding of the impacts of energy transitions on the wider economy.
This research builds upon the MARKAL-Macro hybrid framework - the integration of a rich technological characterisation of an energy system with a macroeconomic neoclassical growth model. This general equilibrium MARKAL-Macro (M-M) model has its objective function as the maximisation of the discounted log of utility (consumption), within which energy system costs are minimised. The output (production) of the economy via the (single sector) Macro module is used for consumption, investment and energy costs in a single economic sector with perfect foresight. The energy sector is represented in detail via a highly detailed integrated energy system with time-varying technical and economic parameters.
|Type:||Hybrid energy systems and macro-economic model|
|Purpose:||Exploring the links between energy system developments and the wider economy|
|Main contact:||Neil Strachan|
|Other contacts:||Matthew Winning|
Strachan N. and Kannan R. (2008) Hybrid modelling of long-term carbon reduction scenarios for the UK. Energy Economics 30(6): 2947-2963.
Strachan N., Pye S. and Hughes N. (2008) The role of international drivers on UK scenarios of a low-carbon society. Climate Policy 8(1): 125-139.