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Abstract
This study investigates the economic impacts of cooling water shortages on Britain's electricity prices using a probabilistic spatial risk model. The model incorporates regional climate, hydrological droughts, cooling water shortages, and an economic model of electricity supply, demand, and prices. Key findings indicate significant capacity unavailability (up to 50% on extreme days) and substantial annualized costs (£29-66 million, rising to over £100 million with climate change). The study highlights the need for investments to mitigate the economic risks associated with cooling water shortages during droughts.
Publisher
Nature Communications
Published On
May 07, 2020
Authors
Edward A. Byers, Gemma Coxon, Jim Freer, Jim W. Hall
Tags
electricity prices
cooling water shortages
economic impacts
climate change
droughts
risk model

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