README

Power System Modelling of the Spanish island of Menorca using Switch 2.0 (https://github.com/switch-model).

This study was carried out as a master thesis project by the graduate student Gustavo Gomes Pereira during
the year of 2020. It aims to identify the cost-optimum power system capable of reliably meeting Menorca's
electricity needs from 2021 to 2030 (10 years). More specifically, it consists of a techno-economic analysis
of the power system of the Spanish island of Menorca using the open-source software package Switch 2.0. 

Computational models assessing a series of power technologies with their respective costs and technical specifications
are analysed through a series of simulations, which include a few different scenarios:

- Base case (default): no externality is considered and each power generator is modelled based on its specific merits
and capabilities.

- Carbon price: introduction of a carbon price (in euros per tonne of CO2) that affects the cost of dispatching 
generators based on their respective carbon emissions. Carbon prices of €20, €50, €80 and €100 per tonne of CO2 
are considered.

- Renewable portfolio standards (RPS): implementation of a renewable energy mandate as a percentage of total electricity
generation to be met by 2030. RPS levels of 75%, 85% and 95% are considered.

- Natural gas price hedging: sensitivity analysis to evaluate how different costs of hedging natural gas prices impact the
optimization results.Annual hedging costs of 1%, 2%, 5% and 10% are compounded yearly over the 10-year period of the study.

(FOR A DETAILED EXPLANATION OF THE STUDY, PLEASE READ THE FILE ENTITLED "Master Thesis - Gustavo Gomes Pereira.pdf")