Abstract
Human decision making albeit energy policy making has mostly been about managing various stocks (e.g., capital, people, money, technology). These stocks can only be managed by controlling their flows (i.e., decision makers can influence these stocks by regulating flows). These stocks and flows over time give rise to various dynamics of an energy system (i.e., imbalance between demand and supply of electricity increases (or decreases), renewable electricity generation capacity increases but with an unexpected rise in electricity price). In this chapter, we begin to unfold the physics of underlying stocks and flows of various feedback loops of energy systems.
I have found out what economics is; it is the science of confusing stocks with flows
—Michael Kalecki
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Notes
- 1.
The “cloud” appearing in this stock and flow diagram could mean that we are not modeling the source of flow (i.e., Rate_Any Flow).
- 2.
PowersimTM is a trademark of Powersim Software Inc. (http://www.powersim.com). It provides a platform to create stock and flow based simulation models. There are several others who provide the similar tools.
- 3.
This diagram, which combines both a “stock and flow diagram” and a “casual loop diagram”, is called a hybrid diagram. In these diagrams, one can not only see the casual feedback structure (e.g., here we see a negative feedback loop) as with any casual loop diagram will do, but also with an explicit representation of stocks and flows.
- 4.
In our earlier wok (Qudrat-Ullah 2005), we identified this premium as implying that there is a preference for the least import-dependent technology for electricity generation technology.
- 5.
Different system dynamics modeling platforms (e.g., PowersimTM, VensimTM, iThinkTM, StellaTM) provide ways to incorporate this table function in a stock and flow based simulation model.
References
Qudrat-Ullah, H. (2005). MDESRAP: A model for understanding the dynamics of electricity supply, resources and pollution. International Journal of Global Energy Issues, 23(1), 1–13.
Qudrat-Ullah, H. (2015). Independent power (or pollution) producers? Electricity Reforms and IPPs in Pakistan, Energy, 83(1), 240–251.
Richardson, G. P., & Pugh II., A. B. (1981). Introduction to system dynamics modeling with DYNAMO. Cambridge, MA: The MIT Press. Reprinted by Pegasus Communications, Cambridge, MA: USA.
Sterman, J. (2000). Business dynamics: Systems thinking and modeling for a complex world. NY, USA: McGraw-Hill.
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Qudrat-Ullah, H. (2016). Understanding the Physics of Stocks and Flows. In: The Physics of Stocks and Flows of Energy Systems. SpringerBriefs in Complexity. Springer, Cham. https://doi.org/10.1007/978-3-319-24829-5_4
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DOI: https://doi.org/10.1007/978-3-319-24829-5_4
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