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This work introduces a model of Future Technology Transformations for thepower sector (FTT:Power), a representation of global power systems based onmarket competition, induced technological change (ITC) and natural resource useand depletion. It is the first component of a family of sectoral bottom-upmodels of technology, designed for integration into the global macroeconometricmodel E3MG. ITC occurs as a result of technological learning produced bycumulative investment and leads to highly nonlinear, irreversible and pathdependent technological transitions. The model uses a dynamic coupled set oflogistic differential equations. As opposed to traditional bottom-up energymodels based on systems optimisation, such differential equations offer anappropriate treatment of the times and structure of change involved in sectoraltechnology transformations, as well as a much reduced computational load.Resource use and depletion are represented by local cost-supply curves, whichgive rise to different regional energy landscapes. The model is explored for asingle global region using two simple scenarios, a baseline and a mitigationcase where the price of carbon is gradually increased. While a constant priceof carbon leads to a stagnant system, mitigation produces successive technologytransitions leading towards the gradual decarbonisation of the global powersector.

FTT:Power : A global model of the power sector with induced technological change and natural resource depletion