Cost minimization of generation, storage, and new loads, comparing costs with and without externalities

The three novel energy policy implications of this research are: (1) using today's cost of renewable electricity and estimates of externalities, it is cost effective to implement 240 GW of renewable electricity to meet 50% of the total electric load; (2) there is limited need to construct new natural gas power plants, especially from a system-wide perspective; and (3) existing coal plants may still be useful to the energy system, and instead of being retired, should be repurposed to occasionally provide generation.