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Using Waste Carbon Feedstocks to Produce Chemicals Alternatively, if the CO2 is flared by the emitter rather than used for power/heat, then sources say that the cost of the CO2 to the consuming chemical company could essentially be free but, for conservative cost estimates, is generally valued at the regional energy price.64 For steel companies in JVs with chemical companies to produce and distribute the chemicals, one source notes that the JV partners other than the steel company would generally pay for this replacement energy.65 The economic feasibility of CCU projects reportedly increases when renewable energy costs are around $22–33/MWh.66 U.S. costs for renewable electricity derived from solar and wind generation (i.e., onshore wind, tracking photovoltaics (PV), and non-tracking PV) vary by region and by project but were in the range of $27–69/MWh in the first half of 2019.67 In the EU and China, as in the United States, onshore wind and solar electricity prices vary by country and region. Both the EU and China are rapidly adding offshore wind, which is more expensive than onshore wind and solar electricity.68 Europe reportedly has a lot of renewable energy capacity (e.g., wind) for use in CCU projects.69 In regard to the comparable costs of fossil-fuel feedstocks, prices of crude petroleum and natural gas are also included in cost analyses (e.g., by technology providers and/or the producing companies) to determine if a competing process using a waste feedstock is economically feasible versus one using a fossil-fuel feedstock. LanzaTech, for example, stated in 2018 that its process to manufacture ethanol (a biofuel) is competitive with crude petroleum priced at $80 per barrel.70 Another source notes that ArcelorMittal’s Steel2Chemicals project with Dow Benelux, TATA Steel, and others is not economically feasible when the price of crude petroleum is $50 per barrel.71 During the October 2018–19 twelve- month period, however, the price of crude petroleum fluctuated, generally declining from a high of about $76 per barrel to a low of $45 per barrel by the end of 2018 before climbing to about $66 per barrel by the end of April 2019 and then hovering around $50–60 per barrel through September 12, 2019.72 Also, the type of feedstock used varies by region. For example, natural gas is a major feedstock for the U.S. chemical industry while naphtha is the predominant feedstock in the EU. In the United States, natural gas and other fossil fuel costs are substantially lower than such costs in the EU.73 U.S. production of crude oil and natural gas has increased rapidly over the past decade, largely because of advances in extraction techniques from shale rock and other similar geologic formations. Natural gas is priced regionally and requires an expensive process of liquefaction and regasification for overseas transport; 64 Industry representatives, telephone interview with USITC staff, September 13, 2019, and email to USITC staff, September 19, 2019. 65 Industry representative, email to USITC staff, September 17, 2019. 66 VTT Technical Research Center of Finland, Ltd., “The Carbon Reuse Economy,” June 2019, 41. The economic feasibility energy cost was converted from 20–30 €/MWh using a conversion rate of $1.10 per euro as of September 24, 2019. 67 BloombergNEF database, 1H 2019 LCOE. U.S. renewable electricity options other than solar or wind, such as hydropower or wind and solar plus batteries, would be within the range cited or higher. 68 BloombergNEF database, 1H 2019 LCOE. 69 Industry representative, telephone interview with USITC staff, October 16, 2019. 70 Richardson, “Virgin and LanzaTech Partner on Alternative Jet Fuel,” October 22, 2018. 71 Smart Delta Resources, “FD: Arcelor and Dow Solve Each Others Problems,” February 9, 2017. 72 MarketInsider database, https://markets.businessinsider.com/commodities/oil-price?type=wti (accessed September 13, 2019). 73 Cefic, “Molecule Managers,” October 2017, 5. United States International Trade Commission | 19PDF Image | Using Waste Carbon Feedstocks to Produce Chemicals
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