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Energies 2019, 12, 3742 10 of 15 4.4. Sensitivity Analysis A sensitivity analysis is further performed to the key influential factors, the prices of the imported electricity and carbon dioxide, and the SOE stack to identify the economic conditions making such integrated system economically attractive. The wholesale electricity price differs from country to country. For example, the prices in the 4th quarter of 2017 are within 57–62 €/MWh in Italy, Portugal, Greece, Switzerland, and France, but the range becomes 30–31 €/MWh in Denmark, Sweden, and Norway [51]. The imported price of CO2 is assumed to be 55 €/ton according to the literature [53]. With the progress of CO2 capture and sequestration technology and governments’ concern with environmental protection, the price of imported CO2 may be reduced. In this study, the purchase price of SOE stack is assumed to be 2000 $/stack [45], with its lifetime being 48,000 hours [28]. At present, the SOE is still at the demonstration stage with high investment costs. Mass production towards commercialization will significantly reduce the cost of SOE stack and related equipment. The stack lifetime (48,000 hours) is below the lower bound (60,000 to 90,000 hours [28]) put forward by industry experts. Therefore, SOE stacks need to be replaced for three times when the project lifetime is 25 years and operates for 7200 hours per year. In the future, with the development of materials and design of the SOE stack, the lifetime of SOE stack is expected to be significantly improved. if the lifetime of SOE stack is doubled to 96,000 hours, SOE stacks will only need to be replaced once, which significantly reduces the investment cost into SOE. For the sensitivity analysis, the stack price varies from 2000 $/stack to 1000 $/stack, the electricity price varies from 60 to 20 €/MWh, the CO2 varies from 50 to 30 €/ton, and the lifetime of SOE stack from 48,000 to 96,000. The results are summed up in Figure 7. When the SOE stack price reduces from 2000 $/stack to 1000 $/stack (Figure 7a), the payback time decreases almost by half from 14 years to 8.4 years. When the lifetime of SOE stack extends from 48,000 to 96,000 hours, (Figure 7d), the payback time decreases almost by 30% from 14 years to 10 years. When the price of the imported electricity changes from 60 €/MWh to 20 €/MWh (Figure 7b), the payback time is reduced down to 2.8 years, which indicates great economic competitiveness. When the price of the imported CO2 varies from Energies 2018, 11, x FOR PEER REVIEW 11 of 15 50 €/ton to 30 €/ton (Figure 7c), the payback time is shortened to 10 years. Figure 7. Sensitivity analysis of key economic parameters: (a) the SOE stack price (a stack is defined Figure 7. Sensitivity analysis of key economic parameters: (a) the SOE stack price (a stack is defined with 5120 active cell area), (b) the import electricity price, (c) the CO2 price, (d) the SOE stack lifetime. with 5120 active cell area), (b) the import electricity price, (c) the CO2 price, (d) the SOE stack lifetime. 5. Conclusions In this study, the techno-economic optimization of the solid-oxide electrolyzer integrated CO2- to-methanol is carried out. Firstly, the system is designed in detail with the models developed using ASPEN Plus and calibrated with the manufacturer or experimental data. Then, multi-objective optimization and system-level heat integration are employed to compare the performances of the optimal conceptual designs in terms of energy efficiency and methanol production cost. A sensitivity analysis is performed to identify the key influential parameters for high economic competitiveness.PDF Image | Optimization of CO2-to-Methanol with Solid-Oxide Electrolyzer
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