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Energies 2019, 12, 3742 11 of 15 Therefore, the economic performance of such a system is very sensitive to the price of imported electricity. Take the European electricity prices in the 4th quarter of 2017 as an example, the proposed project is not feasible to be invested in some countries with higher electricity prices, such as Italy, Portugal, Greece, Switzerland, or France, but it is worth investing in Denmark, Sweden and Norway because of the lower imported electricity prices. The SOE stack price and lifetime are also highly sensitive to the investment feasibility of the project. With a 25% reduction in its price, the payback time can be reduced by about 20%. With the lifetime of SOE stack doubled to 96,000 hours, the payback time can be reduced by about 30%. It reflects the significant impact of SOE commercialization on economic feasibility. The price of the imported CO2 has a smaller impact on the investment than the two factors mentioned above. The payback time of commercial methanol production plants is usually less than 5 years. The payback time of proposed process is over 13 years in this study. We assumed that such a long payback time, which is almost three times the normal payback time for such plants, is not acceptable. The sensitivity analysis, however, shows that the payback time can be shorter than 5 years with a reduction in stack cost and the electricity purchase price and with an extended 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. The major conclusions are • There is a trade-off between the system efficiency and methanol production cost. Increasing system efficiency will slightly increase the cost. The operating window of solid-oxide stack is rather narrow due to the high heat requirement of steam generation and methanol upgrading. The optimized system is with a system efficiency of above 68% with annual utilization of carbon dioxide 150 kton. • The bottleneck of the heat integration comes from steam generation and distillation column. The SOE needs to operate at highly exothermic mode to drive the whole system and avoid heat transfer from/to the stack. High-pressure operation of the SOE stack is also preferred to avoid the work by hydrogen compression. The steam generation is driven mainly by the heat from the SOE outlet and the waste boiler. Almost no electrical heating is required for all designs. • The economic performance is dominated by SOE stack, the electricity price, and the product sale revenue. Given the current market assumptions on these factors, the concept is not economically feasible with a payback time over 13 years. However, if reducing the stack to 1000 $/stack and electricity price down to 20 €/MWh, which is available in some countries, the payback time can be reduced to even less than 3 years, indicating its competitiveness for specific economic conditions. Author Contributions: This study was done as part of H.Z. doctoral studies supervised by U.D., L.W., F.M. and J.V.h. Funding: The research leading to the above results was funded by China Scholarship Council and the University of Pisa for H.Z. Acknowledgments: H.Z. thanks Group of Industrial Process and Energy Systems Engineering at EPFL and Energy Systems and Turbomachinery Group at University of Pisa for their support. Conflicts of Interest: The authors declare no conflict of interest.PDF Image | Optimization of CO2-to-Methanol with Solid-Oxide Electrolyzer
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