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CONCLUSIONS A significant restructuring of the U.S. electric power industry is currently in progress. This has significant implications for the development of renewable power technologies, but also provides new opportunities as the industry moves towards IPP merchant plants as the primary source of new generation. Since trough plant electric output has been shown to be a good intermediate load match with system load, the value of the power produced can be calculated by comparing what it would cost to provide the same service with conventional fossil technologies. Based on this approach, the value of trough power is 5.5¢/kWh based on advanced combined-cycle technology. This was found to be significantly higher than the value of power from any other renewable technology. The requirement of a solar plant to provide its 30-year fuel supply in the form of an up-front capital investment is the primary factor in making it difficult for solar technology to compete with conventional fossil fuel–based technologies. The up-front capital investment is penalized by the additional taxation burden it imposes, but more significantly by the high cost-of-capital itself. For example, if a conventional fossil power plant were required to purchase all its fuel up-front and the fuel were treated as a capital investment from a tax and financing standpoint, the cost of power would more than double. If this up-front capital investment penalty could be eliminated, trough power could compete directly with the most advanced and efficient fossil fuel technologies. This paper developed one approach that could lead to competitive solar power in a restructured power market. The approach assumed no technology miracles, but instead relied on demonstrated trough technology currently available. The key ingredients are enabling the structured development of plants, achieving tax equity for the “solar fuel,” and finding a mechanism to help offset the remaining solar fuel cost-of- capital penalty. The structured development of plants is achieved through the development of five large 200-MWe plants in a single solar power park project. Solar fuel tax equity is achieved by splitting out the capital cost of the solar field and treating it as a fuel from a taxation standpoint. The remainder of the plant is taxed like a conventional power plant. A number of potential opportunities were presented to help offset the solar field cost-of-capital penalty, including a $200/metric ton carbon tax, a 2¢/kWh green power adder, access to low-cost debt for solar field equipment, and investment or production tax credits. Given that appropriate equalizers can be put in place, parabolic trough technology is positioned for significant project development opportunities. REFERENCES Cable, R., Cohen, G., Kearney, D., and Price, H., 1998, “SEGS Plant Performance 1989-1997,” ASME International Solar Energy Conference, Albuquerque, NM, June 1997. EIA, December 1996, “The Changing Structure of the Electric Power Industry: An Update,” DOE/EIA-0562(96), Energy Information Administration, Washington, DC. URL: http://www.eia.doe.gov/pub/electricity/eu_str.pdf EIA, November 1997, “Annual Energy Outlook 1998 (AEO98),” Energy Information Administration, Washington, DC. URL: http://www.eia.doe.gov/oiaf/aeo98/aeo98.html. EIA, October 1998, “Impacts of the Kyoto Protocol on U.S. Energy Markets and Economic Activity,” SR/OIAF/98-03, Energy Information Administration, Washington, DC. URL: http://www.eia.doe.gov/oiaf/kyoto/kyotorpt.html Lotker, M., 1991, “Barriers to Commercialization of Large- Scale Solar Electricity: Lessons Learned from the Luz Experience,” SAND91-7014, Sandia National Laboratories, Albuquerque, NM. Swezey, B., and Houston, A., 1998, “Information Brief on Green Power Marketing - Second Edition,” National Renewable Energy Laboratory, Golden, CO. Wiser, R., and Kahn, E., 1996, “Alternative Windpower Ownership Structures: Financing Terms and Project Costs,” LBNL-38921, Lawrence Berkeley National Laboratory, Berkeley, CA. Wiser, R. H., and Pickle, S. J., 1998, “Selling Green Power In California: Product, Industry, and Market Trends,” LBNL- 41807, Ernest Orlando Lawrence Berkeley National Laboratory, Berkeley, CA. Copyright © 1999 by ASMEPDF Image | Parabolic Trough Solar Power for Competitive U.S. Markets
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