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Assessment of the Costs of Geothermal Power Generation in New Zealand 1. Executive Summary This report develops a band, or envelope, of estimated specific capital costs1 and electricity tariffs for geothermal resources in a New Zealand setting from analysis of 32 assumed geothermal development scenarios which comprise: a range of resource temperatures from 300 (high) down to 230 oC (low) two bands of well flow rates – a high rate of 150 kg.s-1 and a low rate of 50 kg.s-1 four power cycle technologies – single and double flash condensing steam Rankine cycle plant, stand-alone organic Rankine cycle (ORC) plant and hybrid steam + binary plant, and two power plant capacities – 20 MW2 and 50 MW. The results are presented as: 1) gross thermal performance (thermal energy delivered divided by electrical energy produced) 2) plant specific capital cost (the capital cost divided by the gross plant capacity), and 3) the ‘real’ levelised electricity tariff3 required to achieve a specified after tax internal rate of return, with certain assumptions made in regard to taxation and inflation. It is equal to the present (discounted) value of the before tax income stream divided by the present (discounted) value of the generation stream. Gross thermal performance High temperature4: ORC < Single Flash < Hybrid < Double flash Low temperature: Single Flash < Double Flash < ORC < Hybrid Financial performance Low Temperature (20 MW) Specific capital cost: Single flash < Double flash = Hybrid < ORC Electricity tariff5: Single flash < Double flash < Hybrid < ORC [Range 10-14.5 NZc/kWh6 real] 1 All costs in this report are presented on a 2007 cost basis. 2 Unless otherwise stated, all capacities in kW or MW in this study refer to kW or MW electrical, gross at generator terminals, before deduction of in‐plant electricity consumption. 3 The ‘real’ (un‐inflated) value is presented in this summary and is equal to the Year 0 electricity tariff. It is unaffected by the discount factor used, but it is dependent on the target internal rate of return (in this case 10%. 4 In this context ‘<’ means ‘uses more thermal energy per unit of gross electricity produced than’. 5 Based on 100% equity, 30% corporate tax rate, 8% straight line depreciation, 10% real after‐tax internal rate of return, zero inflation. Sinclair Knight Merz. SKM Cost of Geothermal Power Report (2007 Cost Basis)R1.doc PAGE 1PDF Image | Current Costs of Geothermal Power Generation in New Zealand
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