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Chapter 3: Capture of CO2 CO2 and other greenhouse gases such as methane (expressed as equivalent CO2) over the complete fuel cycle encompassing not only the power plant or facility in question, but also the ‘upstream’ processes of extraction, refining and transport of fuel used at the facility, plus any ‘downstream’ emissions from the use or storage of captured CO2. Still larger system boundaries might include all power plants in a utility company’s system; all plants in a regional or national grid; or a national economy where power plant and industrial emissions are but one element of the overall energy system being modelled. In each of these cases it is possible to derive a mitigation cost for CO2, but the results are not directly comparable because they reflect different system boundaries and considerations. Chapter 8 discusses such differences in more detail and presents results for alternative systems of interest. Another factor that is often unclear in economic evaluations of CO2 capture is the assumed time frame and/or level of maturity for the technology under study. Does the cost estimate apply to a facility that would be built today, or at some future time? This is especially problematic in studies of ‘advanced’ technologies that are still under development and not currently commercial. In most cases, studies of advanced technologies assume that costs apply to an ‘nth plant’ to be built sometime in the future when the technology is mature. Such estimates reflect the expected benefits of technological learning, but may or may not adequately account for the increased costs that typically occur in the early stages of commercialization. The choice of technology time frame and assumed rate of cost improvements and can therefore make a big difference in CO2 capture cost estimates. The literature reveals a number of different measures used to characterize CO2 capture and storage costs, including capital cost, cost of electricity, cost of CO2 avoided and others. Because some of these measures are reported in the same units (e.g., US dollars per tonne of CO2) there is great potential for misunderstanding. Furthermore, for any given cost measure, different assumptions about the technical, economic and financial parameters used in cost calculations can also give rise to large differences in reported capture costs. Section 3.7.2 elaborates on some of the common metrics of cost and the parameters they employ. 3.7.2 Measures of CO2 capture cost We define four common measures of CO2 capture cost here: capital cost, incremental product cost (such as the cost of electricity), cost of CO2 avoided and cost of CO2 captured or removed. Each of these measures provides a different perspective on CO2 capture cost for a particular technology or system of interest. All of them, however, represent an ‘engineering economic’ perspective showing the added cost of 147 3.7.1.3 Defining the technology time frame and maturity Capital cost (also known as investment cost or first cost) is a widely used, albeit incomplete, metric of the cost of a technology. It is often reported on a normalized basis (e.g., cost per kW). For CO2 capture systems, the capital cost is generally assumed to represent the total expenditure required to design, purchase and install the system of interest. It may also include the additional costs of other plant components not needed in the absence of a CO2 capture device, such as the costs of an upstream gas purification system to protect the capture device. Such costs often arise in complex facilities like a power plant. Thus, the total incremental cost of CO2 capture for a given plant design is best determined as the difference in total cost between plants with and without CO2 capture, producing the same amounts of useful (primary) product, such as electricity. 3.7.1.4 Different cost measures and assumptions Different organizations employ different systems of accounts to specify the elements of a capital cost estimate. For electric power plants, one widely used procedure is that defined by the Electric Power Research Institute (EPRI, 1993). However, because there is no universally employed nomenclature or system of accounts, capital costs reported by different organizations or authors may not always include the same items. The terms used to report capital costs may further disguise such differences and lead to misunderstandings about what is and is not included. For example, power plant cost studies often report a value of capital cost that does not include the cost of interest during construction or other so-called ‘owners costs’ that typically add at least 10-20% (sometimes substantially more) to the ‘total capital requirement’ of a system. Only if a capital cost breakdown is reported can such omissions be discovered. Studies that fail to report the year of a cost estimate introduce further uncertainty that may affect cost comparisons. required to address larger questions such as which options or strategies to pursue - a topic addressed later in Chapter 8. 3.7.2.1 Capital cost 3.7.2.2 Incremental product cost capturing CO in a particular application. Such measures are 2 The effect of CO2 capture on the cost of electricity (or other product) is one of the most important measures of economic impact. Electric power plants, a major source of CO2 emissions, are of particular interest in this regard. The cost electricity (COE) for a power plant can be calculated as:4 COE = [(TCR)(FCF) + (FOM)]/[(CF)(8760)(kW)] + VOM + (HR)(FC) (7) where, COE = levelized cost of electricity (US$ kWh-1), TCR = total capital requirement (US$), FCF = fixed charge factor (fraction yr-1), FOM = fixed operating costs (US$ yr-1), VOM = variable operating costs (US$ kWh-1), HR = net plant heat rate (kJ kWh-1), FC = unit fuel cost (US$ kJ-1), CF = capacity 4 For simplicity, the value of FCF in Equation (7) is applied to the total capital requirement. More detailed calculations of COE based on a year-by-year analysis apply the FCF to the total capital cost excluding owner’s costs (such as interest during construction), which are separately accounted for in the years prior to plant start-up.PDF Image | CARBON DIOXIDE CAPTURE AND STORAGE
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