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148 IPCC Special Report on Carbon dioxide Capture and Storage factor (fraction), 8760 = total hours in a typical year and kW = net plant power (kW). In this chapter, the costs in Equation (7) include only the power plant and capture technologies and not the additional costs of CO2 transport and storage that are required for a complete system with CCS. The incremental COE is the difference in electricity cost with and without CO2 capture.5 Again, the values reported here exclude transport and storage costs. Full CCS costs are reported in Chapter 8. Cost of CO2 avoided (US$/tCO2) = [(COE)capture – (COE)ref] / [(CO2 kWh-1)ref – (CO2 kWh-1)capture] (8) Equation (7) shows that many factors affect this incremental cost. For example, just as the total capital cost includes many different items, so too do the fixed and variable costs associated with plant operation and maintenance (O&M). Similarly, the fixed charge factor (FCF, also known as the capital recovery factor) reflects assumptions about the plant lifetime and the effective interest rate (or discount rate) used to amortize capital costs.6 Assumptions about any of the factors in Equation (7) can have a pronounced effect on overall cost results. Nor are these factors all independent of one another. For example, the design heat rate of a new power plant may affect the total capital requirement since high-efficiency plants usually are more costly than lower-efficiency designs. where, COE = levelized cost of electricity (US$ kWh-1) as given by Equation (7) and CO2 kWh-1 = CO2 mass emission rate (in tonnes) per kWh generated, based on the net plant capacity for each case. The subscripts ‘capture’ and ‘ref’ refer to the plant with and without CO2 capture, respectively. Note that while this equation is commonly used to report a cost of CO2 avoided for the capture portion of a full CCS system, strictly speaking it should be applied only to a complete CCS system including transport and storage costs (since all elements are required to avoid emissions to the atmosphere). Finally, because several of the parameter values in Equation (7) may change over the operating life of a facility (such as the capacity factor, unit fuel cost, or variable operating costs), the value of COE also may vary from year to year. To include such effects, an economic evaluation would calculate the net present value (NPV) of discounted costs based on a schedule of year-to-year cost variations, in lieu of the simpler formulation of Equation (7). However, most engineering-economic studies use Equation (7) to calculate a single value of ‘levelized’ COE over the assumed life of the plant. The levelized COE is the cost of electricity, which, if sustained over the operating life of the plant, would produce the same NPV as an assumed stream of variable year-to-year costs. In most economic studies of CO2 capture, however, all parameter values in Equation (7) are held constant, reflecting (either implicitly or explicitly) a levelized COE over the life of the plant.7 The choice of the reference plant without CO2 capture plays a key role in determining the CO2 avoidance cost. Here the reference plant is assumed to be a plant of the same type and design as the plant with CO2 capture. This provides a consistent basis for reporting the incremental cost of CO2 capture for a particular type of facility. 3.7.2.3 Cost of CO2 avoided Using Equation (8), a cost of CO2 avoided can be calculated for any two plant types, or any two aggregates of plants. Thus, special care should be taken to ensure that the basis for a reported cost of CO2 avoided is clearly understood or conveyed. For example, the avoidance cost is sometimes taken as a measure of the cost to society of reducing GHG emissions.8 In that case, the cost per tonne of CO2 avoided reflects the average cost of moving from one situation (e.g., the current mix of power generation fuels and technologies) to a different mix of technologies having lower overall emissions. Alternatively, some studies compare individual plants with and without capture (as we do), but assume different types of plants for the two cases. Such studies, for example, might compare a coal-fired plant with capture to an NGCC reference plant without capture. Such cases reflect a different choice of system boundaries and address very different questions, than those addressed here. However, the data presented in this section (comparing the same type of plant with and without capture) can be used to estimate a cost of CO2 avoided for any two of the systems of interest in a particular situation (see Chapter 8). One of the most widely used measures for the cost of CO2 capture and storage is the ‘cost of CO2 avoided.’ This value reflects the average cost of reducing atmospheric CO2 mass emissions by one unit while providing the same amount of useful product as a ‘reference plant’ without CCS. For an electric power plant the avoidance cost can be defined as: 3.7.2.4 Cost of CO2 captured or removed 5 For CO2 capture systems with large auxiliary energy requirements, the magnitude of incremental cost also depends on whether the plant with capture is assumed to be a larger facility producing the same net output as the reference plant without capture, or whether the reference plant is simply derated to supply the auxiliary energy. While the latter assumption is most common, the former yields a smaller incremental cost due to economy-of-scale effects. Another cost measure frequently reported in the literature is based on the mass of CO2 captured (or removed) rather than emissions avoided. For an electric power plant it can be defined as: Cost of CO2 Captured (US$/tCO2) = [(COE)capture – (COE)ref] / (CO2, captured kWh-1) (9) 8 As used here, ‘cost’ refers only to money spent for technology, fuels and related materials, and not to broader societal measures such as macroeconomic costs or societal damage costs associated with atmospheric emissions. Further discussions and use of the term ‘cost of CO2 avoided’ appear in Chapter 8 and in the references cited earlier. 6 In its simplest form, FCF can be calculated from the project lifetime, n (years), and annual interest rate, i (fraction), by the equation: FCF = i / [1 – (1 + i)–n ]. 7 Readers not familiar with these economic concepts and calculations may wish to consult a basic economics text, or references such as (EPRI, 1993) or (Rubin, 2001) for more details.PDF Image | CARBON DIOXIDE CAPTURE AND STORAGE
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