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a carbon-constrained future where a higher premium is placed on availability of resources to balance intermittent renewables. Analysis of the arbitrage economics under both a simplified, fixed-period dispatch scheme and a more realistic market-driven case suggest that, under current market conditions in CAISO, the project as evaluated here is unlikely to be economically attractive. Still, even under the relatively narrow $20/MWh price spread (averaged for the simplified dispatch case), a 15.4 MW facility could break even on arbitrage at a utilization rate not far from the 17% assumed in the initial analysis. While that accounts only for power trading revenues and costs, it does suggest that arbitrage may play a significant role in project economics, in addition to value streams derived from ancillary services. Once in generation mode, the CAES project could be dispatched as either balancing or voltage regulation, allowing a project such as this to leverage multiple value streams, as well as qualifying for potential renewable, low-carbon and energy storage development and production incentives. Also, while the configurations examined here assumed optimized use of each geothermal extraction well—where one geothermal well was estimated to support as many as 35 compressed air storage wells— it is also possible to employ a slipstream approach, taking a small fraction of the geothermal steam from a standard production well to provide heat needs during CAES cycles, and using it for standard production during all other periods. This would allow for the implementation of smaller, scalable systems. Alternately, a similar scaled approach could be implemented to get additional utility from marginal geothermal production wells, should the CAES option provide a higher value-added than continued production or abandonment of the well. While the economics and market conditions suggest that this hybrid, zero-emissions approach to energy storage is both technically feasible and may become increasingly attractive as society moves toward a lower-carbon future, a number of uncertainties currently pose barriers to adoption of well-based CAES, including the practicality and costs of reusing existing infrastructure and the degree to which well materials can withstand pressure cycling under conditions beyond those considered during original completion. Addressing these technical considerations will help validate the economic feasibility of this hybrid geothermal implementation, which in turn will help industrial developers to consider this alongside other capital investment projects, including those focused on energy storage. Should well-based CAES prove economically feasible, its implementation under this hybrid geothermal approach could offer an opportunity to increase the deployment of geothermal technologies while also bolstering grid stability and facilitating additional wind and solar development. By leveraging the enormous capital and data assets present in existing oil, gas and geothermal fields, GT-CAES could offer cost competitive, zero emissions, grid scale energy storage at capital costs that are well below those associated with conventional baseload geothermal development. Resolving the remaining technical challenges via field testing will help to determine the degree to which this approach could deploy, and could offer the U.S. and the global energy community another technology to help in the move to a lower- carbon energy future. 31PDF Image | Geothermally Well Based Compressed Air Energy Storage
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