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2012 -13 Seminars


Economic Analysis of Baseload Power Plants Meeting Current & Possible Future GHG Regulations

Nick Siefert
Mechanical Engineer
Separation and Fuels Division, DOE/NETL/ORD

Abstract
We present exergy and economic analyses of two advanced fossil fuel power plants configurations: an integrated gasification combined cycle with advanced H2 and O2 membrane separation including CO2 sequestration (Adv. IGCC-CCS) and an integrated gasification fuel cell cycle with a catalytic gasifier and a pressurized solid oxide fuel cell including CO2 sequestration (Adv. IGFC-CCS). The goal of the exergy analysis was to evaluate the power generation and the exergy destruction of each of the major components. We estimated the capital, labor, and fuel costs of these power plants, and then calculated the internal rate of return on investment (IRR) and the levelized cost of electricity (LCOE). This talk will also present a detailed economic analysis of other baseload fossil fuel power plants that can meet existing EPA regulations on greenhouse gas emissions and possible future regulations on CO2 emissions. Current EPA regulations limit the carbon dioxide emissions from new, large-scale power plants to less than 1 lb of CO2 per kWh of electricity generated. We compare the values of LCOE and IRR for the two advanced gasification power plant configurations with the IRR and LCOE of the following configurations: NGCC (natural gas combined cycle), NGCC-CCS, PCC-CCS (pulverized coal with CCS), IGCC-CCS (conventional integrated gasification combined cycle with CCS), and IGFC-CCS (conventional integrated gasification fuel cell with CCS.) Currently, a conventional NGCC power plant configuration yields the lowest baseload LCOE. In addition to analyzing the economic viability of these power plant configurations under the current EPA regulations and the current price of natural gas, we also analyze what type of baseload power plant configuration yields the lowest LCOE as a function of the price of natural gas and the price of emitting CO2 into the atmosphere. In this presentation we will present calculations of the price of natural gas and the price to emit carbon dioxide for which Adv. IGCC and Adv. IGFC power plant configurations yield the lower baseload LCOE.