CREST Cost of Renewable Energy Spreadsheet Tool: A Model for Developing Cost-based Incentives in the United States. User Manual Version 1

Gifford, Jason S.; Grace, Robert

doi:10.2172/1219278

Cited by 4 publications

(5 citation statements)

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“…Metrics used to characterize Levelized cost of electricity (LCOE). In this study, the economic sustainability is analyzed calculating the LCOE using the fuel cells Cost of Renewable Energy Spreadsheet Tool (CREST), a cash flow model [54]. The CREST is an Excelbased tool which allows estimating the LCOE accounting for different cost-based incentives.…”

Section: Economic Analysismentioning

confidence: 99%

Exergetic, environmental and economic sustainability assessment of stationary Molten Carbonate Fuel Cells

Mehmeti

Pérez-Trujillo

Elizalde‐Blancas

et al. 2018

Energy Conversion and Management

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In this study, exergetic, environmental and economic (3E) analyses have been performed in order to provide sustainability indicators from resource extraction to the final product of stationary power Molten Carbonate Fuel Cells (MCFC) systems (500 kW). Two environmental life cycle impact assessment methods have been selected: the ReCiPe 2016 hierarchical midpoint and endpoint, and the Cumulative Exergy Extraction from the Natural Environment (CEENE). A cost-benefit model is adopted to calculate the economic sustainability using the levelized cost of electricity (LCOE) under different sensitivity parameters. The global warming potential (GWP) is estimated to be 0.549 kg CO2-eq/kWh while acidification (5.06e-4 kg SO2-eq/kWh), eutrophication (9.81e-4 kg Peq. freshwater/kWh), ozone layer depletion (4.11e-6 kg CFC-11-eq/kWh) and human toxicity (1.07 kg 1,4-DB-eq/kWh). Aggregated CEENE was estimated to be about 8.55 MJex/kWh. Results show that majority of impacts are dominated by fuel supply, while some others are dominated by manufacturing of system. GWP is the only impact category dominated by system operation. Due to potentially high electrical efficiency, MCFC energy systems can lead to lower CEENE and improvements of global warming, fossil fuel and resource scarcity, and photochemical oxidant formation potential with respect to other conventional energy conversion systems. Advances in longer lifetimes of the MCFC stack can help trigger innovation in manufacturing processes and will lead to less resource use of electricity, metal, and minerals, thus less resource scarcity and toxicity related burdens. The baseline LCOE is calculated 0.1265 €/kWh being comparable with the Italian grid (0.15-0.16 €/kWh). The costing results indicate that the unit decreasing the system capital cost could potentially reduce the LCOE by around 25%. Advancing the use of life-cycle thinking in MCFC industry with site-specific data raise systems credibility and enables clarifying the trade-offs between the sustainability pillars, thus designing more sustainable products.

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Section: Economic Analysismentioning

confidence: 99%

Exergetic, environmental and economic sustainability assessment of stationary Molten Carbonate Fuel Cells

Mehmeti

Pérez-Trujillo

Elizalde‐Blancas

et al. 2018

Energy Conversion and Management

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“…However, we posed a broader scope for this study and included the analysis of commercial potential of our geopressured geothermal project. To evaluate economic aspect of the project, we decided to use an elaborate model NREL CREST for cost analysis of renewable energy projects [7]. This model requires some essential input information that come both from our simulation results and literature survey of similar pilot projects.…”

Section: Resultsmentioning

confidence: 99%

“…Third, we numerically monitor the reservoir for several decades to ensure that the gas plume is sufficiently dispersed and poses no threat to the caprock. Final, using the obtained production and injection history, we assess economic viability of this heat harvesting project using NREL CREST tool developed for economic assessment of geothermal projects [7].…”

Section: Introductionmentioning

confidence: 99%

Profitability Evaluation of a Hybrid Geothermal and CO2 Sequestration Project for a Coastal Hot Saline Aquifer.

Plaksina

Kanfar

2017

E3S Web Conf.

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With growing interest in commercial projects involving industrial volume CO2 sequestration, a concern about proper containment and control over the gas plume becomes particularly prominent. In this study, we explore the potential of using a typical coastal geopressured hot saline aquifer for two commercial purposes. The first purpose is to harvest geothermal heat of the aquifer for electricity generation and/or direct use and the second one is to utilize the same rock volume for safe and controlled CO2 sequestration without interruption of heat production. To achieve these goals, we devised and economically evaluated a scheme that recovers operational and capital costs within first 4 years and yields positive internal rate of return of about 15% at the end of the operations. Using our strategic design of well placement and operational scheduling, we were able to achieve in our numerical simulation study the following results. First, the hot water production rates allowed to run a 30 MW organic Rankine cycle plant for 20 years. Second, during the last 10 years of operation we managed to inject into the same reservoir (volume of 0.8 x 10 9 m 3 ) approximately 10 million ton of the supercritical gas. Third, decades of numerical monitoring the plume after the end of the operations showed that this large volume of CO2 is securely sequestrated inside the reservoir without compromising the caprock integrity.Keywords: CO 2 sequestration; geothermal energy; dynamic plume control; hybrid energy systems IntroductionAt the beginning of the 1980s, when crude oil price soared to new historical highs, the US DoE started to investigate alternative energy sources that could provide abundant energy for electricity generation in highly populated coastal regions. As a part of the DoE initiative called "Wells of Opportunity" [1], the engineers established that geothermal potential of the Gulf of Mexico (GOM) coastal region was tremendous and highlighted that already drilled oil and gas wells can be used for economic production of hot geofluid for power generating plants. Though GOM geofluid tends to have low enthalpy [2], several pilot projects in this region demonstrated sustainably high geofluid production rates and promising power generation capacities. For example, in the 1990s, Riney [3] completed a report about the Pleasant Bayou project in Texas during which the engineers achieved production rates around 20,000 bbl of hot water per day and successfully converted mechanical and thermal energy into the total of 3,445 MWh using a hybrid binary cycle system. After this successful attempt to assess viability of low-temperature geothermal development in hot saline aquifers, a number of authors investigated economic potential and profitable reservoir engineering design for geopressured geothermal systems. In their reservoir simulation study, Plaksina and White [4] provide a comprehensive overview of the GOM key projects including the discussion about hot water production rates achieved in the area, the hazards of land subsi...

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“…Details of the cost components are given in Section 3.2.6. Other LCoE models were found in the literature [137,272,273] but are still not implemented for the WFDO problem. A very comprehensive review of the economics of wind energy and the concepts of CoE and LCoE can be found in [274][275][276].…”

Section: Cost Of Energy (Coe) and Levelized Cost Of Energy (Lcoe)mentioning

confidence: 99%

A Review of Methodological Approaches for the Design and Optimization of Wind Farms

et al. 2014

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This article presents a review of the state of the art of the Wind Farm Design and Optimization (WFDO) problem. The WFDO problem refers to a set of advanced planning actions needed to extremize the performance of wind farms, which may be composed of a few individual Wind Turbines (WTs) up to thousands of WTs. The WFDO problem has been investigated in different scenarios, with substantial differences in main objectives, modelling assumptions, constraints, and numerical solution methods. The aim of this paper is: (1) to present an exhaustive survey of the literature covering the full span of the subject, an analysis of the state-of-the-art models describing the performance of wind farms as well as its extensions, and the numerical approaches used to solve the problem; (2) to provide an overview of the available knowledge and recent progress in the application of such strategies to real onshore and offshore wind farms; and (3) to propose a comprehensive agenda for future research. OPEN ACCESSEnergies 2014, 7 6931

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CREST Cost of Renewable Energy Spreadsheet Tool: A Model for Developing Cost-based Incentives in the United States. User Manual Version 1

Cited by 4 publications

References 0 publications

Exergetic, environmental and economic sustainability assessment of stationary Molten Carbonate Fuel Cells

Exergetic, environmental and economic sustainability assessment of stationary Molten Carbonate Fuel Cells

Profitability Evaluation of a Hybrid Geothermal and CO2 Sequestration Project for a Coastal Hot Saline Aquifer.

A Review of Methodological Approaches for the Design and Optimization of Wind Farms

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