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Economic impact of thermal energy storage on natural gas power with carbon capture in future electricity markets

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dc.contributor.authorMarkey, Ethan James, author
dc.contributor.authorBandhauer, Todd M., advisor
dc.contributor.authorQuinn, Jason C., committee member
dc.contributor.authorHerber, Daniel R., committee member
dc.date.accessioned2022-08-29T10:16:18Z
dc.date.available2023-08-22T10:16:18Z
dc.date.issued2022
dc.description.abstractAs policies evolve to reflect climate change goals, the use of fossil fuel power plants in expected to change. Specifically, these power plants will need to incorporate carbon capture and storage (CCS) technologies to significantly reduce their carbon emissions, and they will be operated flexibly to accommodate the growing concentration of renewable energy generators. Unfortunately, most CCS technologies are very expensive, and they impose a parasitic heat load on the power plant, thereby decreasing net power output and the ability to operate flexibly. This research evaluated the economic potential of using hot and cold thermal energy storages (TES) to boost the net power output and flexibility of a natural gas combined cycle (NGCC) power plant with CCS capabilities. Resistively heated hot TES was used to offset the parasitic heat load imposed on the NGCC by the CCS unit while vapor compression cooled cold TES was used to chill the inlet air to the power plant. Thermodynamic models were created for the base NGCC + CCS power plant, the hot TES equipment, and the cold TES equipment, to determine key performance and cost parameters such as net power output, fuel consumption, emissions captured, capital costs, and operational costs. These parameters were then used to simulate the operation of the power plant with and without the TES technologies in accordance with fourteen electricity pricing structures predicted for different future electricity market scenarios. The difference in net present value (NPV) between the base NGCC + CCS power plant and power plant with the TES technologies was used as the primary economic metric in this analysis. The NPV benefit from increased revenue due to TES utilization was found to outweigh the NPV penalty from the additional capital costs. This positive economic result was attributed to the low cost of the TES equipment and the ability to charge the storages using cheap electricity from high levels of renewable output. The results have shown that hot TES increased NPV in 12 of 14 market scenarios while the cold TES increased NPV in 14 of 14 market scenarios. A combination of both hot and cold TES yielded the largest increases in NPV.
dc.format.mediumborn digital
dc.format.mediummasters theses
dc.identifierMarkey_colostate_0053N_17388.pdf
dc.identifier.urihttps://hdl.handle.net/10217/235639
dc.languageEnglish
dc.language.isoeng
dc.publisherColorado State University. Libraries
dc.relation.ispartof2020-
dc.rightsCopyright and other restrictions may apply. User is responsible for compliance with all applicable laws. For information about copyright law, please see https://libguides.colostate.edu/copyright.
dc.subjectnatural gas combined cycle
dc.subjectcarbon capture
dc.subjectthermal energy storage
dc.titleEconomic impact of thermal energy storage on natural gas power with carbon capture in future electricity markets
dc.typeText
dcterms.embargo.expires2023-08-22
dcterms.embargo.terms2023-08-22
dcterms.rights.dplaThis Item is protected by copyright and/or related rights (https://rightsstatements.org/vocab/InC/1.0/). You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s).
thesis.degree.disciplineMechanical Engineering
thesis.degree.grantorColorado State University
thesis.degree.levelMasters
thesis.degree.nameMaster of Science (M.S.)

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