FGEM: Flexible Geothermal Economics Modeling tool

Abstract

Flexible energy resources are key for a reliable power supply in a decarbonized grid with a significant fraction of variable power sources. Whereas the development of fossil fuel resources has dominated the supply for dispatchable capacity, this trend is slowing down due to climate change concerns and the rapidly ongoing transition to renewable resources. Geothermal energy has always been an economic resource for baseload power and district heating. With the decline of fossil fuel plants, geothermal facilities have been expanding beyond baseload to supply flexible heat and electricity. There exist several software tools available for evaluating the techno-economic feasibility of geothermal projects. Whereas these tools offer valuable capabilities for assessing baseload geothermal projects, they do not allow for modeling the operations of flexible geothermal systems. Hence, we present a novel, open-source tool called FGEM for Flexible Geothermal Economics Modeling, specifically designed for the techno-economic analysis of flexible geothermal power generation. FGEM incorporates a wide range of parameters, including resource assessment, plant design, operational strategies, and market dynamics, to provide a holistic analysis of the economic viability of geothermal projects. The objective of this article is to highlight the key features and capabilities of FGEM, and demonstrate its utility through case studies of a geothermal project that is operated flexibly with various dispatch strategies: wellhead throttling, battery energy storage, and thermal energy storage.