Abstract
Operators of coal-fired power plants with carbon dioxide capture and storage (CCS) can provide energy for carbon dioxide (CO2) capture by increasing coal input (option i) or reducing electricity output (option ii). Under the Clean Development Mechanism (CDM), does a flexible option exist in the future to provide energy for capturing CO2? In this study, we use a representative coal-fired power plant in China (600 MW) as a case study to assess the options to be implemented and the corresponding economic performance and emission reductions of coal-fired power plants with CCS. Both Monte Carlo simulation and the net present value (NPV) methods are used in this study. The results show that the flexible options yield an average NPV that is 57.36 and 48.07 million Chinese Yuan more than the net present values of option i and option ii, respectively, during three crediting periods. Additionally, the implementation of flexible options can improve the emission reduction effect in coal-fired power plants with CCS and promote the optimization of power systems. The priority for expanding the positive effects of flexible options is for international climate change policy negotiators and policymakers to formulate stricter international emission reduction policies with a high certified emission reduction price. In addition, a good communication and coordination mechanism between the coal-fired power plants and the administration of the power system are required to ensure the efficient implementation of flexible options.
Highlights
The need to address climate change has reached a global consensus (IPCC 2014)
Under the Clean Development Mechanism (CDM), does a flexible option exist in the future to provide energy for capturing CO2? In this study, we use a representative coal-fired power plant in China (600 MW) as a case study to assess the options to be implemented and the corresponding economic performance and emission reductions of coal-fired power plants with carbon dioxide capture and storage (CCS)
The results show that the flexible options yield an average NPV that is 57.36 and 48.07 million Chinese Yuan more than the net present values of option i and option ii, respectively, during three crediting periods
Summary
Carbon dioxide capture and storage (CCS) technology is a potential approach for mitigating climate change. Due to high capital, operating and maintenance costs, CCS technology is difficult to develop without the input of external income (Stigson et al 2012). In this context, the inclusion of CCS projects under the Clean Development Mechanism (CDM) has been considered a financial incentive mechanism for developing countries that wish to deploy CCS. Participants in the United Nations Framework Convention on Climate Change Conference of the Parties, Cancun, Mexico, December 2010 decided that CCS can be developed into CDM project activities (UNFCCC 2011). The CO2 emissions arising from the energy (electricity and heat) used for CO2 capture are the largest part of the project emissions
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