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1MITEISep2016
A proposed energy conversion process for making solar energy a major player in global
power generation
Jacob Karni
The Weizmann Institute of ScienceRehovot, Israel
2MITEISep2016
General Objective of Renewable Power Generation and Fuel Production
Have an energy conversion method, which can gradually replace fossil fuel combustion on a worldwide scale,
3MITEISep2016
General Objective of Renewable Power Generation and Fuel Production
Have an energy conversion method, which can gradually replace fossil fuel combustion on a worldwide scale, eventually leading to a renewable-dominant global energy supply.
4MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
5MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
6MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
7MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
8MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
9MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
10MITEISep2016
Levelized Energy Cost
11MITEISep2016
• The LEC defines the breakeven cost of thesystem.
• It is the basic cost/performance parameter ofpower generation systems
The acronym LCOE (Levelized Cost of Energy) is often used instead of LEC
The Levelized Energy Cost
12MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Annual fuel costs
Net annual electricity production
LEC =fcr ⋅ Cinvest + CO&M + C fuel
Eelec,yr
Cinvest
CO&M
C fuel
Eelec,yr
fcr =kd 1+ kd( )N
1+ kd( )N −1+ kinsurance Annualized Fixed Charge Rate
(or Annuity Factor) Real debt interest rate
Depreciation period in years (system design life)
Annual insurance cost rate
kd
kinsuranceN
13MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Annual fuel costs
Net annual electricity production
LEC =fcr ⋅ Cinvest + CO&M + C fuel
Eelec,yr
Cinvest
CO&M
C fuel
Eelec,yr
fcr =kd 1+ kd( )N
1+ kd( )N −1+ kinsurance Annualized Fixed Charge Rate
(or Annuity Factor) Real debt interest rate
Depreciation period in years (system design life)
Annual insurance cost rate
kd
kinsuranceN
HereweareonlyinterestedinthesolarLEC
14MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Annual fuel costs
Net annual electricity production
LEC = fcr ⋅ Cinvest + CO&M
Eelec,yr
Cinvest
CO&M
Eelec,yr
fcr =kd 1+ kd( )N
1+ kd( )N −1+ kinsurance Annualized Fixed Charge Rate
(or Annuity Factor) Real debt interest rate
Depreciation period in years (system design life)
Annual insurance cost rate
kd
kinsuranceN
15MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Net annual solar electricity production
Annual-average system efficiency
Sunlight collection aperture area
Direct annual solar irradiation energy
Cinvest
CO&M
Esolar−elec,yr
LECsolar =fcr ⋅ Cinvest + CO&M
Esolar−elec,yr
=fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
ηsys,yr−avg
Acollector apertureIincident dt
tyear ,sun
∫
16MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Net annual solar electricity production
Annual-average system efficiency
Sunlight collection aperture area
Direct annual solar irradiation energy
Cinvest
CO&M
Esolar−elec,yr
LECsolar =fcr ⋅ Cinvest + CO&M
Esolar−elec,yr
=fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
ηsys,yr−avg
Acollector apertureIincident dt
tyear ,sun
∫
17MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
18MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditionsNot unique to any technology
19MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcrNot unique to any technology
20MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costsNot really unique to any technology
21MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costs
4. Increase the overall annual system efficiency.
22MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costs
4. Increase the overall annual system efficiency. Increasing the collector area causes an increase in costs and generally does not reduce the LEC.
23MITEISep2016
LEC Reduction
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costs
4. Increase the overall annual system efficiency.
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
24MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
• Increasing the overall annual system efficiencyis usually combined with reduction of production, installation and operation costs.
25MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
• Increasing the overall annual system efficiencyis usually combined with reduction of production, installation and operation costs.
• We must develop systems with a potential for higher annual-average system efficiency than possible in present solar systems.
26MITEISep2016
General Features of Solar-Thermal Systems
27MITEISep2016
General Features of Solar-Thermal Systems
• There is an energy loss in each step
• The overall annual-average system efficiency is
Where ηi are the annual-average component efficiencies.
!!!
!!!
Annual-averageefficiency≠ “DesignEfficiency”
28MITEISep2016
Now we are ready to deal with theFundamental Requirements
1. Use clean, renewable energy, with benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
29MITEISep2016
Solar System are Modular by Nature
30MITEISep2016
Large Scale, Modular Design
~375 MWe Plant near Ivanpah, CA, with 3 Solar Towers
31MITEISep2016
Large Scale, Modular Design
~150 MWe Trough Plant near Ouarzazate, Morocco with a single Power Conversion Unit [Relatively long heat transmission lines]
32MITEISep2016
Large Scale, Modular Design
~150 MWe Trough Plant near Ouarzazate, Morocco with a single Power Conversion Unit [Relatively long heat transmission lines]
Firstof3CSPmodules
33MITEISep2016
Solar System are Modular by Nature
But what should be the size of each module?
34MITEISep2016
Primary Optics of Solar Tower
35MITEISep2016
PS10 – Abengoa’s~10MWe plant near Seville, Spain
Size – Optics Relation in Solar Tower Systems
36MITEISep2016
Size – Optics Relation in Solar Tower Systems PS10 – Abengoa’s~10MWe plant near Seville, Spain. 624 x 120m2 heliostats
115m high tower
PS20 – Abengoa’s~20MWe plant near Seville, Spain 1255 x 120m2 heliostats;
165m high tower
37MITEISep2016
Size – Optics Relation in Solar Tower Systems PS10 – Abengoa’s~10MWe plant near Seville, Spain. 624 x 120m2 heliostats
115m high tower
PS20 – Abengoa’s~20MWe plant near Seville, Spain 1255 x 120m2 heliostats;
165m high tower
38MITEISep2016
Size – Optics Relation in Solar Tower Systems PS10 – Abengoa’s~10MWe plant near Seville, Spain. 624 x 120m2 heliostats
115m high tower
PS20 – Abengoa’s~20MWe plant near Seville, Spain 1255 x 120m2 heliostats;
165m high tower
As good as possible 2:1 scale up
39MITEISep2016
Size – Optics Relation in Solar Tower Systems PS10 – Abengoa’s~10MWe plant near Seville, Spain. 624 x 120m2 heliostats
115m high tower
PS20 – Abengoa’s~20MWe plant near Seville, Spain 1255 x 120m2 heliostats;
165m high tower
As good as possible 2:1 scale upReceiver aperture diameter is increased by ~ !
40MITEISep2016
Gemasolar – Torresol’s ~20 MWe plant with 15 hours of thermal storage, covering nearly 2 km2. 2,650 x 120m2 heliostats; 140m high tower
Size – Optics Relation in Solar Tower Systems
41MITEISep2016
Gemasolar – Torresol’s ~20 MWe plant with 15 hours of thermal storage, covering nearly 2 km2. 2,650 x 120m2 heliostats; 140m high tower
Size – Optics Relation in Solar Tower Systems
42MITEISep2016
Gemasolar – Torresol’s ~20 MWe plant with 15 hours of thermal storage, covering nearly 2 km2. 2,650 x 120m2 heliostats; 140m high tower
Size – Optics Relation in Solar Tower Systems
Forcedtouse360° radiation’scollectionandexternalreceiver
43MITEISep2016
Size – Optics Relation in Solar Tower Systems
BrightSource’s solar power generation plants near Ivanpah, CA; 3 solar towers, totaling ~375MWe, covering ~16 km2. 173,500 x 15m2 heliostats; 140m high tower
44MITEISep2016
Size – Optics Relation in Solar Tower Systems
ReceiverAperture
SpilledRadiation
Concentrating Dish
– Spillage Losses –
45MITEISep2016
Size – Optics Relation in Solar Tower Systems
ReceiverAperture
SpilledRadiation
ReceiverAperture
SpilledRadiation
Concentrating Dish
Solar Tower ~10MWe
– Spillage Losses –
46MITEISep2016
Size – Optics Relation in Solar Tower Systems
Solar Tower > 20MWe
Receiver
SpilledRadiation
ReceiverAperture
SpilledRadiation
ReceiverAperture
SpilledRadiation
Concentrating Dish
Solar Tower ~10MWe
– Spillage Losses –
47MITEISep2016
ReceiverAperture
SpilledRadiation
Solar Tower > 20MWeEfficiency of External Receiver < Efficiency of Cavity Receiver
Size – Optics Relation in Solar Tower Systems
Receiver
SpilledRadiation
ReceiverAperture
SpilledRadiation
Concentrating Dish
Solar Tower ~10MWe
– Spillage Losses –
48MITEISep2016
Energy Storage in Solar Systems
49MITEISep2016
Wind Output
Load Required
The TXU (Arizona) Load Requirement
Electrical Power Generation and Distribution
50MITEISep2016
Solar Output
Wind Output
Load Required
Electrical Power Generation and Distribution The TXU (Arizona) Load Requirement
51MITEISep2016
Electrical Power Generation and Distribution
Electricity demand and load distribution between Coal (Steam Turbines), Nat. Gas (Combined Cycle, Gas Turbines), Nuclear and Wind in the UK.
Demand
CoalGas(CC) Nuclear
Wind
52MITEISep2016
Electrical Power Generation and Distribution
Electricity demand and load distribution between Coal (Steam Turbines), Nat. Gas (Combined Cycle, Gas Turbines), Nuclear and Wind in the UK.
Demand
Coal Gas Nuclear
Wind
53MITEISep2016
Electrical Power Generation and Distribution
Electricity demand and load distribution between Coal (Steam Turbines), Nat. Gas (Combined Cycle, Gas Turbines), Nuclear and Wind in the UK.
Demand
Coal Gas Nuclear
Wind
54MITEISep2016
Electrical Power Generation and Distribution
Electricity demand and load distribution between Coal (Steam Turbines), Nat. Gas (Combined Cycle, Gas Turbines), Nuclear and Wind in the UK.
Demand
Coal Gas Nuclear
Wind
55MITEISep2016
Large scale intermittent renewable solutions must include enough
storage to assure power supply per demand
56MITEISep2016
Supply solar energy year-round, 24/7 1. Adding storage to a solar power system requires an
increase of the power input during solar hours, meaning larger collection area.But the size of the power conversion unit does not increase
2. Larger collection area means• lower optical and receiver efficiencies in Solar
Tower systems• lower heat transmission efficiency in Trough
systems.
3. The optical and transmission efficiency of small solar towers is least affected by an increase of collection area
57MITEISep2016
Supply solar energy year-round, 24/7 1. Adding storage to a solar power system requires an
increase of the power input during solar hours, meaning larger collection area.But the size of the power conversion unit does not increase
2. Larger collection area means• lower optical and receiver efficiencies in Solar
Tower systems• lower heat transmission efficiency in Trough
systems.
3. The optical and transmission efficiency of small solar towers is least affected by an increase of collection area
58MITEISep2016
Supply solar energy year-round, 24/7 1. Adding storage to a solar power system requires an
increase of the power input during solar hours, meaning larger collection area.But the size of the power conversion unit does not increase
2. Larger collection area means• lower optical and receiver efficiencies in Solar
Tower systems• lower heat transmission efficiency in Trough
systems.
3. The optical and transmission efficiency of small solar towers is least affected by an increase of collection area
59MITEISep2016
Supply solar energy year-round, 24/7 1. Adding storage to a solar power system requires an
increase of the power input during solar hours, meaning larger collection area.But the size of the power conversion unit does not increase
2. Larger collection area means• lower optical and receiver efficiencies in Solar
Tower systems• lower heat transmission efficiency in Trough
systems.
3. The optical and transmission efficiency of small solar towers is least affected by an increase of collection area
60MITEISep2016
Supply solar energy year-round, 24/7 1. Adding storage to a solar power system requires an
increase of the power input during solar hours, meaning larger collection area.But the size of the power conversion unit does not increase
2. Larger collection area means• lower optical and receiver efficiencies in Solar
Tower systems• lower heat transmission efficiency in Trough
systems.
3. The optical and transmission efficiency of small solar towers is least affected by an increase of collection area
61MITEISep2016
Requirements for having storage without increasing the LEC, relative to a solar system of the same size, without storage:
1. Increasing collection area does not cause efficiency reduction of other system components
2. The added storage cost does not exceed the eliminated cost of increasing the power conversion unit.
Supply solar energy year-round, 24/7
62MITEISep2016
Requirements for having storage without increasing the LEC, relative to a solar system of the same size, without storage:
1. Increasing collection area does not cause efficiency reduction of other system components
2. The added storage cost does not exceed the eliminated cost of increasing the power conversion unit.
Supply solar energy year-round, 24/7
63MITEISep2016
Requirements for having storage without increasing the LEC, relative to a solar system of the same size, without storage:
1. Increasing collection area does not cause efficiency reduction of other system components
2. The added storage cost does not exceed the eliminated cost of increasing the power conversion unit.
Supply solar energy year-round, 24/7
64MITEISep2016
Power Conversion Units for Solar-Thermal Systems
65MITEISep2016
Power Conversion Units Options for Solar Systems
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0 200 400 600 800 1000 1200 1400 1600
PC
U E
ffic
ienc
y
T_high (engine)
Carnot Efficiency
C-N Efficiency
Free-Piston StirlingSteam-Rankine
Brayton
Combined Cycle
sCO2 Brayton
66MITEISep2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0 200 400 600 800 1000 1200 1400 1600
PC
U E
ffic
ienc
y
T_high (engine)
Carnot Efficiency
C-N Efficiency
Free-Piston StirlingSteam-Rankine
Brayton
Combined Cycle
sCO2 Brayton
Power Conversion Units Options for Solar Systems
67MITEISep2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0 200 400 600 800 1000 1200 1400 1600
PC
U E
ffic
ienc
y
T_high (engine)
Carnot Efficiency
C-N Efficiency
Free-Piston StirlingSteam-Rankine
Brayton
Combined Cycle
sCO2 Brayton
• Available at the optimum temperature range for solar-thermal• Available at relatively small sizes (1MWe and larger)
Supercritical CO2 turbine advantages:
Power Conversion Units Options for Solar Systems
68MITEISep2016
Use of Solar Energy for Fuel Production from CO2 and Water
Enable Long Distance Energy Transportation
69MITEISep2016
Dissociation of CO2 using concentrated solar energy
CourtesyofNewCO2Fuels(NCF)andtheWeizmannInstituteofScience
70MITEISep2016
Dissociation of CO2 using concentrated solar energy
CourtesyofNewCO2Fuels(NCF)andtheWeizmannInstituteofScience
To be discussed in a future talk…
71MITEISep2016
The Proposed System
72MITEISep2016
System ConfigurationSolar Power Generation
Heliostats
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
2
73MITEISep2016
System ConfigurationSolar Power Generation
Heliostats
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
Primary Optics[MIT]
2
74MITEISep2016
Large Scale, Modular Design
• Our Design: Relatively small (~10-15 MWt), high-efficiency module. • Increase system efficiency translates to smaller collection area.
75MITEISep2016
Large Scale, Modular Design
2.5 MWt Solar Tower near Pentakomo CyprusCourtesy of the Cyprus Institute
76MITEISep2016
System ConfigurationSolar Power Generation
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
2
Heliostats
Secondary Optics and Receiver[Weizmann]
77MITEISep2016
System ConfigurationSolar Power Generation
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
2
Heliostats
Storage[Alumina Energy]
78MITEISep2016
System ConfigurationSolar Power Generation
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
2
Heliostats
79MITEISep2016
System ConfigurationSolar Power Generation
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
2
Heliostats
80MITEISep2016
System ConfigurationSolar Power Generation
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage
Electricity Output
2
Heliostats
sCO2 turbine[Southwest Research
Institute]
81MITEISep2016
System ConfigurationFuel Production
HeliostatsReceiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage 2
78
CO2 & H2O Dissociation
Reactor
Fuel Production
82MITEISep2016
System ConfigurationFuel Production
Receiver
Power Conversion
Unit
Sloping Ground
ConcentratedSunlight
Secondary Reflector
1
3
6
5
4
Storage 2
78
CO2 & H2O Dissociation
Reactor
Heliostats
Fuel Production
Syngas production from CO2 & H2O
[NCF & Weizmann]
83MITEISep2016
Compliance with the Fundamental Requirements
84MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
85MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
✓
86MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
✓
✓
87MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
✓
✓
✓
88MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
✓
✓
✓
✓
89MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost
✓
✓
✓
✓
90MITEISep2016
Fundamental Requirements1. Use clean, renewable energy, with
benign environmental effects
2. Large-scale (hence, modular)
3. Supply energy year-round, 24/7 Get me what I want, when I want it !!!
4. Transport energy over long distances
5. Affordable cost – check efficiency and LEC
✓
✓
✓
✓
91MITEISep2016
Efficiency Comparison
SolarThermalSystems
LinearFresnel
Trough
SolarTower>20MWe
SolarTower~5-20MWe
SolarTower<5MWe
Dish-Concentrator
31%
30%
AchievableAnnualAvgerageSystemefficiency
18%
20%
18%
26%
92MITEISep2016
Efficiency Comparison
Each module of our system is 10-15 MWt (~3.0-4.7 MWe)
SolarThermalSystems
LinearFresnel
Trough
SolarTower>20MWe
SolarTower~5-20MWe
SolarTower<5MWe
Dish-Concentrator
31%
30%
AchievableAnnualAvgerageSystemefficiency
18%
20%
18%
26%
93MITEISep2016
Levelized Energy Cost
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%
NewS-TSysyem
PVw/oStorage
PVwithStorage
CC,[email protected]$/MMBtu
CC,[email protected]$/MMBtu
LEC($/MWh)
fcr
Direct Radiation Energy = 5.6 kWh/m2/day (2040 kWh/m2/year)
94MITEISep2016
Levelized Energy Cost
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%
NewS-TSysyem
PVw/oStorage
PVwithStorage
CC,[email protected]$/MMBtu
CC,[email protected]$/MMBtu
LEC($/MWh)
fcr
Direct Radiation Energy = 5.6 kWh/m2/day (2040 kWh/m2/year)
95MITEISep2016
Levelized Energy Cost
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%
NewS-TSysyem
PVw/oStorage
PVwithStorage
CC,[email protected]$/MMBtu
CC,[email protected]$/MMBtu
LEC($/MWh)
fcr
Direct Radiation Energy = 5.6 kWh/m2/day (2040 kWh/m2/year)
96MITEISep2016
Levelized Energy Cost
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%
NewS-TSysyem
PVw/oStorage
PVwithStorage
CC,[email protected]$/MMBtu
CC,[email protected]$/MMBtu
LEC($/MWh)
fcr
Direct Radiation Energy = 5.6 kWh/m2/day (2040 kWh/m2/year)
97MITEISep2016
Levelized Energy Cost
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%
NewS-TSysyem
PVw/oStorage
PVwithStorage
CC,[email protected]$/MMBtu
CC,[email protected]$/MMBtu
LEC($/MWh)
fcr
Direct Radiation Energy = 5.6 kWh/m2/day (2040 kWh/m2/year)Direct Radiation Energy = 6.8 kWh/m2/day (2500 kWh/m2/year)
98MITEISep2016
Levelized Fuel (Syngas) Cost
0
100
200
300
400
500
600
4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%
LFC[$/ton]@5.6kWh/m2/day
LFC[$/ton]@6.8kWh/m2/day
LEC($/ton)
fcr
Direct Radiation Energy = 5.6 kWh/m2/day (2040 kWh/m2/year)Direct Radiation Energy = 6.8 kWh/m2/day (2500 kWh/m2/year)
99MITEISep2016
Development Status• The proposed process combines developments
by a group of collaborators working together and separately over 25 years.
• The main system components have been tested and proven on a small scale, but must still be,• designed for the operating conditions of the
proposed system• scaled up • integrated and operated together
100MITEISep2016
Development Status• The proposed process combines developments
by a group of collaborators working together and separately over 25 years.
• The main system components have been tested and proven on a small scale, but must still be,• designed for the operating conditions of the
proposed system• scaled up • integrated and operated together
101MITEISep2016
Development Status• The proposed process combines developments
by a group of collaborators working together and separately over 25 years.
• The main system components have been tested and proven on a small scale, but must still be,• designed for the operating conditions of the
proposed system• scaled up • integrated and operated together
102MITEISep2016
Development Status• The proposed process combines developments
by a group of collaborators working together and separately over 25 years.
• The main system components have been tested and proven on a small scale, but must still be,• designed for the operating conditions of the
proposed system• scaled up • integrated and operated together
103MITEISep2016
Development Status• The proposed process combines developments
by a group of collaborators working together and separately over 25 years.
• The main system components have been tested and proven on a small scale, but must still be,• designed for the operating conditions of the
proposed system• scaled up • integrated and operated together
104MITEISep2016
Main Conclusions1. The proposed solar power-generation system enables
• very large-scale installation
• Year-round, 24/7 power supply per demand
At competitive Levelized Energy Cost (LEC)
2. The system can be modified for syngas production from CO2 and water by the addition of a chemical reactor, with minor changes of other system components.
105MITEISep2016
Main Conclusions1. The proposed solar power-generation system enables
• very large-scale installation
• Year-round, 24/7 power supply per demand
At competitive Levelized Energy Cost (LEC)
2. The system can be modified for syngas production from CO2 and water by the addition of a chemical reactor, with minor changes of other system components.
106MITEISep2016
Last Comment…
107MITEISep2016
From talk at MIT on Oct. 2009
108MITEISep2016
The ‘Real World’ Problem of Solar Thermal
109MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
110MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
– Trough is the only mature solar technology
111MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
– Trough is the only mature solar technology
• Developers are faced with few options:
112MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
– Trough is the only mature solar technology
• Developers are faced with few options: – Grab the opportunity and build trough systems (low risk, short-
term payback)
113MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
– Trough is the only mature solar technology
• Developers are faced with few options: – Grab the opportunity and build trough systems (low risk, short-
term payback) – Develop a new technology that can be cheaper than trough and
commercially ready in 1-2 years (medium risk, possibly longer payback)
114MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
– Trough is the only mature solar technology
• Developers are faced with few options: – Grab the opportunity and build trough systems (low risk, short-
term payback) – Develop a new technology that can be cheaper than trough and
commercially ready in 1-2 years (medium risk, possibly longer payback)
– Develop a breakthrough technology that can reach cost parity with conventional plants but takes 4-5 years to matures (high risk, long term payback)
115MITEISep2016
The ‘Real World’ Problem of Solar Thermal • Facts:
– There are unprecedented opportunities for solar power “here and now”
– Trough is the only mature solar technology
• Developers are faced with few options: – Grab the opportunity and build trough systems (low risk, short-
term payback) – Develop a new technology that can be cheaper than trough and
commercially ready in 1-2 years (medium risk, possibly longer payback)
– Develop a breakthrough technology that can reach cost parity with conventional plants but takes 4-5 years to mature (high risk, long term payback)
116MITEISep2016
Our Approach
1. Strive for a long term, lowest cost solar power solution
2. Develop a storage solution
117MITEISep2016
Our Approach
1. Strive for a long term, lowest cost solar power solution
2. Develop a storage solution
3. Fast to market approach is acceptable if it leads to the long term solution
118MITEISep2016
Thank You!
119MITEISep2016
*** Supplement slides ***
120MITEISep2016
The price of Money (GE)Sep. 25, 2016
Short answer:GE are currently able to get loans for around 1% (less with a floating rate, more with a fixed rate).
Longer answer:GE floating rate note issued in 2007 pays interest (coupon) of 0.694%.GE note issued in 2015 (also floating rate) pays 0.287%In 2012 GE issued fixed rate 10 year debt for 2.7% (link)In 2015 GE issued fixed rate 12 year Euro denominated debt for 1.875% (link)In 2015 GE issued fixed rate 8 year Euro denominated debt for 1.25% (link)In 2015 GE issued fixed rate 7 year Euro denominated debt for 0.80% (link)
This page (http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=ge) lists many more GE bonds and has a nice graphic of yields and maturities. While these yields aren't interest rates paid by GE (GE pays more in general) they indicate the rates that the market is willing to accept for GE debt.
121MITEISep2016
The price of MoneyNuclear Power Plants
The modernization of Generation II and III Nuclear Reactors for power generation typically includes improved safety system and 60 years design life.
Generation II reactor designs generally had an original design life of 30 or 40 years. This date was set as the period over which loans taken out for the plant would be paid off.
However, many generation II reactor are being life-extended to 50 or 60 years, and a second life-extension to 80 years may also be economic in many cases.
122MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Annual fuel costs
Net annual electricity production
LEC =fcr ⋅ Cinvest + CO&M + C fuel
Eelec,yr
Cinvest
CO&M
C fuel
Eelec,yr
fcr =kd 1+ kd( )N
1+ kd( )N −1+ kinsurance Annualized Fixed Charge Rate
(or Annuity Factor)
123MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Annual fuel costs
Net annual electricity production
LEC =fcr ⋅ Cinvest + CO&M + C fuel
Eelec,yr
Cinvest
CO&M
C fuel
Eelec,yr
fcr =kd 1+ kd( )N
1+ kd( )N −1+ kinsurance Annualized Fixed Charge Rate
(or Annuity Factor)
HereweareonlyinterestedinthesolarLEC
124MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Net annual solar electricity production
Cinvest
CO&M
fcr =kd 1+ kd( )N
1+ kd( )N −1+ kinsurance Annualized Fixed Charge Rate
(or Annuity Factor)
LECsolar =fcr ⋅ Cinvest + CO&M
Esolar−elec,yr
Esolar−elec,yr
125MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Net annual solar electricity production
Annual-averaged system efficiency
Sunlight collection aperture area
Direct annual solar irradiation energy
Cinvest
CO&M
Esolar−elec,yr
LECsolar =fcr ⋅ Cinvest + CO&M
Esolar−elec,yr
=fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
ηsys,yr−avg
Acollector apertureIincident dt
tyear ,sun
∫
126MITEISep2016
The Levelized Energy Cost
Total capital invested in construction and installation
Annual operation and maintenance
Net annual solar electricity production
Overall annual-averaged system efficiency
Sunlight collection aperture area
Direct annual solar irradiation energy
Cinvest
CO&M
Esolar−elec,yr
LECsolar =fcr ⋅ Cinvest + CO&M
Esolar−elec,yr
=fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
ηsys,yr−avg
Acollector apertureIincident dt
tyear ,sun
∫
127MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
128MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditionsNot unique to any technology
129MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcrNot unique to any technology
130MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costsNot really unique to any technology
131MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costs
4. Increase the overall annual system efficiency.
132MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costs
4. Increase the overall annual system efficiency. Increasing the collector area causes an increase in costs and generally does not reduce the LEC.
133MITEISep2016
LEC Reduction
1. Select a site with good solar conditions
2. Obtain favorable financing to minimize fcr.
3. Lower production, installation and operation costs
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
134MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
• Increasing the overall annual system efficiencyis usually combined with reduction of production, installation and operation costs.
135MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
• Increasing the overall annual system efficiencyis usually combined with reduction of production, installation and operation costs.
• It is the most effective way to decrease LEC.
136MITEISep2016
LEC Reduction
LECsolar =fcr ⋅ Cinvest + CO&M
ηsys,yr−avgAcollector aperture Iincident dttyear ,sun
∫
• Increasing the overall annual system efficiencyis usually combined with reduction of production, installation and operation costs.
• It is the most effective way to decrease LEC.• We must develop systems with a potential for
higher annual system efficiency than possible in present solar systems.
137MITEISep2016
The Difficult Issues of Solar Thermal
138MITEISep2016
The Fundamental Problem of Solar Thermal
139MITEISep2016
The Fundamental Problem of Solar Thermal • The the most efficient and lowest cost Heat Engines
are large – typically over 100MWe units
140MITEISep2016
The Fundamental Problem of Solar Thermal • The the most efficient and lowest cost Heat Engines
are large – typically over 100MWe units
• Whereas:– Optimum engine size for Parabolic Trough ~50-100MWe– Optimum engine size for Central Receiver <15MWe– Optimum engine size for parabolic dish ~0.1MWe
141MITEISep2016
The Fundamental Problem of Solar Thermal • The the most efficient and lowest cost Heat Engines
are large – typically over 100MWe units
• Whereas:– Optimum engine size for Parabolic Trough ~50-100MWe– Optimum engine size for Central Receiver <15MWe– Optimum engine size for parabolic dish ~0.1MWe
• The optical efficiency is far better for small solar systems
142MITEISep2016
The Fundamental Problem of Solar Thermal • The the most efficient and lowest cost Heat Engines
are large – typically over 100MWe units
• Whereas:– Optimum engine size for Parabolic Trough ~50-100MWe– Optimum engine size for Central Receiver <15MWe– Optimum engine size for parabolic dish ~0.1MWe
• The optical efficiency is far better for small solar systems
• Next Generation solar thermal systems must address this problem to reach cost parity with conventional power plants
143MITEISep2016
Optical Characteristics – Dish and Ideal Central Receiver
Parabolic Dish Concentrator
Fresnel Reflectors
144MITEISep2016
Optical Characteristics – Real Central Receiver
• Focal image increases by 1m per 100m distance due to sun-shape• Focal image increases further as the rays angle of attack increases with distance from tower• Heliostat spacings must increase with distance from target to avoid light blocking
145MITEISep2016145
%
Total electricity demand and wind power input to the grid in the E.ON TSO area (Germany)
Electrical Power Generation and Distribution