Nuclear Production of Hydrogen, Fourth Information Exchange ...
Nuclear Production of Hydrogen, Fourth Information Exchange ... Nuclear Production of Hydrogen, Fourth Information Exchange ...
MARKET VIABILITY OF NUCLEAR HYDROGEN TECHNOLOGIES: QUANTIFYING THE VALUE OF PRODUCT FLEXIBILITY Introduction Nuclear energy has the potential to play an important role in the future energy system as a large-scale source of hydrogen without greenhouse gas emissions. Thus far, economic studies of nuclear hydrogen tend to focus on the levelised cost of hydrogen without accounting for the risks and uncertainties that potential investors would face. A financial model based on real options theory to assess the profitability of different nuclear hydrogen production technologies in evolving electricity and hydrogen markets is presented in Botterud (2008). The model uses Monte Carlo simulations to represent uncertainty in future hydrogen and electricity prices. It computes the expected value and the distribution of discounted profits from nuclear hydrogen production plants. Moreover, the model quantifies the value of the option to switch between hydrogen and electricity production, depending on what is more profitable to sell. Results We use the model to analyse the market viability of four potential nuclear hydrogen technologies (Table 1). Our analysis finds that the flexibility to switch between hydrogen and electricity production leads to significantly different relative viability of the different technologies, compared to a levelised cost analysis for hydrogen as the sole product (Table 2). The flexibility in output products adds substantial value to plant designs that allow a switch between hydrogen and electricity generation. Electrochemical hydrogen production processes (HPE and HTE) therefore have a distinct advantage compared to thermochemical processes, since the electricity which is used as input to the electrolysis instead could be sold directly to the electricity market during periods of high electricity prices. For a complete documentation of model and results we refer to (Botterud, 2008). Table 1: Nuclear hydrogen technologies Hydrogen production process Nuclear reactor type Product flexibility? High-pressure water Advanced light Yes electrolysis (HPE) water reactor (ALWR) High-temperature High-temperature Yes steam electrolysis (HTE) gas-cooled reactor (HTGR) High-temperature High-temperature Pure hydrogen sulphur-iodine cycle (SI) gas-cooled reactor (HTGR) Hybrid sulphur thermoelectrochemical cycle (HyS) High-temperature gas-cooled reactor (HTGR) Fixed hydrogen and electricity production Table 2: Summary of results Technology Product Levelised Expected Expected value flexibility? cost [$/kg] profit [M $] of flexibility [M $] HPE-ALWR Yes 2.98 283 266 HTE-HTGR Yes 2.93 295 212 SI-HTGR No 3.26 -348 0 HyS-HTGR No 2.97 19 0 Conclusion We conclude that flexibility in output product is likely to add significant economic value for an investor in nuclear hydrogen. Product flexibility increases the market viability, and this should be taken into account in the development phase of nuclear hydrogen technologies. Reference Botterud A., et al. (2008), “Nuclear Hydrogen: An Assessment of Product Flexibility and Market Viability”, Energy Policy, Vol. 36, No. 10, pp. 3961-3973, October. 344 NUCLEAR PRODUCTION OF HYDROGEN – © OECD/NEA 2010
POSSIBILITY OF ACTIVE CARBON RECYCLE ENERGY SYSTEM Possibility of active carbon recycle energy system Yukitaka Kato Research Laboratory for Nuclear Reactors Tokyo Institute of Technology Tokyo 152-8550, Japan Abstract A new energy transformation system based on carbon recycle use was discussed. A concept of an Active Carbon Neutral Energy System (ACRES) was proposed. Carbon dioxide is regenerated artificially into hydrocarbons by using a heat source with non-carbon dioxide emission, and the regenerated hydrocarbon is re-used cyclically as an energy carrier media in ACRES. Feasibility of ACRES was examined thermodynamically in comparison with hydrogen energy system. Carbon monoxide was the most suitable for a recycle carbon media in ACRES because of relatively high energy density in comparison with hydrogen, and high acceptability to conventional chemical, steel and high-temperature manufacturing industries. A high-temperature gas reactor was a good power source for ACRES. ACRES with carbon monoxide as recycle media was expected to be one of the efficient energy utilisation systems for the reactor. NUCLEAR PRODUCTION OF HYDROGEN – © OECD/NEA 2010 345
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POSSIBILITY OF ACTIVE CARBON RECYCLE ENERGY SYSTEM<br />
Possibility <strong>of</strong> active carbon recycle energy system<br />
Yukitaka Kato<br />
Research Laboratory for <strong>Nuclear</strong> Reactors<br />
Tokyo Institute <strong>of</strong> Technology<br />
Tokyo 152-8550, Japan<br />
Abstract<br />
A new energy transformation system based on carbon recycle use was discussed. A concept <strong>of</strong> an<br />
Active Carbon Neutral Energy System (ACRES) was proposed. Carbon dioxide is regenerated artificially<br />
into hydrocarbons by using a heat source with non-carbon dioxide emission, and the regenerated<br />
hydrocarbon is re-used cyclically as an energy carrier media in ACRES. Feasibility <strong>of</strong> ACRES was<br />
examined thermodynamically in comparison with hydrogen energy system. Carbon monoxide was the<br />
most suitable for a recycle carbon media in ACRES because <strong>of</strong> relatively high energy density in<br />
comparison with hydrogen, and high acceptability to conventional chemical, steel and high-temperature<br />
manufacturing industries. A high-temperature gas reactor was a good power source for ACRES.<br />
ACRES with carbon monoxide as recycle media was expected to be one <strong>of</strong> the efficient energy<br />
utilisation systems for the reactor.<br />
NUCLEAR PRODUCTION OF HYDROGEN – © OECD/NEA 2010 345
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