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EPRI Proprietary Licensed Material Table 13 Benefits Summary (NPV Of Using The CAES Plant Developed For Each Application In Table 10 For The Five Situations Shown Across The Top) Original T&D Application of Plant Deferral of T&D Construction Peak Shaving Situation Avoided Load Shedding Arbitrage Spinning Reserve Credit Reactive Power Supply (VAR Support) Peak Shaving Energy Imbalance (Area Control) Spinning Reserve Supplemental Reserve Price Hedging (Arbitrage) $72M n/a n/a n/a n/a n/a $7M $38M n/a n/a n/a n/a n/a n/a $42M n/a n/a n/a n/a $41M n/a n/a n/a n/a $42M $120M n/a n/a $580M $42M The following five cases are considered: • T&D Deferral – The baseline is for the utility to construct new T&D facilities during the first year. The CAES alternatives are for the utility to use the CAES plants delineated in Table 10 to defer the construction of T&D for ten years. The cost of constructing the new T&D facilities in ten years is included as part of the CAES situation, but the economic value of the CAES plant beyond ten years is neglected. A benefit to the utility is achieved if the CAES plant has a lower net present value than the T&D construction. • Peak Shaving – The baseline is for the utility to construct a new simple-cycle combustion turbine power plant during the first year to meet the demand. The CAES alternatives are to provide the power required with the CAES plants defined in Table 10. A benefit is achieved if the CAES plant has a lower net present value than the combustion turbine power plant construction. • Load Shedding – The baseline is for the utility to do nothing to avoid lost sales due to load shedding. The CAES alternatives are to provide the power required to avoid load shedding Compressed Air Energy Storage (CAES) Page 31
EPRI Proprietary Licensed Material with the CAES plants defined in Table 10. A benefit is achieved if the CAES plant concept has a positive net present value. • Arbitrage -- The baseline is for the utility to do nothing. The CAES alternatives are to purchase power a low cost and sell power at a higher cost using the CAES plants defined in Table 10. A benefit is achieved if the CAES plant concept has a positive net present value. • Spinning reserve -- The baseline is for the utility to do nothing to meet the requirement for spinning reserve. The CAES alternatives are to provide the required hot spinning reserve with the CAES plants defined in Table 10. A benefit is achieved if the CAES plant concept has a positive net present value. The following parameters were the same for every case: • Average off-peak wholesale electricity price paid by utility [2] $0.01/kWh • Average wholesale electricity price paid by utility [2] $0.04/kWh • Average peak electricity selling price received by utility [2] $0.047/kWh • Fuel cost [2] $3.00/MMBtu • Discount rate [2] 5% • Inflation rate [2] 2% • Cost escalation rate 2% The major benefits of CAES are the arbitrage and deferral of T&D investments. Demand charges and spinning reserve credits dominate the economic benefit when they can be applied, and demand charges are particularly lucrative for arbitrage. Although CAES may not avoid the need for T&D construction in the long term, it can buy time until other problems can be solved or until a more accurate assessment of potential solutions are completed. For example, a CAES facility may suffice while the route for the new transmission line goes through the environmental permitting and public approval process. In addition, a CAES facility can be added to a system in relatively small capacity increments, allowing the system capacity to follow the demand closely. In contrast, new T&D capacity is usually added in large capacity increments, resulting in several years of underutilized capacity while the load grows to meet the new capacity. 5. References and Bibliography The sources utilized as background material for this chapter are summarized below. References [1] Studio of Arts and Sciences, New and Alternative Technologies for Electricity Generation, www.powernet.nsw.gov.au, Sydney, Australia, 1998. [2] Steven Eckroad, EPRI, teleconference, 2002. Compressed Air Energy Storage (CAES) Page 32
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