geothermal power plant projects in central america - Orkustofnun

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160180140160tc vap[i], th vap[i]1201008060atc vap[i], th vap[i]1401201008060b400 50000 100000 150000 200000 250000q vap[i]160140400 50000 100000 150000 200000 250000 300000 350000q vap[i]180160tc vap[i], th vap[i]12010080tc vap[i], th vap[i]1401201008060c60d400 5000 10000 15000 20000 25000 30000 35000 40000 45000q vap[i]400 20000 40000 60000 80000 100000 120000 140000 160000q vap[i]FIGURE 25: Temperature – Heat transfer diagram between geothermal resource (blue line) andworking fluid (black line) for pre-heater and boiler. Inlet temperature of geothermal resource, workingfluid: (a) 160°C,isobutene (b) 180°C,isobutene (c) 160°C,n-butane (d) 180°C, n-butaneSpecific net power output [ kW/kg/s ]Single Flash Double Flash ORC (Isobutane)300250200150100500100 120 140 160 180 200 220 240 260 280 300 320 340Resource temperature [ °C ]FIGURE 26: Comparison of specific power output from SF, DF and ORC power plants27
5. COST ESTIMATION MODEL OF GEOTHERMAL POWER DEVELOPMENT5.1 Geothermal development project phasesThe geothermal development processes are fairly similar in geothermal areas around the world withcorresponding modifications and innovations (Dolor, 2006). According to Cross and Freeman (2009),the primary stages of a geothermal developmental cycle are exploration, resource confirmation,drilling and reservoir development, plant construction and power production. Based on this approach,this analysis proposes a four stage breakdown as illustrated in Figure 27:ResearchStuding dataExploratory drillingProject feasibilityProduction wellsInjection wellsDesignConstructionStart-upOperationMaintenanceMake-up wellsExploration andConfirmationDrilllingPower PlantProductionFIGURE 27: Geothermal developmental project phasesThe four phases of the geothermal energy project shown in Figure 27 will be used as a baseline planfor future feasibility models. In this section, capital costs and cost affecting factors of each projectstage from exploration, drilling, power plant construction to operation and maintenance are evaluated.5.2 Exploration and confirmationAccording to the consulting firm Mannvit (2011), geothermal exploration is “the bridge between earlystage ideas for geothermal development and fully committed planning and start up of geothermalproduction. In the broadest sense, geothermal exploration involves proving the viability of geothermalenergy as a practical means of generating power and/or heat in a particular location. The knowledgeobtained through exploration is the basis for an assessment of energy producing potential and thesubsequent creation of engineering plans and construction cost estimates”.Resources defined during the exploration phase, can be divided into three sub-phases: regionalreconnaissance, district exploration, and prospect evaluation. The costs involved in geothermalexploration and development have been widely researched and published. A good deal of this workwas summarized by the Geothermal Energy Association on behalf of the US Department of Energy(Hance, 2005). This study points out that the geothermal developers provided exploration costestimates averaging 173.1 USD/kW. The confirmation phase is defined as drilling additionalproduction wells and testing their flow rates until approximately 25% of the resource capacity neededby the project is achieved. An average cost of 346 USD/kW was suggested when the confirmationphase was considered in tandem with the exploration phase. Using 2010 USD values as an input inthe present analysis, the cost in USD/kW was inflated according to the US BLS (2011) inflationcalculator.5.3 DrillingCost related to drilling is usually the single largest cost and a highly risky component in anygeothermal development. Given the circumstances, it is expected that the cost of drilling will be veryvariable; while this is certainly true to some degree, there are general tendencies.This analysis of drilling costs in Central America is based on the statistical method for estimatingdrilling investments in unknown geothermal fields presented by Stefansson (2002) who made astatistical study of drilling results in 31 high-temperature fields around the world. Using these world28
Page 1 and 2: GEOTHERMAL TRAINING PROGRAMMEHot sp
Page 3 and 4: This MSc thesis has also been publi
Page 5 and 6: ACKNOWLEDGEMENTSMy gratitude to the
Page 7 and 8: TABLE OF CONTENTSPage1. INTRODUCTIO
Page 9 and 10: PageAPPENDIX A: FINANCIAL MODEL ...
Page 12 and 13: 1. INTRODUCTIONRecent research on r
Page 14 and 15: 2. CENTRAL AMERICAN DATA2.1 Power p
Page 16 and 17: 2.2.3 HondurasThe Honduran electric
Page 18 and 19: NET INJECTION BY SOURCE (2010)INSTA
Page 20 and 21: income taxes for a period of 10 yea
Page 22 and 23: annual temperature ranges from 17 t
Page 24 and 25: egional reconnaissance in 1981ident
Page 26 and 27: 4. GEOTHERMAL ELECTRICAL POWER ASSE
Page 28 and 29: The net contribution of that power
Page 30 and 31: Introducing , = , and , = ,
Page 32 and 33: 9ProductionWellBoiler5Turbine~1046P
Page 34 and 35: TABLE 3: Parameters and boundary co
Page 36 and 37: eaches the maximum limit, and for h
Page 40 and 41: average results, and combining them
Page 42 and 43: The base cost ( ) can be calculate
Page 44 and 45: calculation for another separator c
Page 46 and 47: mass flow rate (kg/s) on the plant
Page 48 and 49: Table 11 shows a summary of costs f
Page 50 and 51: 5.6.4 Comparison of capital costs b
Page 52 and 53: 6. FINANCIAL FEASIBILITY ASSESSMENT
Page 54 and 55: 6.2 Model structureThe financial fe
Page 56 and 57: CCF = EBITDA − ∆Working Capital
Page 58 and 59: Interest on loansFleischmann (2007)
Page 60 and 61: IRR30%25%IRR CapitalIRR Equity20%Si
Page 62 and 63: FIGURE 42: Allocation of funds for:
Page 64 and 65: 340IRR Free Cash Flow to Equity [ %
Page 66 and 67: flash technology is between 0.3 and
Page 68 and 69: Energy Price Availability Factor O&
Page 70 and 71: FIGURE 50: Density and cumulative p
Page 72 and 73: In Chapter 6, Figure 44 illustrated
Page 74 and 75: The internal rate of return is offs
Page 76 and 77: Cengel, Y. and Tuner, R., 2005: Fun
Page 78 and 79: IEAb, 2011: Technology roadmap: Geo
Page 80 and 81: Salmon, J., Meurice, J., Wobus, N.,
Page 82 and 83: APPENDIX A: SUMMARY OF FINANCIAL MO
Page 84 and 85: APPENDIX C: INVESTMENT AND FINANCIN
Page 86 and 87: APPENDIX E: BALANCE SHEETBALANCE SH

geothermal power plant projects in central america - Orkustofnun

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