Techno-economic assessment of a power-to-green methanol plant

Abstract

Power-to-Liquid plants are a potential linchpin of future energy systems. Economic evaluations are crucial to assess their competitiveness with conventional fossil-based and other innovative processes. A techno-economic assessment of a previously presented plant concept producing green methanol was performed, evaluating different scenarios based on the net present value and annuity method. A hybrid plant was designed to realize an availability comparable to industrial plants. Green methanol prices of 717–1107 €2022/t are required to realize amortization periods between 5 and 25 years. Net production costs of 785 €2022/t were obtained for the base scenario, a surcharge of 44% compared to German methanol prices in 2022. CO2 prices of 220–310 €2022/t are necessary to become cost-competitive with fossil-based methanol. A sensitivity analysis underscored the grid electricity price’s negligible influence on the plant’s economic performance due to the implemented hybrid power plant. Green methanol has the potential to decrease the chemical industry’s carbon footprint while simultaneously substituting fossil imports with local CO2 sources. The presented study provides a concept tackling Power-to-Liquid plants’ major drawbacks by concurrently maximizing annual operating hours and economic performance due to the utilization of renewable electricity. Consequently, stable long-term scenarios for interested investors were established.

Keywords

• Green methanol
• Techno-economic assessment
• Power-to-Liquid
• Hybrid renewable power plant
• Carbon capture and utilization