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Evaluation of two alternative carbon capture and storage technologies

Keywords: carbon capture and storage, enhanced oil recovery, power plants, stochastic model, futures markets

Author(s): Luis M. Abadie, Ibon Galarraga and Josu Lucas

Date: 2013-05-16

Issue: 2013-03

  Download this Policy Briefings (394 KB.)


Keypoints

  • Carbon dioxide capture and storage (CCS) is one of the technologies for
    fighting climate change in the future. The use of CO2 for enhanced oil
    recovery (EOR) paired with storage in deep saline formations (DSF) could
    effectively help to support CCS demonstration projects, reduce costs and
    thus guarantee the future economic viability of power plants incorporating
    both EOR and CCS.

  • CCS without EOR is highly unprofitable at both current and expected
    carbon market prices.

  • The profitability of these technologies is highly influenced by the volatility
    of future electricity prices, oil prices and carbon allowance prices.

  • Investment in EOR and secondary DSF storage can only be profitable
    with a long-term equilibrium price for oil higher than $51/barrel. When
    the investment decision can be made at any time the trigger value for
    optimal investment is significantly higher at $89/barrel. However, an increase
    in the investment cost can substantially raise these trigger prices.

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