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Feasibility study of a low-temperature geothermal power plant for multiple economic scenarios

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  • Van Erdeweghe, Sarah
  • Van Bael, Johan
  • Laenen, Ben
  • D'haeseleer, William

Abstract

Deep-geothermal energy is a renewable energy source which provides a constant heat flux to the earth surface. If this heat is used properly, the geothermal power plant might serve as a base-load plant. However, geothermal well drilling costs are high, so the economic feasibility is not always secured. This is especially the case for low brine temperatures, which are common in NW Europe. In this paper, we will investigate the feasibility of a low-temperature geothermal plant for multiple economic scenarios. Whereas, in the literature, the focus is often on the influence of heat source conditions and environmental parameters, we focus on the economic parameter assumptions (electricity price, discount rate, lifetime, availability factor and well drilling costs). The design of the heat exchangers and the air-cooled condenser are optimized together with the operating conditions based on a thermo-economic optimization algorithm. The net present value (NPV) is the objective function. We find that the same geothermal project might be profitable (NPV = 11.63MEUR) or loss-making (NPV = −9.91MEUR), depending on the economic situation. Good economic conditions are an incentive to build a more expensive ORC which generates a high electrical power output, whereas in bad conditions, a cheap ORC must be chosen which produces less electricity.

Suggested Citation

  • Van Erdeweghe, Sarah & Van Bael, Johan & Laenen, Ben & D'haeseleer, William, 2018. "Feasibility study of a low-temperature geothermal power plant for multiple economic scenarios," Energy, Elsevier, vol. 155(C), pages 1004-1012.
    • Handle: RePEc:eee:energy:v:155:y:2018:i:c:p:1004-1012
    DOI: 10.1016/j.energy.2018.05.028
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    References listed on IDEAS

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    1. Walraven, Daniël & Laenen, Ben & D’haeseleer, William, 2015. "Minimizing the levelized cost of electricity production from low-temperature geothermal heat sources with ORCs: Water or air cooled?," Applied Energy, Elsevier, vol. 142(C), pages 144-153.
    2. Chen, Huijuan & Goswami, D. Yogi & Stefanakos, Elias K., 2010. "A review of thermodynamic cycles and working fluids for the conversion of low-grade heat," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(9), pages 3059-3067, December.
    3. Zhang, Cheng & Liu, Chao & Wang, Shukun & Xu, Xiaoxiao & Li, Qibin, 2017. "Thermo-economic comparison of subcritical organic Rankine cycle based on different heat exchanger configurations," Energy, Elsevier, vol. 123(C), pages 728-741.
    4. Imran, Muhammad & Usman, Muhammad & Park, Byung-Sik & Yang, Youngmin, 2016. "Comparative assessment of Organic Rankine Cycle integration for low temperature geothermal heat source applications," Energy, Elsevier, vol. 102(C), pages 473-490.
    5. Walraven, Daniël & Laenen, Ben & D'haeseleer, William, 2015. "Economic system optimization of air-cooled organic Rankine cycles powered by low-temperature geothermal heat sources," Energy, Elsevier, vol. 80(C), pages 104-113.
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    2. Anderson, Austin & Rezaie, Behnaz, 2019. "Geothermal technology: Trends and potential role in a sustainable future," Applied Energy, Elsevier, vol. 248(C), pages 18-34.
    3. Xue, Zhenqian & Ma, Haoming & Wei, Yizheng & Wu, Wei & Sun, Zhe & Chai, Maojie & Zhang, Chi & Chen, Zhangxin, 2024. "Integrated technological and economic feasibility comparisons of enhanced geothermal systems associated with carbon storage," Applied Energy, Elsevier, vol. 359(C).
    4. Gkousis, Spiros & Welkenhuysen, Kris & Harcouët-Menou, Virginie & Pogacnik, Justin & Laenen, Ben & Compernolle, Tine, 2024. "Integrated geo-techno-economic and real options analysis of the decision to invest in a medium enthalpy deep geothermal heating plant. A case study in Northern Belgium," Energy Economics, Elsevier, vol. 134(C).
    5. Soltani, M. & Moradi Kashkooli, Farshad & Souri, Mohammad & Rafiei, Behnam & Jabarifar, Mohammad & Gharali, Kobra & Nathwani, Jatin S., 2021. "Environmental, economic, and social impacts of geothermal energy systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 140(C).
    6. Leveni, Martina & Manfrida, Giampaolo & Cozzolino, Raffaello & Mendecka, Barbara, 2019. "Energy and exergy analysis of cold and power production from the geothermal reservoir of Torre Alfina," Energy, Elsevier, vol. 180(C), pages 807-818.
    7. Lee, Inkyu & Tester, Jefferson William & You, Fengqi, 2019. "Systems analysis, design, and optimization of geothermal energy systems for power production and polygeneration: State-of-the-art and future challenges," Renewable and Sustainable Energy Reviews, Elsevier, vol. 109(C), pages 551-577.
    8. Dokl, Monika & Gomilšek, Rok & Čuček, Lidija & Abikoye, Ben & Kravanja, Zdravko, 2022. "Maximizing the power output and net present value of organic Rankine cycle: Application to aluminium industry," Energy, Elsevier, vol. 239(PE).

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