Journal
ENVIRONMENTAL SCIENCE & TECHNOLOGY
Volume 50, Issue 23, Pages 12567-12574Publisher
AMER CHEMICAL SOC
DOI: 10.1021/acs.est.6b03175
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Funding
- Center for Climate and Energy Decision Making through National Science Foundation [SES-0949710]
- Center for Climate and Energy Decision Making through Carnegie Mellon University [SES-0949710]
- Divn Of Social and Economic Sciences
- Direct For Social, Behav & Economic Scie [1463492] Funding Source: National Science Foundation
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Using data on the coal-fired electric generating units (EGUs) in Texas we assess the economic feasibility of retrofitting existing units with carbon capture and sequestration (CCS) in order to comply with the Clean Power Plan's rate-based emission standards under an emission trading scheme. CCS with 90% capture is shown to be more economically attractive for a range of existing units than purchasing emission rate credits (ERCs) from a trading market at an average credit price above $28 per MWh under the final state standard and $35 per MWh under the final national standard. The breakeven ERC trading prices would decrease significantly if the captured CO, were sold for use in enhanced oil recovery, making CCS retrofits viable at lower trading prices. The combination of ERC trading and CO, use can greatly reinforce economic incentives and market demands for CCS and hence accelerate large-scale deployment, even under scenarios with high retrofit costs. Comparing the levelized costs of electricity generation between CCS retrofits and new renewable plants under the ERC trading scheme, retrofitting coal-fired EGUs with CCS may be significantly cheaper than new solar plants under some market conditions.
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