Economic feasibility of methanol synthesis as a method for CO2 reduction and energy storage

In this paper, a thermo-economic analysis concerning a methanol production plant is performed. In particular, this study was developed with the aim of evaluating the opportunity and viability of obtaining methanol from the chemical reaction between recycled CO2, emitted from a fossil-fuel power station, and hydrogen produced by water electrolysis. This solution can represent an interesting carbon dioxide reduction method and methanol as a product can be considered an energy storage means. As a first step, a thermodynamic analysis is performed in order to determine the mass and energy flows of the plant; then, a feasibility analysis concerning a large size methanol production plant is performed taking into account three different economic scenarios (Germany, Italy, and China). In order to evaluate the economic viability, the total investment cost and payback period are calculated in all the scenarios. Different methanol and electrical energy prices are considered, to take into proper account the influence of these parameters on mid-term future scenarios. Moreover, a sensitivity analysis, considering different oxygen selling prices and PEM electrolyzer capital costs, were performed. (C) 2019 The Authors. Published by Elsevier Ltd.