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The UK electricity grid is expected to supply a growing electricity demand and also to cope with electricity generation variability as the country pursues a low-carbon future. Molten Salt Reactors (MSRs) could offer a solution to meet this demand thanks to their estimated low capital costs, low operational risk, and promise of reliably dispatchable low-carbon electricity. In the published literature, there is little emphasis placed on estimating or modelling the future impact of MSRs on electricity grids. Previous modelling efforts were limited to quantifying the value of renewable energy sources, energy storage and carbon capture technologies. To date, no study has assessed or modelled MSRs as a competing power generation source for meeting decarbonization targets. Given this gap, the main objective of this paper is to explore the cost benefits for policy makers, consumers, and investors when MSRs are deployed between 2020 and 2050 for electricity generation in the UK. This paper presents results from electricity systems optimization (ESO) modelling of the costs associated with the deployment of 1350 MW e MSRs, from 2025 onwards to 2050, and compares this against a UK grid with no MSR deployment. Results illustrate a minimum economic benefit of £1.25 billion for every reactor installed over this time period. Additionally, an investment benefit occurs for a fleet of these reactors which have a combined net present value (NPV) of £22 billion in 2050 with a payback period of 23 years if electricity is sold competitively to consumers at a price of £60/MWh. [ABSTRACT FROM AUTHOR]

A new approach is required to determine a technology's value to the power systems of the 21st century. Conventional cost-based metrics are incapable of accounting for the indirect system costs associated with intermittent electricity generation, in addition to environmental and security constraints. In this work, we formalise a new concept for power generation and storage technology valuation which explicitly accounts for system conditions, integration challenges, and the level of technology penetration. The centrepiece of the system value (SV) concept is a whole electricity systems model on a national scale, which simultaneously determines the ideal power system design and unit-wise operational strategy. It brings typical Process Systems Engineering thinking into the analysis of power systems. The model formulation is a mixed-integer linear optimisation and can be understood as hybrid between a generation expansion and a unit commitment model. We present an analysis of the future UK electricity system and investigate the SV of carbon capture and storage equipped power plants (CCS), onshore wind power plants, and grid-level energy storage capacity. We show how the availability of different low-carbon technologies impact the optimal capacity mix and generation patterns. We find that the SV in the year 2035 of grid-level energy storage is an order of magnitude greater than that of CCS and wind power plants. However, CCS and wind capacity provide a more consistent value to the system as their level of deployment increases. Ultimately, the incremental system value of a power technology is a function of the prevalent system design and constraints. [ABSTRACT FROM AUTHOR]

Biomass-based power generation combined with CO 2 capture and storage (Biopower CCS) currently represents one of the few practical and economic means of removing large quantities of CO 2 from the atmosphere, and the only approach that involves the generation of electricity at the same time. We present the results of the Techno-Economic Study of Biomass to Power with CO 2 capture (TESBiC) project, that entailed desk-based review and analysis, process engineering, optimisation as well as primary data collection from some of the leading pilot demonstration plants. From the perspective of being able to deploy Biopower CCS by 2050, twenty-eight Biopower CCS technology combinations involving combustion or gasification of biomass (either dedicated or co-fired with coal) together with pre-, oxy- or post-combustion CO 2 capture were identified and assessed. In addition to the capital and operating costs, techno-economic characteristics such as electrical efficiencies (LHV% basis), Levelised Cost of Electricity (LCOE), costs of CO 2 captured and CO 2 avoided were modelled over time assuming technology improvements from today to 2050. Many of the Biopower CCS technologies gave relatively similar techno-economic results when analysed at the same scale, with the plant scale (MW e ) observed to be the principal driver of CAPEX (£/MW e ) and the cofiring % (i.e. the weighted feedstock cost) a key driver of LCOE. The data collected during the TESBiC project also highlighted the lack of financial incentives for generation of electricity with negative CO 2 emissions. [ABSTRACT FROM AUTHOR]