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Projected cost analysis of hybrid methanol production from tri-reforming of methane integrated with various water electrolysis systems: Technical and economic assessment

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  • Lim, Dongjun
  • Lee, Boreum
  • Lee, Hyunjun
  • Byun, Manhee
  • Lim, Hankwon

Abstract

In this study, a techno-economic analysis for the bridging technology of hybrid methanol production based on tri-reforming of methane integrated with water electrolysis is performed. Focusing on the technical and economic parameters of three representative types of water electrolyzer (alkaline, proton exchange membrane, and solid oxide electrolysis), the process flow diagram for the targeted process is built and key economic parameters are confirmed. Based on the results of the simulation model and values of economic entries, itemized cost estimation reflecting the current status of water electrolyzers is conducted to evaluate the methanol production costs. Furthermore, the future production costs of methanol are estimated according to the projected values of system efficiencies, the lifetimes, and the future investment costs of three different water electrolyzer types. The results of methanol production costs in the present and the future are compared with the market prices of methanol in three different regions (U.S., Europe, and China) to verify the economic viability of the process. Considering the reported annual working hours of electrolyzers and the predicted decline of electricity prices generated from renewable energy sources such as photovoltaics and on-shore wind energy, operating hours of the plant and electricity prices for water electrolysis to be economically competitive are varied for more practical prediction for methanol production costs. In conclusion, the profitable operating conditions of the process to achieve a 20% margin in the regions in the present and the future are suggested concerning plant working hours and the levelized cost of electricity for each water electrolysis system.

Suggested Citation

  • Lim, Dongjun & Lee, Boreum & Lee, Hyunjun & Byun, Manhee & Lim, Hankwon, 2022. "Projected cost analysis of hybrid methanol production from tri-reforming of methane integrated with various water electrolysis systems: Technical and economic assessment," Renewable and Sustainable Energy Reviews, Elsevier, vol. 155(C).
    • Handle: RePEc:eee:rensus:v:155:y:2022:i:c:s1364032121011436
    DOI: 10.1016/j.rser.2021.111876
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