the economics of gasification a market-based approach气化的经济以市场为基础的方法.pdfVIP

Energies 2009, 2, 662-694; doi:10.3390/e OPEN ACCESS energies ISSN 1996-1073 /journal/energies Article The Economics of Gasification: A Market-Based Approach ´ Luis M. Abadie and Jose M. Chamorro ´ Bilbao Bizkaia Kutxa, Gran Vıa 30, 48009 Bilbao, Spain; E-mail: imabadie@ ´ ´ Departamento Fundamentos del Analisis Economico I, University of the Basque Country, Av. Lehendakari Aguirre 83, 48015 Bilbao, Spain Author to whom correspondence should be addressed; E-Mail: jm.chamorro@ehu.es Received: 21 July 2009; in revised form: 20 August 2009 / Accepted: 21 August 2009 / Published: 25 August 2009 Abstract: This paper deals with the economics of gasification facilities in general and IGCC power plants in particular. Regarding the prospects of these systems, passing the technological test is one thing, passing the economic test can be quite another. In this respect, traditional valuations assume constant input and/or output prices. Since this is hardly realistic, we allow for uncertainty in prices. We naturally look at the markets where many of the products involved are regularly traded. Futures markets on commodities are particularly useful for valuing uncertain future cash flows. Thus, revenues and variable costs can be assessed by means of sound financial concepts and actual market data. On the other hand, these complex systems provide a number of flexibility options