+ All Categories
Home > Technology > Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Date post: 08-Apr-2017
Category:
Upload: informa-australia
View: 221 times
Download: 2 times
Share this document with a friend
13
Commercial in Confidence Craig Wood CEO July 2016 Field 5 Test at Jemalong Station, near Forbes, NSW, Australia, April 2016 Economic Thermal Storage – the Key to Success for CSP
Transcript
Page 1: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence

Craig Wood CEOJuly 2016

Field5TestatJemalongStation,nearForbes,NSW,Australia,April2016

Economic Thermal Storage – the Key to Success for CSP

Page 2: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence

Vast Solar at a Glance

Overview• Private company founded in 2009

• Delivering solar thermal technology at a cost-point that makes large scale plants commercially viable

• Head office in Sydney, NSW with technical campus at Jemalong, Forbes, NSW

• FTE 22 at June 2016

Technology• Modular central receiver CSP with thermal energy

storage• Key differentiators:

• Compact, modular solar arrays with 27m tower and nominal power 1.6MWth

• Relatively small 3.6m2 heliostat costing <$100/m2 fully installed

• Sodium heat transfer fluid with molten salt storage

• Innovative receiver technology

Funding to Date$25M raised to date including:

• Twynam Agricultural Group • Australian Federal Government (ARENA, ASI)

• Skoda Power

Progress• 2009-11: field testing and prototyping facilities

operated for 30 months• 2012-13: 1U facility

Phase 1: commissioned Dec 2011 (300kWth 200 heliostat field, receiver and HTF cycle)Phase 2: expansion to 1.6MWth with 700 heliostats completed Dec 2012

• 2014-16: 6MWth 5-module, grid connected Pilot Plant to be commissioned by Sep 2016

• 2017 - 30MW project planning & fundraising

Page 3: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 3

6MWth Grid Connected Pilot Plant

Page 4: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 4

6MWth Grid Connected Pilot PlantCurrently being commissioned

Page 5: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 5

Receiver

To Transmission

Grid

GeneratorHTF565°C

Receiver Tower

Module

Turbine

Feed water

Steam 538°C/100 bar

Na/Salt HX

Hot

Cold

Vast Solar Plant Design - Lower Cost, Higher EfficiencyCompetitive advantages in solar array and heat transfer systems

Steam Generator

Modular AirCooled Condenser

1. Solar Array 2. Sodium HTF 3. Molten Salt Storage 4. Conventional Steam Cycle

• 700 heliostat module• Low cost (<$100/m2) 3.6m2

heliostats• 27m towers• 2.25m2 high flux receivers

• High thermal conductivity

• 880C vaporization, 98C freezing point

• Proven technology• High heat capacity• Operating range 550 to 288C

• Proven technology• Wet or dry cooling options

Page 6: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 6

Vast Solar PartnersAll organizations conducted extensive due diligence on Vast Solar

Steam turbines & steam cycle designProject Oversight

Small scale steam turbines Air cooled condensers

Lead Investor Grid connection partner

Australian Government Grants

Australian Government Financing

Project design

Page 7: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence

Commercialisation ProgramPhased approach progressively reduces risk and opens market opportunities

7

1U RD&D

6MWth Pilot

Status: Completed

300MW Utility Scale Plant

30MW Commercial Proof

Utility ScalePower Offering

Status: Commissioning

Status: In development Commercial Distributed Power Offering

• 1 module• Full heat transfer loop

• 5 modules• Sun-to-grid proof-point

• 89 modules• Salt storage integration• Commercial plant proof-point

• 800 modules• Commercial plant proof-point

Page 8: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 8

Why Should CSP be Part of the Generation Mix?

• Potential to be the lowest cost of any utility-scale generator

• Dispatchable energy => ideal replacement for fossil generators

• PV uses grid assets inefficiently with capacity factor <25% relative to CSP with 15 hours storage and capacity factor CSP ~70%

• Provides ancillary service benefits to the grid currently provided by fossil generators – inertia, frequency, etc.

• Significant local manufacturing content compared to wind and PV

• Skilled jobs during construction and ongoing operation and maintenance with a bias to regional areas

• Foundation is power generation but CSP excels in other industrial applications: process heat, solar fuels, desalination, minerals refining

Page 9: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 9

The Value of Storage is Now Being Recognised

• The good work of our friends in the PV community means that policy makers now realise storage is critical

• Lazard LCSA November 2015• PHES, CAES, Li-Ion, Lead Acid, etc. considered• Costs range from $100/kWh and up by an order of magnitude• No mention of CSP molten salt

• Storage is CSP’s key differentiator and its saviour – marginal cost of storage is $20/kWh

• Substantially better than traditional storage on other metrics• 99% round trip efficiency• Grid-scale solution => best use of installed assets• Highly scalable• No degradation over a 30 year plant life• Safe and environmentally friendly - when the plant is finally decommissioned

you can sell the salt for fertiliser

Page 10: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence

Economic Storage Provides Dispatchability…

10

Thanks to thermal storage, CSP is generated on demand when the sun sets while demand often peaks and value of electricity increases

Page 11: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 11

…Which Drives LCOE Down

• First 30MW plant will have an LCOE ~12c/kWh

• Small plant over which to amortise soft costs of 30% of the overall budget

• LCOE figures assume Australian capital structures, debt and equity costs, etc. – these fall dramatically if debt:equity ratios are higher or finance costs lower

Page 12: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence 12

What is Stopping CSP?

• Extremely long and expensive path to commercialisation

• Small doesn’t work – projects need to be $100m and up

• No supply chain => need to develop everything

• Comparative risk – wind and PV are now low risk and debt/equity is priced accordingly

• Strong government support is required to traverse ‘the valley of death’

Page 13: Craig Wood - Vast Solar - CSP - The Impact of solar thermal and the economics of thermal storage

Commercial in Confidence

Thank You

13


Recommended