economic model¶
Cost model¶
The following CAPEX and OPEX items are included in the cashflow model:
CAPEX [€] = CAPEXwells [+ CAPEXstimulation] + CAPEXplant
*OPEX [€] per year = OPEXplant + [ + OPEXhp ] + OPEXEcons + *
Well costs¶
The well costs are calculated based for each of the two wells based on the top depth of the reservoir ztop
CAPEXwells [€] = 2 wscale ∙ ( wc0 + wc1 ∙ scurve ∙ ztop[m] + wc2 ∙ (scurve ∙ ztop)^2 [m^2] )*
The scurve is a scaling factor for deviated wells, which is used to account for the curvature of the well trajectory, i.e. for deviated and horizontal well layouts scurve is larger than 1, and for vertical wells it is equal to 1. So scurve ∙ ztop can be interpreted as the along hole depth (AHD) or Measured Depth (MD) of the well.
Well Stimulation costs¶
If stimulation is activated through use_stim, the stimulation costs are included in the CAPEX model, by:
CAPEXstimulation [€] = capex_stim ∙ 10^6
Geothermal Plant costs¶
*CAPEXplant [€]= CAPEXbase [million €] ∙ 10^6 + CAPEXother,var [€/kW] ∙ POWER [MW] ∙ 10^3
where:
- CAPEXbase is the base capital expenditure, which includes the cost of the geothermal plant and other fixed costs.
- CAPEXother,var is the variable capital expenditure, which includes the cost for scaling to a certain capacity of geothermal power
- POWER is the net power output of the geothermal plant, which is the geothermal power output
corrected for the conversion efficiency any parasitic power losses. For direct heat (including heat pump) it does not include conversion to heat of the ESP power, and added heat in the heatpump from the compressor.
In the directheat with heat pump there are additional CAPEXhp,var and OPEXhp parameters for the heat pump system, which are included in the cashflow model as follows:
CAPEXhp = CAPEXhp,var [€/kW] ∙ POWER [MW] ∙ 10^3
where:
- CAPEXhp,var is the variable capital expenditure for the heat pump system, which includes the cost of scaling to a certain capacity of geothermal power.
Operating Expenditure¶
accounts for yearly operational expenses of the geothermal plant, which include maintenance, repairs, and other ongoing costs.
OPEXplant [€] per year = OPEXbase [€] + OPEXpower [€/kw] ∙ POWER [MW] ∙ 10^3 + OPEXheat,var [€/kwh] ∙ Hprody [MWh] ∙ 10^3
where:
- OPEXbase is the base operating expenditure, which includes the cost of operating and maintaining the geothermal plant.
- OPEXpower is the scaling of operating expenditure per unit of net power capacity.
- OPEXheat,var is the additional operating expenditure per unit of net heat output, which includes the cost of operating and maintaining the geothermal plant for direct heat applications.
- Hprody is the geothermal energy producted of the geothermal plant on a yearly basis [kWh/y].
the proposed values for these parameters are dependent on the energy conversion technology and the type of geothermal resource directheat, directheat with heat pump, chiller and ORC and can be adjusted in the ThermoGIS configuration file.
In the directheat with heat pump there is additional OPEXhp which is included in the cashflow model as follows:
OPEXhp = OPEXhp [€/kW] ∙ POWER [MW] ∙ 10^3
where:
- OPEXhp is the operating expenditure for the heat pump system, which includes the cost of operating and maintaining the heat pump system
Power consumption¶
A part of the operating expenditure, the power consumption of the geothermal plant is also considered in the cashflow model.
OPEXEcons_cost = Eprice ∙ (ESPEcons + parasiticEcons + heatpumpEcons)
where:
- ESPEcons is the power consumption of the ESP pump, in accordance to the COP of the geothermal thermal loop, and efficiency of the ESP
- parasiticEcons is the parasitic power consumption of the geothermal plant, which includes the power consumption of a chiller.
- heatpumpEcons is the power consumption of the heat pump system, in accordance to the COP of the heat pump system.
- Eprice is the electricity price in cts/kWh, which is the cost of electricity used to power the ESP (chlling and heat pump system).