Economic Process Selection of Liquefied Natural Gas Regasification: Power Generation and Energy Storage Applications

Abstract

Liquefied natural gas (LNG) demand has been rapidly increasing due to the global need for clean energy resources. This study analyzes and compares LNG regasification processes and technologies from the technoeconomic perspective and focuses on utilizing LNG cold energy as an economically beneficial option. The comparative technoeconomic analyses focus on the following three process: (1) a simple LNG regasification process, which wastes LNG cold energy; (2) an LNG regasification power plant (LPP) process, which utilizes LNG cold energy to generate electricity; (3) an LNG regasification power plant integrated with a cryogenic energy storage (LPCES) process, which utilizes LNG cold energy to store electricity. The results indicate that the LPP process has the highest net present value of $215 million for 1 MTPA LNG regasification, whereas the simple LNG regasification process and the LPCES process are valued at $210 million and $188 million, respectively. Sensitivity analysis results show that the relative rank of profitability of these three technologies varies according to discount rates, electricity prices, and carbon tax. This study not only revealed that LNG cold energy use can be an economically beneficial option but also helped determine the most profitable LNG regasification process under varying regional and market conditions.

Recent Trends on Liquid Air Energy Storage: A Bibliometric Analysis

“…It is worth mentioning that Yonsei University and Cornell University are not reported in Table 2. Indeed, these institutions, active in the topic of LAES [34,35], often use the terminology "cryogenic energy storage" to name the same technology, which, as mentioned in the methodology, was not included in the query selected. Figure 7 shows the number of publications of the top 10 institutions that published more documents from 2009 to 2019.…”

MINLP Model for Operational Optimization of LNG Terminals

“…Thus, they are the first target for energy saving. The minimization of the total compression energy is the general objective function of the LNG terminals, although many mathematical models of the compressors have been developed and applied in the simulation and optimization of LNG terminals [24][25][26]. Terminals normally used several multi-stage compressors in parallel to keep the BOG flow rate in a specific range.…”

Exergy Analysis of Adiabatic Liquid Air Energy Storage (A-LAES) System Based on Linde–Hampson Cycle

“…This system includes two heat storage tanks (high temperature and low temperature), which are the elements connecting the solar power plant with the LAES system. Systems for storing energy with the use of, inter alia, liquid air combined with liquefied natural gas (LNG) regasification process are shown in References [21][22][23]. As in Reference [12], in articles [21][22][23], liquefied air is stored under high pressure.…”

“…Systems for storing energy with the use of, inter alia, liquid air combined with liquefied natural gas (LNG) regasification process are shown in References [21][22][23]. As in Reference [12], in articles [21][22][23], liquefied air is stored under high pressure. The system that uses cold from the LNG regasification process for air liquefaction in the LAES system is also shown in Reference [24], but in this case, the liquefied air was stored under low pressure.…”