Sunlight to Convert CO2 to Transportation
FuelsKate McCartyLuisa Valle
Elizabeth GloverScott Danielsen
Adviser: Talid SinnoProject Author: Matthew Targett
Purpose
To analyze the technological and economic feasibility of a facility using a proprietary
reactor (CR5) to convert carbon dioxide to liquid transportation fuels using sunlight
State of Energy Market 2013 Global Petroleum & Other Liquids
Consumption: 90.4MM bbl/d 1 Expected to grow by:
1.2MM bbl/d in 2014 1
1.4MM bbl/d in 2015 1
Current crude oil production through drilling High energy expense Releases CO2 into atmosphere
1 US Energy Information Administration. Short-Term Energy Outlook (STEO), March 2014.
Competitive Landscape Most solar energy is used to produce electricity
in two ways: Photovoltaic cells that change sunlight directly into
electricity using solar panels arranged in arrays 1 6,000 MW expected to come online in 2014 2
Concentrated solar power plants that generate electricity using concentrated solar power to heat fluid to produce steam used to power a generator 1 840 MW expected to come online in 2014 2
Possibility for solar chemical processes
1 US Energy Information Administration. http://www.eia.gov/kids/energy.cfm?page=solar_home-basics 2 Solar Energy Industries Association. http://www.seia.org/research-resources/solar-industry-data
CR5: Counter-Rotating Ring Receiver Reactor Recuperator Currently in prototype phase at Sandia
National Labs Research led by Dr. Richard Diver beginning
Spring 2006
Concentrates solar energy to drive reverse redox reaction
Used in combination with Water Gas Shift and Fischer-Tropsch Reactions, creates transportation fuels
CR5 Overview
Adapted from: MIT Technology Review, 2010
CR5 Basics Rings:
Diameter: 36 in. Ring thickness: ¼ in. 0.75 RPM
Fins: Thickness: 0.5-1 mm Height: 25.4 mm
Number of rings: 102
Parabolic dish area: 88m2 / CR5Kim, 2011
Plant Location Considerations:
Solar flux Access to water Access to CO2
Plant Location – Solar Flux
Southwest USA receives 7.7 kWh/m2/day at10 h/day sunlight
Adapted from: National Renewable Energy Lab (NREL), 2009
Plant Location – Water Access
Water industrial withdrawals in West Texas average 2.22 Mgal/day
K Averyt et al 2013 Environ. Res. Lett. 8 035046
Plant Location – CO2 Access
Possibility of locating the CR5 plant alongside a Power Plant & a CO2 Pipeline
The Greengrok, Building an 'Underground Highway' for Carbon Dioxide. Duke's School of the Environment, Oct 2008.
Plant Layout
Water GasShift
Section
Fischer-TropschSection
CR5 Product Storage Tanks
FT Fuel Product Storage Tanks
= CR5
Process Overview
CO2
CO
O2 ReductionFe3O4
3FeO + ½ O2
Oxidation
3FeO + CO2
Fe3O4 + CO
Water-GasShift
CO + H2O CO2 + H2
Fischer-Tropsch
nCO + (2n+1)H2 CnH2n+2 + nH2O
CO
CO
H2CO2
H2OH2O
Fuels
CR5
CO2
H2O
Process Flow Diagram
Section: CR5
Section: Auxiliary
Section: WGS
Section: FT
CR5 Overview
Reduction:Fe3O4 3FeO + ½ O2
T = 2300 KP = 0.2 atm
CO2, CO
CO2
Adapted from: J. Lapp, J. H. Davidson, & W. Lipinski, “Heat Transfer Analysis of a Solid-Solid Heat Recuperation System for Solar-Driven Nonstoichiometric Redox Cycles” J. Sol. Energy Eng. 153(3),
03/22/2013.
Oxidation:3FeO + CO2 Fe3O4 + CO
T = 600 KP = 0.2 atm
CR5 Efficiency for CO production of 30% Total Throughput of 1 CR5:
199,310 kg/day Total CO produced in 1 CR5:
95,207 kg/day of CO
CR5 Output Composition:
Process Flow Diagram – CR5
Process Flow Diagram – Auxiliary
P = 10 barP = 0.2
bar
Process Flow Diagram – WGS
Water-Gas Shift:
CO + H2O CO2 + H2
CO
H2O
H2O
H2O
H2O, COP = 10
bar
H2O, COT = 300
°CP = 10
bar
H2, CO2T = 487
°C
H2, CO
H2O
T = 50 °C
P = 10 bar
Water-Gas Shift Catalyst:
Conventional WGS catalyst 73 wt% Fe2O3, 15 wt% Al2O3, 8 wt% Cr2O3, 4 wt%
CuO Price: $1.0 billion ($59,000 / ton)
Based on a void fraction of 0.375 of the reactor Assumed 1 second residence time
Process Conditions: T=300°C, P=10 Bar
Process Flow Diagram – FT
Fischer-Tropsch:
nCO + (2n+1)H2 CnH2n+2 + nH2OCO
CO, H2
CO H2
P = 10 bar
P = 20 bar
H2, COT = 150
°CP = 20
bar
T = 30 °C
CO, H2C1-4
H2O
C5-30
Fischer-Tropsch Anderson-Schulz-Flory Distribution:
α=0.89 Wn/n = (1 − α)2αn−1
Wn : weight fraction ofhydrocarbonscontaining n carbons
α: chain growth probability
0
0.05
0.1
0
0.01
0.02
0.03
0.04
0.05
Mol%Wt%
Component (#C)
Mol
%
Wt %
Fischer-Tropsch Catalyst:
Co/Re Catalyst (Co/Re=21) 30 wt% loading Co, 4.5 wt% loading Re (65.5 wt%
Al2O3) Al2O3 support: metal dispersion 5.4% 150-250 micron diameter catalyst particles Price: $1.3 billion ($178,000 / ton)
Largely driven by $3,000/kg Rhenium, with 4.5 wt% Based on a void fraction of 0.375 of the reactor Assumed 1 second residence time
Process Conditions: T=150°C, P=20 Bar
Fischer-TropschFinal Product Stream:
Plant Operations Due to solar availability (avg 10 hrs/day), CR5s
must operate semi-continuously
Consequently, WGS & FT reactors must operate during these same hours Although continuous operation of these reactors is
theoretically possible, storage capacity requirements are large
CR5 output storage tanks will be used to ensure steady input to the FT and WGS reactors during hours of operation
Energy Requirements
Equipment Electricity (MW)
WGS Compressor 541.88FT Compressor 758.65WGS H2O Pump 0.53
CR5/Parabolic Dish Array 0.43 1301 MW
Cooling Water: Utilized in WGS & FT Heat Exchangers, FT Reactor
Electricity: 1300-1500 MW Required
Power RecoveryOverall Demand 1301.48 MW
Turbines -79.64 MWCombustion of
Purge-918.57 MW
Overall Electricity 303.27 MW Recovery of Heat from O2 Product Combustion of Purge in FT Recycle: ~900 MW
Significant flow of H2 and light ends Assumed Lower Heating Value & Combined
Cycle
Power Recovery Stream at 2300K – high energy potential O2 is run through heat exchanger creating
high pressure steam, which turns a turbine
Plant Safety & Control Flammability & Explosions
Flammable gases and liquids present in large quantities Streams kept outside of explosion limits
Asphyxiation CO/ CO2/ O2 monitors present throughout facility Safety ladders to reach air safe to breath
Semi-Continous Operation Storage Tank Control Flows throughout plant maintained constant even with
varied CR5 output due to varied solar flux Exothermic Reactions: Temperature Controls Recycles & Purges: Flow Controls
Environmental Considerations Reduces greenhouse gases (CO2) while
utilizing a renewable energy source (solar) to create transportation fuels End products will still produce CO2 when
combusted Large volumes of greenhouse gases (CO2, CO,
H2, hydrocarbons) present throughout plant Wastewater will have contamination from
hydrocarbons and metal catalysts Overall footprint mitigated by proximity to
refineries
Capital CostPrice per Unit Number of Units
CR5 (incl. parabolic dish)
$28 K 150
WGS Reactor $8.3 MM/ reactor$340 MM/catalyst
3
FT Reactor $4.6 MM/reactor$430 MM/catalyst
3
Storage Tank $540 K 22 (3 for FT fuels, 19 for CR5 product)
Compressor $6.1 MM 45 (19 for WGS, 26 for FT)Pump $47 K 15Flash Vessel $400 K 6 (3 for WGS, 3 for FT)Decanter $152 K 1Heat Exchanger $3.8 MM 3 (2 for WGS, 1 for FT)Control System $960 MM 1Land $29.8 K (total) 77,000 m2
Piping $1.8 B (total)
Capital CostCR5 Reactor
0.08%WGS Reactor
0.46%WGS Catalyst
19%
FT Reactor0.25%
FT Catalyst24%
Storage Tanks0.22%
Compressors5%
Pumps0.01%
Flash Vessel0.04%
Decanter0.003%
HTX0.21%
Control System18%
Land0.001%
Piping33%
Carbon Dioxide ($0.035/kg)
$2.2 MM
Water ($0.001/kg) $13.6 KCooling Water $5 MMMaintenance (8.02% of total capital cost)
$215 MM
Startup / Shutdown (1% of reactor capital cost)
$276 MM
Wages, Op Overhead, Admin Exp, Mgmt Incentive Comp
$93.7 MM
Electricity $59.6 MM
Annual Operating Cost (at 95% capacity)
CO20.34%
Water0.002% Cooling Water
0.77%
Maintenance33%
Startup / Shutdown
42%
Wages, etc.14%
Electricity9%
Annual Revenue (at 95% capacity)
FT Fuel Sales $900 MM Priced at 2X crude oil (base line: $110/barrel)
Fuel Subsidy $47 MM 38 ¢/gal for production of renewable fuels decreasing to zero in 15 yr
Carbon Credits $224 MM $10/metric ton for recycling waste CO2
Sensitivity Analysis Factors Discount Rate Economies of Scale on CR5 Price Crude Oil Price Fuel Subsidy Carbon Credit Daily Startup/Shutdown
Sensitivity AnalysisBest Case Base Case Worst Case
Discount Rate 10% 13% 18%Price of Crude Oil $120/barrel $110/barrel $90/barrel
Fuel Subsidies $0.50/gal $0.38/gal $0.25/galCarbon credits $15/metric ton $10/metric ton $0/metric tonEconomies of CR5 30% 20% 0%
Startup Cost 0.10% 1.00% 2.00%
Additionally, considered the impact of operating the FT and WGS reactors continuously (no daily startup/shutdown costs, but 111 more storage units)
End-of-Year Cash Flow (in MM)
2017 2022 2027 2032 2037 2042
($50,000)
($40,000)
($30,000)
($20,000)
($10,000)
$0
$10,000
Best Case Base Case Worst CaseBase Case w/ Continuous Operation
EOY
Cash
($M
M)
2017
2019
2021
2023
2025
2027
2029
2031
2033
2035
2037
2039
2041
2043
2045
($3,000)
($2,500)
($2,000)
($1,500)
($1,000)
($500)
$0
$500
$1,000
$1,500
$2,000
Best Case Base CaseWorst Case Continuous Operation
Annu
al E
arni
ngs
($M
M)
Annual After-Tax Earnings (in MM)
Net Present Value
Best Case Base Case Worst Case
Base w/ Continuou
s Operation
($3.7 B) ($5.4 B) ($5.5 B) ($0.4 B)
Other Considerations Option to sell oxygen at $56 / ton
Requires high level of compression and introduces logistical complexity in packaging and shipping to client
Separation of CO and CO2 Separation after Fischer-Tropsch requires larger reactor
vessels and piping Separation throughout the plant requires amine
absorption or cryogenic distillation, with associated high capital and operating costs
Co-location with oxyfuel plant Source of carbon dioxide and electricity Customer for oxygen sales Purification of carbon dioxide proves to be too costly
Conclusions & Recommendations CR5 has potential to provide alternative
energy source
Economic evaluation indicates economic feasibility given: CR5 storage alternative to allow for continuous
operation Lower-cost Fischer-Tropsch catalyst Alternative downstream process to convert CR5
output to transportation fuels
AcknowledgmentsWe would like to thank:
Dr. Matthew Targett Prof. Talid Sinno Prof. Leonard Fabiano Dr. Sean Holleran Prof. Ray Gorte All of the consultants that provided guidance in
our weekly design meetings
Sunlight to Convert CO2 to Transportation
FuelsKate McCartyLuisa Valle
Elizabeth GloverScott Danielsen
Adviser: Talid SinnoProject Author: Matthew Targett
Financial Appendix: CR5 CostMirror Module $61Support structure $40Drives $69Electrical/Constols $9Pedestal $32Overhead $42Field wiring $14Foundation $4Field align/checkout $12
Price per m2 $285Size of parabolic disk (m2) 88
Price of Parabolic Disk $25,054
Shell $60Ring/pipe $14Shaft/sprocket $4Insulation blanket $36Inner housing $224Refractory assembly $904Ring assembly $532Insulating panels $328Window $1Installation Cost 10.00%
CR5 Price $2,314
Price per unit $27,367Number of Units 150Economies of Scale 20%
Total CR5 Cost $3,284,081
Financial Appendix: WGS and FT Reactors
C (4.57 104 )V 0.67
Price ($/kg) Weight PercentFe2O3 $53.80 73%Al2O3 $65.60 15%Cr2O3 $87.80 8%CuO $78.25 4%
Total Catalyst ($/kg) $59.27Density (kg/m3) 3950Volume Catalyst (m3) 4417Price of Catalyst per m3 $234,109Cost of Catalyst $1,033,979,650
Price ($/kg) PercentCo $0.01 30%Re $3,000 4.5%Al2O3 $65.60 65.5%Total Cost ($/kg) $177.97Density (kg/m3) 3950Volume Catalyst (m3) 1,854Price of Catalyst per (m3) $702,990Cost of Catalyst $1,303,460,604
Water-Gas Shift Catalyst:
Fischer-Tropsch Catalyst:
Reactor Cost:
Financial Appendix: Floating Roof Storage Tanks
C 475V 0.51Tank Cost:
Maximum Capacity – 10 MM gallons (including 10% empty space)
Financial Appendix: Flash Vessels Volume of the Vessel:
Relation between length and height:
Diameter of Vessel:
F.o.b. pricing for the vertical pressure vessel:
CV: purchase cost of the empty vessel CPL: cost for platforms and ladders FM: material factor
FM is the material factor
Financial Appendix: Flash Vessels
Weight:
t S : shell thickness
Di : vessel inner diameter L: length of the shell
Financial Appendix: Heat Exchangers The f.o.b. pricing for the heat exchanger is
given by:
FL: tube length correctionFP: pressure factor based on the shell-side pressure
CB, for the floating head heat exchanger is:
A: tube outside surface area.
Financial Appendix: Compressor The f.o.b. pricing for the compressor is given
by:
base cost, CB, for a centrifugal compressor is:
PC: horsepower consumption FD = 1.15 (process has an electric motor) FM = Material Factor
Financial Appendix: Pump Size factor, S:
Q: flow rateH: Head of the pump Base cost, CB:
Total Cost:
Electric Motor:
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046Percent Delivered-Equip Cost 68%
Piping $1,821,723,075
Land $29,815
Percent Delivered-Equip Cost 36%Control System $964,441,628
CR5 Cost $3,284,081WGS Reactor&Catalyst Cost $1,058,887,716 $0 $0 $0 $0 $1,033,979,650 $0 $0 $0 $0 $0FT Reactor&Catalyst Cost $1,317,385,318 $0 $0 $0 $0 $1,303,460,604 $0 $0 $0 $0 $0Storage Tanks $11,822,214Compressor $275,322,074Decanter $152,002Heat Exchangers $11,441,424Pumps $709,695
Yr 1 Installed Cost $2,679,004,523Installation Cost 63%
Depreciable Capital Cost $7,152,942,076 $0 $0 $0 $0 $3,810,027,614 $0 0 0 0 0
Depr ScheduleDepr Yr 1 0.200 $1,430,588,415 $0 $0 $0 $0 $762,005,523 $0 $0 $0 $0 $0Depr Yr 2 0.320 $2,288,941,464 $0 $0 $0 $0 $1,219,208,836 $0 $0 $0 $0Depr Yr 3 0.192 $1,373,364,879 $0 $0 $0 $0 $731,525,302 $0 $0 $0Depr Yr 4 0.115 $822,588,339 $0 $0 $0 $0 $438,153,176 $0 $0Depr Yr 5 0.058 $414,870,640 $0 $0 $0 $0 $220,981,602 $220,981,602
Total Acc Depr $1,430,588,415 $2,288,941,464 $1,373,364,879 $822,588,339 $414,870,640 $762,005,523 $1,219,208,836 $731,525,302 $438,153,176 $220,981,602 $220,981,602
Net PP&E $5,722,383,476 ($2,288,941,464) ($1,373,364,879) ($822,588,339) ($414,870,640) $3,048,022,091 ($1,219,208,836) ($731,525,302) ($438,153,176) ($220,981,602) ($220,981,602)
Total Capital Cost $7,152,971,891 $0 $0 $0 $0 $3,810,027,614 $0 $0 $0 $0 $0
Financial Appendix: CAPEX
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046
COGS (Direct)
CO2 (kg/yr) 0 0 0 32,720,180 49,080,269 62,168,341 62,168,341 62,168,341 62,168,341 62,168,341 62,168,341Price ($/kg) $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035
Carbon Dioxide $0 $0 $0 $1,145,206 $1,717,809 $2,175,892 $2,175,892 $2,175,892 $2,175,892 $2,175,892 $2,175,892
Water (kg/yr) 0 0 0 7,147,562 10,721,342 13,580,367 13,580,367 13,580,367 13,580,367 13,580,367 13,580,367Price ($/kg) $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001
Water $0 $0 $0 $7,148 $10,721 $13,580 $13,580 $13,580 $13,580 $13,580 $13,580
Selling Expense $0 $0 $0 $14,236,599 $21,354,899 $27,049,539 $27,049,539 $27,049,539 $27,049,539 $27,049,539 $27,049,539
COGS (DIRECT) $0 $0 $0 $15,388,953 $23,083,430 $29,239,011 $29,239,011 $29,239,011 $29,239,011 $29,239,011 $29,239,011
COGS (Indirect)
Maintenance $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163Startup/Shutdown $145,303,168 $217,954,751 $276,076,018 $276,076,018 $276,076,018 $276,076,018 $276,076,018 $276,076,018
WageLaborers $30,000 2 2 2 10 10 10 10 10 10 10 10Construction Worker $30,000 10 10 10Plumbers $50,000 5 5 5 5 5 5 5 5Electricians $50,000 3 3 3 5 5 5 5 5 5 5 5Chemical Engineer $109,000 3 3 3 3 3 3 3 3 3 3 3Software Developers $90,500 1 1 1 1 1 1 1 1 1 1 1Plant Operators $68,000 20 20 20 20 20 20 20 20
Total Wages (Incl. Operating Supplies & Services: 6% ) $983,150 $927,500 $927,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500
Depreciation $1,430,588,415 $2,288,941,464 $1,373,364,879 $822,588,339 $414,870,640 $762,005,523 $1,219,208,836 $731,525,302 $438,153,176 $220,981,602 $220,981,602
COGS (INDIRECT) $1,431,571,565 $2,289,868,964 $1,374,292,379 $1,185,325,169 $850,259,055 $1,255,515,204 $1,712,718,518 $1,225,034,983 $931,662,857 $714,491,283 $714,491,283
Operating Expenses
Operating Overhead $224,158 $211,470 $211,470 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676
Administrative Expense $0 $0 $0 $9,491,066 $14,236,599 $18,033,026 $18,033,026 $18,033,026 $18,033,026 $18,033,026 $18,033,026
Mgmt Incentive Comp $0 $0 $0 $5,931,916 $8,897,875 $11,270,641 $11,270,641 $11,270,641 $11,270,641 $11,270,641 $11,270,641
Cooling Water $0 $0 $0 $2,633,169 $3,949,754 $5,003,022 $5,003,022 $5,003,022 $5,003,022 $5,003,022 $5,003,022
Requirement (kW) 0 0 0 2,245,057,313 3,367,585,969 4,265,608,894 4,265,608,894 4,265,608,894 4,265,608,894 4,265,608,894 4,265,608,894Turbine + H2 Burn 0 0 0 (1,721,912,250) (2,582,868,375) (3,271,633,275) (3,271,633,275) (3,271,633,275) (3,271,633,275) (3,271,633,275) (3,271,633,275)Power Cost ($/kwh) $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060
Electricity $0 $0 $0 $31,388,704 $47,083,056 $59,638,537 $59,638,537 $59,638,537 $59,638,537 $59,638,537 $59,638,537
OPS EXPENSE $224,158 $211,470 $211,470 $111,266,532 $135,988,960 $155,766,903 $155,766,903 $155,766,903 $155,766,903 $155,766,903 $155,766,903
EXTRAORDINARY EXPENSE $29,815
Total Expenses (Incl Inflation) $1,431,825,538.71 $2,335,882,042.89 $1,430,033,804.01 $1,392,284,366.50 $1,092,532,815.82 $1,590,451,712.70 $2,137,145,936.73 $1,619,693,768.99 $1,308,355,440.52 $1,074,982,415.15 $1,597,367,320.52
Financial Appendix: Expenses
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046
Net Earnings ($1,431,825,538.71) ($2,335,882,042.89) ($1,430,033,804.01) ($762,106,836.53) ($150,106,710.68) ($400,309,553.27) ($950,601,351.06) ($436,746,757.07) ($129,006,002.36) $100,769,449.25 ($453,993,619.92)Depreciation $1,430,588,415.13 $2,288,941,464.21 $1,373,364,878.53 $822,588,338.70 $414,870,640.39 $762,005,522.73 $1,219,208,836.37 $731,525,301.82 $438,153,175.57 $220,981,601.59 $220,981,601.59
Net Cash from Ops ($1,237,124) ($46,940,579) ($56,668,925) $60,481,502 $264,763,930 $361,695,969 $268,607,485 $294,778,545 $309,147,173 $321,751,051 ($233,012,018)
Plant & Equipment $7,152,971,891.04 $0.00 $0.00 $0.00 $0.00 $3,810,027,613.64 $0.00 $0.00 $0.00 $0.00 $0.00
Net Cash from Investing ($7,152,971,891) $0 $0 $0 $0 ($3,810,027,614) $0 $0 $0 $0 $0
Increase/(Decrease) in Cash ($7,154,209,014.62) ($46,940,578.68) ($56,668,925.48) $60,481,502.17 $264,763,929.71 ($3,448,331,644.19) $268,607,485.30 $294,778,544.75 $309,147,173.21 $321,751,050.84 ($233,012,018.33)
Net EOY Cash ($7,154,209,015) ($7,201,149,593) ($7,257,818,519) ($7,197,337,017) ($6,932,573,087) ($10,380,904,731) ($10,112,297,246) ($9,817,518,701) ($9,508,371,528) ($9,186,620,477) ($27,792,797,453)
Financial Appendix: Cash Flow
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046Production Level 0% 0% 0% 50% 75% 95% 95% 95% 95% 95% 95%FT Fuel Sales $0 $0 $0 $474,553,316 $711,829,973 $901,651,300 $901,651,300 $901,651,300 $901,651,300 $901,651,300 $901,651,300
TOTAL SALES (Incl Inflation) $0 $0 $0 $484,044,382 $726,066,573 $919,684,326 $919,684,326 $919,684,326 $919,684,326 $919,684,326 $919,684,326
Renew Fuels (gal) 0 0 0 74,741,837 112,112,756 142,009,490 142,009,490 142,009,490 142,009,490 142,009,490 142,009,490Subsidy ($/gal) $0.38 $0.00 $0.00 $0.00 $0.38 $0.35 $0.33 $0.30 $0.28 $0.25 $0.23 $0.00Fuel Subsidy $0 $0 $0 $28,401,898 $39,762,657 $46,768,459 $43,170,885 $39,573,311 $35,975,738 $32,378,164 $0
Recycled CO2 (ton/yr) 0 0 0 11,773,125 17,659,688 22,368,938 22,368,938 22,368,938 22,368,938 22,368,938 22,368,938Credit ($/ton) $10 $0 $0 $0 $10 $10 $10 $10 $10 $10 $10 $10Carbon Credit $0 $0 $0 $117,731,250 $176,596,875 $223,689,375 $223,689,375 $223,689,375 $223,689,375 $223,689,375 $223,689,375
TOTAL REV (Incl Inflation) $0 $0 $0 $630,177,530 $942,426,105 $1,190,142,159 $1,186,544,586 $1,182,947,012 $1,179,349,438 $1,175,751,864 $1,143,373,701
Financial Appendix: Revenue
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046
Expenses $1,431,825,539 $2,335,882,043 $1,430,033,804 $1,392,284,366 $1,092,532,816 $1,590,451,713 $2,137,145,937 $1,619,693,769 $1,308,355,441 $1,074,982,415 $1,597,367,321
Revenue $0 $0 $0 $630,177,530 $942,426,105 $1,190,142,159 $1,186,544,586 $1,182,947,012 $1,179,349,438 $1,175,751,864 $1,143,373,701
Net Earnings Pretax ($1,431,825,539) ($2,335,882,043) ($1,430,033,804) ($762,106,837) ($150,106,711) ($400,309,553) ($950,601,351) ($436,746,757) ($129,006,002) $100,769,449 ($453,993,620)Loss Carryforward from Prior Year 0 ($1,431,825,539) ($3,767,707,582) ($5,197,741,386) ($5,959,848,222) ($6,109,954,933) ($6,510,264,486) ($7,460,865,837) ($7,897,612,594) ($8,026,618,597) ($24,325,419,801)Earnings Net of Carryforward ($1,431,825,539) ($3,767,707,582) ($5,197,741,386) ($5,959,848,222) ($6,109,954,933) ($6,510,264,486) ($7,460,865,837) ($7,897,612,594) ($8,026,618,597) ($7,925,849,147) ($24,779,413,421)Taxable Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Earnings ($1,431,825,539) ($2,335,882,043) ($1,430,033,804) ($762,106,837) ($150,106,711) ($400,309,553) ($950,601,351) ($436,746,757) ($129,006,002) $100,769,449 ($453,993,620)
Financial Appendix: Earnings