Carbon Capture Efficiency Optimization Model of the Coal-Fired Power Plant with the Carbon Capture System Participating in the Carbon Market

Abstract

Carbon capture efficiency (CCE) reflects the amount of CO2 captured in the coal-fired power plant (CFPP) by a carbon capture system (CCS). Carbon capture power is high and is inversely proportional to the emission allowance price (EAP). Therefore, after participating in the carbon emissions trading scheme (ETS), it is necessary for the CFPP to reasonably adjust the CCE to reduce the cost of purchasing emission allowances and the energy consumption of CCS. Firstly, the purchasing cost of emission allowances and the energy consumption cost of the CCS are defined in this paper. Then, the optimization model of CCE is established, and the price sensitive range (PSR) of emission allowances that can stimulate the CFPP to actively participate in ETS is calculated. Secondly, the purchasing cost of emission allowances cannot be calculated accurately because of the uncertainty of the EAP in reality. The superquantile method is used to describe the purchasing cost of emission allowances when the probability distribution of the EAP’s prediction deviation is known. The Monte Carlo simulation is used to discretization the cost, and then a stochastic optimization model is established to maximize the benefits of the CFPP. Finally, the simulation analysis demonstrates the effectiveness of the model.

Keywords: Carbon capture efficiency, Coal-fired power plant, Carbon capture system, emission allowance price, Emissions trading scheme, superquantile.