Simulation Data of Regional Economic Analysis of OTEC for Applicable Area

• Main Authors: Lim Seungtaek, Lee Hosaeng, Moon Junghyun, Kim Hyeonju
• Format: Article
• Language: English
• Published: MDPI AG 2020-09-01
• Series: Processes
• Subjects: ocean thermal energy conversion; open cycle; closed cycle; net present value; internal rate of return
• Online Access: https://www.mdpi.com/2227-9717/8/9/1107

To mitigate the power shortage problem in the South Pacific island nations and the equatorial area, we studied the development characteristics of ocean thermal energy conversion (OTEC) using abundant clean ocean energy. Through the simulation of open- and closed-cycle OTEC, the generation amount and its economic efficiency were compared, and the application characteristics of the power generation cycle according to the seawater temperature distribution were compared by applying various seawater temperature conditions. According to the characteristics of seawater heat sources in the region, the power generation output was about 883.2 kW in Samoa, and the average power generation by region was about 650.5 kW for the open-cycle OTEC model. Regional revenue up to approximately $8,487,000 was generated in Kiribati, driven by the higher electricity tariff of $0.327/kWh and high water costs of $5.86/ton. With the spread of 50 MW commercial plants, Kiribati had a high net present value of $1,930,402,000, and its internal rate of return was more than 37.0%. This paper is presents a method of securing economic feasibility of OTEC according to various heat source conditions and economic conditions in the region, while it also analyzes the capacity and type of the power plant.