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Two Financial Reasons Why Repowering Is Compelling Compared to Other Power Supply Options

[+] Author Affiliations
James Schretter, Steven Williams

Beacon Energy, LLC, McLean, VA

Jörgen Brandett

Alstom Power, Inc., Midlothian, VA

Paper No. GT2003-38175, pp. 787-792; 6 pages
doi:10.1115/GT2003-38175
From:
  • ASME Turbo Expo 2003, collocated with the 2003 International Joint Power Generation Conference
  • Volume 1: Turbo Expo 2003
  • Atlanta, Georgia, USA, June 16–19, 2003
  • Conference Sponsors: International Gas Turbine Institute
  • ISBN: 0-7918-3684-3 | eISBN: 0-7918-3671-1
  • Copyright © 2003 by ASME

abstract

The past two years has been a period characterized by an emphasis on cost cutting, improving the operation of existing assets and a constrained financial market. In such an environment, repowering offers the potential to significantly improve existing power plant assets. A repowering of an existing steam power plant can result in a more than 50% improvement in the heat rate, leading to enormous operating cost savings. However, despite the potential operational and financial benefits of repowering, the experience we have found from first-hand research, is that there are a number of misconceptions regarding repowering economics. It appears that such misconceptions are limiting the extent to which repowering is being considered as a power supply resource option. The two most common misperceptions regarding repowering economics relate to 1) the relative installed cost compared to greenfield construction and 2) the comparative financial returns on a life-cycle basis. In this paper we analyze and discuss these two issues and try and make the case that repowering should be routinely included in power supply planning, along with options such as greenfield construction, power purchase agreements and spot purchasing.

Copyright © 2003 by ASME

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