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Research on CCUS investment decision of coal-fired power plant under different business modes
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Pengfei NIE1, 2, Zheyuan GAO3, Xiping WANG3
Thermal Power Generation | 2023, 52(4) : 63 - 71
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Thermal Power Generation | 2023, 52(4): 63-71
• Special topics on low carbon transformation of power system under the "double-carbon" goal •
Research on CCUS investment decision of coal-fired power plant under different business modes
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Pengfei NIE1, 2, Zheyuan GAO3, Xiping WANG3
Affiliations
  • 1.Hebei Datang International Wangtan Power Generation Co., Ltd., Tangshan 063611, China
  • 2.Datang International Power Generation Co., Ltd., Beijing 100033, China
  • 3.Department of Economics and Management, North China Electric Power University, Baoding 071000, China
Published: 2023-04-25 doi: 10.19666/j.rlfd.202211274
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Measuring the investment value and investment timing accurately is crucial for coal-fired power plants' carbon capture utilization and storage (CCUS) investment. Different from the existing studies on the CCUS decision making only considering the integration mode, this study establishes the decision-making model of the CCUS investment of coal-fired power plants under the integration mode and joint venture mode from the perspective of coal-fired power plants. The decision-making model is established based on the theory of real options, considering the uncertainties of carbon price and the decreasing CCUS investment cost, and the displayed solutions of the option value and investment timing of CCUS investment in coal-fired power plants under different modes are obtained by solving the model. Based on this model, the impact of different policy incentives such as additional power quota, electricity price subsidy, investment subsidy, and carbon price volatility on CCUS investment decisions are further analyzed through numerical examples. On this basis, some policy suggestions are provided finally.

investment decision  /  integration mode  /  joint venture mode  /  real option  /  CCUS
Pengfei NIE, Zheyuan GAO, Xiping WANG. Research on CCUS investment decision of coal-fired power plant under different business modes[J]. Thermal Power Generation, 2023 , 52 (4) : 63 -71 . DOI: 10.19666/j.rlfd.202211274
Funding
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  • Social Science Fund Project of Hebei Province(HB19YJ011)
Appendix
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Year 2023 volume 52 Issue 4
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59
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Article Info
doi: 10.19666/j.rlfd.202211274
  • Receive Date：2022-11-10
  • Online Date：2026-01-23
  • Published：2023-04-25
Article Data
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History
  • Received：2022-11-10
Funding
Social Science Fund Project of Hebei Province(HB19YJ011)
Affiliations
    1.Hebei Datang International Wangtan Power Generation Co., Ltd., Tangshan 063611, China
    2.Datang International Power Generation Co., Ltd., Beijing 100033, China
    3.Department of Economics and Management, North China Electric Power University, Baoding 071000, China
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https://castjournals.cast.org.cn/joweb/rlfd/EN/10.19666/j.rlfd.202211274
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