Abstract
Abstract
Substantial coal phase out initiatives have been growing as the world mobilizes to meet the Paris climate goals. However, the stranded asset risk associated with this critical transition could fall disproportionately on Asian economies with younger coal fleets, like India. Here, we undertake plant-level techno-economic analysis to explore the value of installing commercially available, molten-salt thermal energy storage (TES) systems for repurposing existing coal power plants in the Indian context. We combine process simulation and an economic optimization model to evaluate design and operations of TES systems for a variety of technology assumptions, coal plant archetypes, and electricity price scenarios. Key drivers of economic viability identified include longer remaining plant lifetime, increasing peak TES temperature, lower TES energy capacity cost, co-production of waste heat for end-uses, and increasing temporal variability of electricity prices. The plant-level analysis was then extended to screen for the potential of TES retrofits within the coal power fleet in Uttar Pradesh, the most populous Indian state with a significant share of India’s coal capacity. Analysis for a single electricity price scenario indicates that over 82% of the coal units in the state can be retrofitted and recover the installed costs of TES retrofits, provided that fixed operating and maintenance costs are excluded. These results reinforce the opportunity for decision-makers to consider TES retrofits of coal plants into cost-effective grid decarbonization strategies.