| Abstrakt: |
AbstractThe economic performance of cellulosic ethanol production from forest resources was contrasted with that of other bioenergy options: biopower, combined heat and power, wood pellets, and Fischer-Tropsch liquids (biomass-to-liquids). Techno-economic models were designed for each conversion facility and a trucking model was used to determine delivered feedstock cost in central British Columbia, Canada. Facilities and processes were analyzed for their sensitivity to feedstock type (sawdust/shavings, whole logs, pulp chips, harvest residues, and hog fuel), scale (0.05–4 million bone dry tonnes per year), and product revenue volatility (based on historical volatility of proxy fossil fuels). Internal rate of return (IRR) was used as the primary metric for economic performance comparison. Under the base case scenario, with 0.2 million bone dry tonnes per year in the form of whole logs (roundwood), all facilities had a negative IRR, indicating that dedicated bioenergy harvest may be economically challenging at current market prices. However, all bioenergy options, and in particular wood pellets, were more attractive when the feedstock was switched to mill or harvest residues. Despite a higher cost for feedstock delivery, IRR increased for all technologies except for wood pellets as facility scale increased. The revenue required for a 15% IRR highlighted the structural market and policy differences between ethanol, electricity, and pellets, which may make it difficult for cellulosic ethanol producers to compete for forest feedstocks and investment under the current regime. |
