The development and deployment of new technology requires investment, which needs to be justified. The CET therefore undertakes assessments of relative competitiveness of various alternative technology options. These guide us in prioritising research efforts and also support investment decisions.
Engineers and economic specialists work together with industry to assess both the technical and economic feasibility of proposed new technology or hybrid systems. The techno-economic assessment then helps to guide subsequent research within CET and industry planning.
The technical economic assessment process
CET engineers analyse the real production performance of a plant or system with a given design and then use modelling to look at the impact of design modifications (e.g. incorporating solar energy) on the carbon footprint and production costs.
Comparing systems economically as well as technically helps industry to make more informed decisions about their transition to a lower carbon future. While each existing plant or system is unique, CET provides general recommendations that industry can apply to their individual circumstances e.g. Process A is 20% cheaper than Process B, or a typical cost would be X and we would expect a solar share of Y.
CET identifies cost-effective pathways and technology combinations that make sense – helping industry to lower their carbon footprint and their production costs.
For further information contact Professor Gus Nathan.