Financial Evaluation of Alternatives for Industrial Methanol Production Using Renewable Energy with Heat Pump Technology

Edgar Correa-Quintana (), Yecid Muñoz-Maldonado and Adalberto Ospino-Castro
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Edgar Correa-Quintana: Faculty of Engineering, Universidad Autonoma de Bucaramanga, Bucaramanga 680008, Colombia
Yecid Muñoz-Maldonado: Faculty of Engineering, Universidad Autonoma de Bucaramanga, Bucaramanga 680008, Colombia
Adalberto Ospino-Castro: Department of Energy, Universidad de la Costa, Barranquilla 080002, Colombia

Energies, 2024, vol. 17, issue 22, 1-18

Abstract: The purpose of this study was to evaluate the economic and financial alternatives for industrial methanol (MeOH) production in Colombia, taking advantage of renewable energy and heat pump technology. The main objective was to analyze the feasibility of converting an existing hydrogen production plant into a methanol synthesis plant at a refinery located in the Magdalena Medio region. The approach included the electrification of industrial processes using heat pumps, along with the incorporation of carbon capture technologies, using renewable photovoltaic energy. The study compared this proposal with a conventional fossil fuel-based process, using natural gas for the generation of thermal steam. To carry out the analysis, simulations of the methanol production process were performed using the ASPEN HYSYS V12.1 software, evaluating the mass and energy flows, as well as the investment (CAPEX) and operation (OPEX) costs. The determination and comparison of the levelized cost of methanol production (LCOM) for the different alternatives and market price scenarios reveal that the incorporation of a heat pump in the industrial process can significantly improve energy efficiency, reduce operating costs associated with energy, water/steam, and fuel gas, and allow for the financial viability of projects that use renewable energy and carbon capture and utilization (CCU) technologies. The results show that electrification through heat pumps and renewable energy improves energy performance by 15%, reduces operational costs by up to 25%, and lowers the levelized cost of methanol production (LCOM) to 456–492 USD/ton. These improvements demonstrate the financial viability and sustainability of methanol production in Colombia using this technology.

Keywords: electrification of chemical processes; heat pump; financial analysis; methanol (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2024
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