Thermoeconomic analysis of LNG physical exergy use for electricity production in small-scale satellite regasification stations

Abstract: Liquefied natural gas (LNG) cold utilization in small scale regasification stations is a novel topic in the industry, while such systems have been proven feasible in large scale LNG facilities. Cold recovery and utilization in LNG regasification facilities would increase the thermodynamic efficiency and reduce cold pollution. The aim of the study is to analyze the possibility to apply industry-proven thermodynamic cycles in small scale satellite regasification stations for electricity production, taking the characteristics of a real-world regasification station project in Druskininkai, Lithuania for which useful cold utilization is not currently planned. Direct Expansion (DE) and Rankine (ORC) Cycles are analyzed together with cascading using Aspen Hysys software to find the optimal solution considering thermal and exergy efficiency as well as the payback period. Thermoeconomically feasible retrofit solutions of approximately 13% thermal efficiency and approximately 17% exergy efficiency showing payback periods of 5 to 10 years and 3.3 to 6 thousand euro additional capital expenditure (CAPEX) per net kW of power production are found. Increase in complexity of thermodynamic cycles is directly proportional to both increased thermodynamic efficiencies and capital costs and the study proves that there is a limit at which increase in thermodynamic efficiency of a cycle by cascading becomes economically infeasible. Future work is suggested to improve the accuracy of the results by rigorous design to evaluate pressure drops as well as improvements in economic analysis by utilizing the discounted cash flow methodology. Sensitivity analysis of LNG physical and chemical conditions as well as ambient air could be performed whereas changes in working fluid and better engineering of the part related to intial heat exchange could improve thermodynamic efficiencies. Alternative solutions with a higher temperature heat source are also suggested.