Sunlight to Convert CO2 to Transportation

FuelsKate McCartyLuisa Valle

Elizabeth GloverScott Danielsen

Adviser: Talid SinnoProject Author: Matthew Targett

Purpose

To analyze the technological and economic feasibility of a facility using a proprietary

reactor (CR5) to convert carbon dioxide to liquid transportation fuels using sunlight

State of Energy Market 2013 Global Petroleum & Other Liquids

Consumption: 90.4MM bbl/d 1 Expected to grow by:

1.2MM bbl/d in 2014 1

1.4MM bbl/d in 2015 1

Current crude oil production through drilling High energy expense Releases CO2 into atmosphere

1 US Energy Information Administration. Short-Term Energy Outlook (STEO), March 2014.

Competitive Landscape Most solar energy is used to produce electricity

in two ways: Photovoltaic cells that change sunlight directly into

electricity using solar panels arranged in arrays 1 6,000 MW expected to come online in 2014 2

Concentrated solar power plants that generate electricity using concentrated solar power to heat fluid to produce steam used to power a generator 1 840 MW expected to come online in 2014 2

Possibility for solar chemical processes

1 US Energy Information Administration. http://www.eia.gov/kids/energy.cfm?page=solar_home-basics 2 Solar Energy Industries Association. http://www.seia.org/research-resources/solar-industry-data

CR5: Counter-Rotating Ring Receiver Reactor Recuperator Currently in prototype phase at Sandia

National Labs Research led by Dr. Richard Diver beginning

Spring 2006

Concentrates solar energy to drive reverse redox reaction

Used in combination with Water Gas Shift and Fischer-Tropsch Reactions, creates transportation fuels

CR5 Overview

Adapted from: MIT Technology Review, 2010

CR5 Basics Rings:

Diameter: 36 in. Ring thickness: ¼ in. 0.75 RPM

Fins: Thickness: 0.5-1 mm Height: 25.4 mm

Number of rings: 102

Parabolic dish area: 88m2 / CR5Kim, 2011

Plant Location Considerations:

Solar flux Access to water Access to CO2

Plant Location – Solar Flux

Southwest USA receives 7.7 kWh/m2/day at10 h/day sunlight

Adapted from: National Renewable Energy Lab (NREL), 2009

Plant Location – Water Access

Water industrial withdrawals in West Texas average 2.22 Mgal/day

K Averyt et al 2013 Environ. Res. Lett. 8 035046

Plant Location – CO2 Access

Possibility of locating the CR5 plant alongside a Power Plant & a CO2 Pipeline

The Greengrok, Building an 'Underground Highway' for Carbon Dioxide. Duke's School of the Environment, Oct 2008.

Plant Layout

Water GasShift

Section

Fischer-TropschSection

CR5 Product Storage Tanks

FT Fuel Product Storage Tanks

= CR5

Process Overview

CO2

CO

O2 ReductionFe3O4

3FeO + ½ O2

Oxidation

3FeO + CO2

Fe3O4 + CO

Water-GasShift

CO + H2O CO2 + H2

Fischer-Tropsch

nCO + (2n+1)H2 CnH2n+2 + nH2O

CO

CO

H2CO2

H2OH2O

Fuels

CR5

CO2

H2O

Process Flow Diagram 

 

 

 

Section: CR5

Section: Auxiliary

Section: WGS

Section: FT

CR5 Overview

Reduction:Fe3O4 3FeO + ½ O2

T = 2300 KP = 0.2 atm

CO2, CO

CO2

Adapted from: J. Lapp, J. H. Davidson, & W. Lipinski, “Heat Transfer Analysis of a Solid-Solid Heat Recuperation System for Solar-Driven Nonstoichiometric Redox Cycles” J. Sol. Energy Eng. 153(3),

03/22/2013.

Oxidation:3FeO + CO2 Fe3O4 + CO

T = 600 KP = 0.2 atm

CR5 Efficiency for CO production of 30% Total Throughput of 1 CR5:

199,310 kg/day Total CO produced in 1 CR5:

95,207 kg/day of CO

CR5 Output Composition:

Process Flow Diagram – CR5

Process Flow Diagram – Auxiliary

P = 10 barP = 0.2

bar

Process Flow Diagram – WGS

Water-Gas Shift:

CO + H2O CO2 + H2

CO

H2O

H2O

H2O

H2O, COP = 10

bar

H2O, COT = 300

°CP = 10

bar

H2, CO2T = 487

°C

H2, CO

H2O

T = 50 °C

P = 10 bar

Water-Gas Shift Catalyst:

Conventional WGS catalyst 73 wt% Fe2O3, 15 wt% Al2O3, 8 wt% Cr2O3, 4 wt%

CuO Price: $1.0 billion ($59,000 / ton)

Based on a void fraction of 0.375 of the reactor Assumed 1 second residence time

Process Conditions: T=300°C, P=10 Bar

Process Flow Diagram – FT

Fischer-Tropsch:

nCO + (2n+1)H2 CnH2n+2 + nH2OCO

CO, H2

CO H2

P = 10 bar

P = 20 bar

H2, COT = 150

°CP = 20

bar

T = 30 °C

CO, H2C1-4

H2O

C5-30

Fischer-Tropsch Anderson-Schulz-Flory Distribution:

α=0.89 Wn/n = (1 − α)2αn−1

Wn : weight fraction ofhydrocarbonscontaining n carbons

α: chain growth probability

0

0.05

0.1

0

0.01

0.02

0.03

0.04

0.05

Mol%Wt%

Component (#C)

Mol

%

Wt %

Fischer-Tropsch Catalyst:

Co/Re Catalyst (Co/Re=21) 30 wt% loading Co, 4.5 wt% loading Re (65.5 wt%

Al2O3) Al2O3 support: metal dispersion 5.4% 150-250 micron diameter catalyst particles Price: $1.3 billion ($178,000 / ton)

Largely driven by $3,000/kg Rhenium, with 4.5 wt% Based on a void fraction of 0.375 of the reactor Assumed 1 second residence time

Process Conditions: T=150°C, P=20 Bar

Fischer-TropschFinal Product Stream:

Plant Operations Due to solar availability (avg 10 hrs/day), CR5s

must operate semi-continuously

Consequently, WGS & FT reactors must operate during these same hours Although continuous operation of these reactors is

theoretically possible, storage capacity requirements are large

CR5 output storage tanks will be used to ensure steady input to the FT and WGS reactors during hours of operation

Energy Requirements

Equipment Electricity (MW)

WGS Compressor 541.88FT Compressor 758.65WGS H2O Pump 0.53

CR5/Parabolic Dish Array 0.43  1301 MW

Cooling Water: Utilized in WGS & FT Heat Exchangers, FT Reactor

Electricity: 1300-1500 MW Required

Power RecoveryOverall Demand 1301.48 MW

Turbines -79.64 MWCombustion of

Purge-918.57 MW

Overall Electricity 303.27 MW Recovery of Heat from O2 Product Combustion of Purge in FT Recycle: ~900 MW

Significant flow of H2 and light ends Assumed Lower Heating Value & Combined

Cycle

Power Recovery Stream at 2300K – high energy potential O2 is run through heat exchanger creating

high pressure steam, which turns a turbine

Plant Safety & Control Flammability & Explosions

Flammable gases and liquids present in large quantities Streams kept outside of explosion limits

Asphyxiation CO/ CO2/ O2 monitors present throughout facility Safety ladders to reach air safe to breath

Semi-Continous Operation Storage Tank Control Flows throughout plant maintained constant even with

varied CR5 output due to varied solar flux Exothermic Reactions: Temperature Controls Recycles & Purges: Flow Controls

Environmental Considerations Reduces greenhouse gases (CO2) while

utilizing a renewable energy source (solar) to create transportation fuels End products will still produce CO2 when

combusted Large volumes of greenhouse gases (CO2, CO,

H2, hydrocarbons) present throughout plant Wastewater will have contamination from

hydrocarbons and metal catalysts Overall footprint mitigated by proximity to

refineries

Capital CostPrice per Unit Number of Units

CR5 (incl. parabolic dish)

$28 K 150

WGS Reactor $8.3 MM/ reactor$340 MM/catalyst

3

FT Reactor $4.6 MM/reactor$430 MM/catalyst

3

Storage Tank $540 K 22 (3 for FT fuels, 19 for CR5 product)

Compressor $6.1 MM 45 (19 for WGS, 26 for FT)Pump $47 K 15Flash Vessel $400 K 6 (3 for WGS, 3 for FT)Decanter $152 K 1Heat Exchanger $3.8 MM 3 (2 for WGS, 1 for FT)Control System $960 MM 1Land $29.8 K (total) 77,000 m2

Piping $1.8 B (total)

Capital CostCR5 Reactor

0.08%WGS Reactor

0.46%WGS Catalyst

19%

FT Reactor0.25%

FT Catalyst24%

Storage Tanks0.22%

Compressors5%

Pumps0.01%

Flash Vessel0.04%

Decanter0.003%

HTX0.21%

Control System18%

Land0.001%

Piping33%

Carbon Dioxide ($0.035/kg)

$2.2 MM

Water ($0.001/kg) $13.6 KCooling Water $5 MMMaintenance (8.02% of total capital cost)

$215 MM

Startup / Shutdown (1% of reactor capital cost)

$276 MM

Wages, Op Overhead, Admin Exp, Mgmt Incentive Comp

$93.7 MM

Electricity $59.6 MM

Annual Operating Cost (at 95% capacity)

CO20.34%

Water0.002% Cooling Water

0.77%

Maintenance33%

Startup / Shutdown

42%

Wages, etc.14%

Electricity9%

Annual Revenue (at 95% capacity)

FT Fuel Sales $900 MM Priced at 2X crude oil (base line: $110/barrel)

Fuel Subsidy $47 MM 38 ¢/gal for production of renewable fuels decreasing to zero in 15 yr

Carbon Credits $224 MM $10/metric ton for recycling waste CO2

Sensitivity Analysis Factors Discount Rate Economies of Scale on CR5 Price Crude Oil Price Fuel Subsidy Carbon Credit Daily Startup/Shutdown

Sensitivity AnalysisBest Case Base Case Worst Case

Discount Rate 10% 13% 18%Price of Crude Oil $120/barrel $110/barrel $90/barrel

Fuel Subsidies $0.50/gal $0.38/gal $0.25/galCarbon credits $15/metric ton $10/metric ton $0/metric tonEconomies of CR5 30% 20% 0%

Startup Cost 0.10% 1.00% 2.00%

Additionally, considered the impact of operating the FT and WGS reactors continuously (no daily startup/shutdown costs, but 111 more storage units)

End-of-Year Cash Flow (in MM)

2017 2022 2027 2032 2037 2042

($50,000)

($40,000)

($30,000)

($20,000)

($10,000)

$0

$10,000

Best Case Base Case Worst CaseBase Case w/ Continuous Operation

EOY

Cash

($M

M)

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

($3,000)

($2,500)

($2,000)

($1,500)

($1,000)

($500)

$0

$500

$1,000

$1,500

$2,000

Best Case Base CaseWorst Case Continuous Operation

Annu

al E

arni

ngs

($M

M)

Annual After-Tax Earnings (in MM)

Net Present Value

Best Case Base Case Worst Case

Base w/ Continuou

s Operation

($3.7 B) ($5.4 B) ($5.5 B) ($0.4 B)

Other Considerations Option to sell oxygen at $56 / ton

Requires high level of compression and introduces logistical complexity in packaging and shipping to client

Separation of CO and CO2 Separation after Fischer-Tropsch requires larger reactor

vessels and piping Separation throughout the plant requires amine

absorption or cryogenic distillation, with associated high capital and operating costs

Co-location with oxyfuel plant Source of carbon dioxide and electricity Customer for oxygen sales Purification of carbon dioxide proves to be too costly

Conclusions & Recommendations CR5 has potential to provide alternative

energy source

Economic evaluation indicates economic feasibility given: CR5 storage alternative to allow for continuous

operation Lower-cost Fischer-Tropsch catalyst Alternative downstream process to convert CR5

output to transportation fuels

AcknowledgmentsWe would like to thank:

Dr. Matthew Targett Prof. Talid Sinno Prof. Leonard Fabiano Dr. Sean Holleran Prof. Ray Gorte All of the consultants that provided guidance in

our weekly design meetings

Sunlight to Convert CO2 to Transportation

FuelsKate McCartyLuisa Valle

Elizabeth GloverScott Danielsen

Adviser: Talid SinnoProject Author: Matthew Targett

Financial Appendix: CR5 CostMirror Module $61Support structure $40Drives $69Electrical/Constols $9Pedestal $32Overhead $42Field wiring $14Foundation $4Field align/checkout $12

Price per m2 $285Size of parabolic disk (m2) 88

Price of Parabolic Disk $25,054

Shell $60Ring/pipe $14Shaft/sprocket $4Insulation blanket $36Inner housing $224Refractory assembly $904Ring assembly $532Insulating panels $328Window $1Installation Cost 10.00%

CR5 Price $2,314

Price per unit $27,367Number of Units 150Economies of Scale 20%

Total CR5 Cost $3,284,081

Financial Appendix: WGS and FT Reactors

C (4.57 104 )V 0.67

Price ($/kg) Weight PercentFe2O3 $53.80 73%Al2O3 $65.60 15%Cr2O3 $87.80 8%CuO $78.25 4%

Total Catalyst ($/kg) $59.27Density (kg/m3) 3950Volume Catalyst (m3) 4417Price of Catalyst per m3 $234,109Cost of Catalyst $1,033,979,650

Price ($/kg) PercentCo $0.01 30%Re $3,000 4.5%Al2O3 $65.60 65.5%Total Cost ($/kg) $177.97Density (kg/m3) 3950Volume Catalyst (m3) 1,854Price of Catalyst per (m3) $702,990Cost of Catalyst $1,303,460,604

Water-Gas Shift Catalyst:

Fischer-Tropsch Catalyst:

Reactor Cost:

Financial Appendix: Floating Roof Storage Tanks

C 475V 0.51Tank Cost:

Maximum Capacity – 10 MM gallons (including 10% empty space)

Financial Appendix: Flash Vessels Volume of the Vessel:

Relation between length and height:

Diameter of Vessel:

F.o.b. pricing for the vertical pressure vessel:

CV: purchase cost of the empty vessel CPL: cost for platforms and ladders FM: material factor

FM is the material factor

Financial Appendix: Flash Vessels

Weight:

t S : shell thickness

Di : vessel inner diameter L: length of the shell

Financial Appendix: Heat Exchangers The f.o.b. pricing for the heat exchanger is

given by:

FL: tube length correctionFP: pressure factor based on the shell-side pressure

CB, for the floating head heat exchanger is:

A: tube outside surface area.

Financial Appendix: Compressor The f.o.b. pricing for the compressor is given

by:

base cost, CB, for a centrifugal compressor is:

PC: horsepower consumption FD = 1.15 (process has an electric motor) FM = Material Factor

Financial Appendix: Pump Size factor, S:

Q: flow rateH: Head of the pump Base cost, CB:

Total Cost:

Electric Motor:

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046Percent Delivered-Equip Cost 68%

Piping $1,821,723,075

Land $29,815

Percent Delivered-Equip Cost 36%Control System $964,441,628

CR5 Cost $3,284,081WGS Reactor&Catalyst Cost $1,058,887,716 $0 $0 $0 $0 $1,033,979,650 $0 $0 $0 $0 $0FT Reactor&Catalyst Cost $1,317,385,318 $0 $0 $0 $0 $1,303,460,604 $0 $0 $0 $0 $0Storage Tanks $11,822,214Compressor $275,322,074Decanter $152,002Heat Exchangers $11,441,424Pumps $709,695

Yr 1 Installed Cost $2,679,004,523Installation Cost 63%

Depreciable Capital Cost $7,152,942,076 $0 $0 $0 $0 $3,810,027,614 $0 0 0 0 0

Depr ScheduleDepr Yr 1 0.200 $1,430,588,415 $0 $0 $0 $0 $762,005,523 $0 $0 $0 $0 $0Depr Yr 2 0.320 $2,288,941,464 $0 $0 $0 $0 $1,219,208,836 $0 $0 $0 $0Depr Yr 3 0.192 $1,373,364,879 $0 $0 $0 $0 $731,525,302 $0 $0 $0Depr Yr 4 0.115 $822,588,339 $0 $0 $0 $0 $438,153,176 $0 $0Depr Yr 5 0.058 $414,870,640 $0 $0 $0 $0 $220,981,602 $220,981,602

Total Acc Depr $1,430,588,415 $2,288,941,464 $1,373,364,879 $822,588,339 $414,870,640 $762,005,523 $1,219,208,836 $731,525,302 $438,153,176 $220,981,602 $220,981,602

Net PP&E $5,722,383,476 ($2,288,941,464) ($1,373,364,879) ($822,588,339) ($414,870,640) $3,048,022,091 ($1,219,208,836) ($731,525,302) ($438,153,176) ($220,981,602) ($220,981,602)

Total Capital Cost $7,152,971,891 $0 $0 $0 $0 $3,810,027,614 $0 $0 $0 $0 $0

Financial Appendix: CAPEX

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046

COGS (Direct)

CO2 (kg/yr) 0 0 0 32,720,180 49,080,269 62,168,341 62,168,341 62,168,341 62,168,341 62,168,341 62,168,341Price ($/kg) $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035 $0.035

Carbon Dioxide $0 $0 $0 $1,145,206 $1,717,809 $2,175,892 $2,175,892 $2,175,892 $2,175,892 $2,175,892 $2,175,892

Water (kg/yr) 0 0 0 7,147,562 10,721,342 13,580,367 13,580,367 13,580,367 13,580,367 13,580,367 13,580,367Price ($/kg) $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001 $0.001

Water $0 $0 $0 $7,148 $10,721 $13,580 $13,580 $13,580 $13,580 $13,580 $13,580

Selling Expense $0 $0 $0 $14,236,599 $21,354,899 $27,049,539 $27,049,539 $27,049,539 $27,049,539 $27,049,539 $27,049,539

COGS (DIRECT) $0 $0 $0 $15,388,953 $23,083,430 $29,239,011 $29,239,011 $29,239,011 $29,239,011 $29,239,011 $29,239,011

COGS (Indirect)

Maintenance $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163 $214,856,163Startup/Shutdown $145,303,168 $217,954,751 $276,076,018 $276,076,018 $276,076,018 $276,076,018 $276,076,018 $276,076,018

WageLaborers $30,000 2 2 2 10 10 10 10 10 10 10 10Construction Worker $30,000 10 10 10Plumbers $50,000 5 5 5 5 5 5 5 5Electricians $50,000 3 3 3 5 5 5 5 5 5 5 5Chemical Engineer $109,000 3 3 3 3 3 3 3 3 3 3 3Software Developers $90,500 1 1 1 1 1 1 1 1 1 1 1Plant Operators $68,000 20 20 20 20 20 20 20 20

Total Wages (Incl. Operating Supplies & Services: 6% ) $983,150 $927,500 $927,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500 $2,577,500

Depreciation $1,430,588,415 $2,288,941,464 $1,373,364,879 $822,588,339 $414,870,640 $762,005,523 $1,219,208,836 $731,525,302 $438,153,176 $220,981,602 $220,981,602

COGS (INDIRECT) $1,431,571,565 $2,289,868,964 $1,374,292,379 $1,185,325,169 $850,259,055 $1,255,515,204 $1,712,718,518 $1,225,034,983 $931,662,857 $714,491,283 $714,491,283

Operating Expenses

Operating Overhead $224,158 $211,470 $211,470 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676 $61,821,676

Administrative Expense $0 $0 $0 $9,491,066 $14,236,599 $18,033,026 $18,033,026 $18,033,026 $18,033,026 $18,033,026 $18,033,026

Mgmt Incentive Comp $0 $0 $0 $5,931,916 $8,897,875 $11,270,641 $11,270,641 $11,270,641 $11,270,641 $11,270,641 $11,270,641

Cooling Water $0 $0 $0 $2,633,169 $3,949,754 $5,003,022 $5,003,022 $5,003,022 $5,003,022 $5,003,022 $5,003,022

Requirement (kW) 0 0 0 2,245,057,313 3,367,585,969 4,265,608,894 4,265,608,894 4,265,608,894 4,265,608,894 4,265,608,894 4,265,608,894Turbine + H2 Burn 0 0 0 (1,721,912,250) (2,582,868,375) (3,271,633,275) (3,271,633,275) (3,271,633,275) (3,271,633,275) (3,271,633,275) (3,271,633,275)Power Cost ($/kwh) $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060 $0.060

Electricity $0 $0 $0 $31,388,704 $47,083,056 $59,638,537 $59,638,537 $59,638,537 $59,638,537 $59,638,537 $59,638,537

OPS EXPENSE $224,158 $211,470 $211,470 $111,266,532 $135,988,960 $155,766,903 $155,766,903 $155,766,903 $155,766,903 $155,766,903 $155,766,903

EXTRAORDINARY EXPENSE $29,815

Total Expenses (Incl Inflation) $1,431,825,538.71 $2,335,882,042.89 $1,430,033,804.01 $1,392,284,366.50 $1,092,532,815.82 $1,590,451,712.70 $2,137,145,936.73 $1,619,693,768.99 $1,308,355,440.52 $1,074,982,415.15 $1,597,367,320.52

Financial Appendix: Expenses

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046

Net Earnings ($1,431,825,538.71) ($2,335,882,042.89) ($1,430,033,804.01) ($762,106,836.53) ($150,106,710.68) ($400,309,553.27) ($950,601,351.06) ($436,746,757.07) ($129,006,002.36) $100,769,449.25 ($453,993,619.92)Depreciation $1,430,588,415.13 $2,288,941,464.21 $1,373,364,878.53 $822,588,338.70 $414,870,640.39 $762,005,522.73 $1,219,208,836.37 $731,525,301.82 $438,153,175.57 $220,981,601.59 $220,981,601.59

Net Cash from Ops ($1,237,124) ($46,940,579) ($56,668,925) $60,481,502 $264,763,930 $361,695,969 $268,607,485 $294,778,545 $309,147,173 $321,751,051 ($233,012,018)

Plant & Equipment $7,152,971,891.04 $0.00 $0.00 $0.00 $0.00 $3,810,027,613.64 $0.00 $0.00 $0.00 $0.00 $0.00

Net Cash from Investing ($7,152,971,891) $0 $0 $0 $0 ($3,810,027,614) $0 $0 $0 $0 $0

Increase/(Decrease) in Cash ($7,154,209,014.62) ($46,940,578.68) ($56,668,925.48) $60,481,502.17 $264,763,929.71 ($3,448,331,644.19) $268,607,485.30 $294,778,544.75 $309,147,173.21 $321,751,050.84 ($233,012,018.33)

Net EOY Cash ($7,154,209,015) ($7,201,149,593) ($7,257,818,519) ($7,197,337,017) ($6,932,573,087) ($10,380,904,731) ($10,112,297,246) ($9,817,518,701) ($9,508,371,528) ($9,186,620,477) ($27,792,797,453)

Financial Appendix: Cash Flow

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046Production Level 0% 0% 0% 50% 75% 95% 95% 95% 95% 95% 95%FT Fuel Sales $0 $0 $0 $474,553,316 $711,829,973 $901,651,300 $901,651,300 $901,651,300 $901,651,300 $901,651,300 $901,651,300

TOTAL SALES (Incl Inflation) $0 $0 $0 $484,044,382 $726,066,573 $919,684,326 $919,684,326 $919,684,326 $919,684,326 $919,684,326 $919,684,326

Renew Fuels (gal) 0 0 0 74,741,837 112,112,756 142,009,490 142,009,490 142,009,490 142,009,490 142,009,490 142,009,490Subsidy ($/gal) $0.38 $0.00 $0.00 $0.00 $0.38 $0.35 $0.33 $0.30 $0.28 $0.25 $0.23 $0.00Fuel Subsidy $0 $0 $0 $28,401,898 $39,762,657 $46,768,459 $43,170,885 $39,573,311 $35,975,738 $32,378,164 $0

Recycled CO2 (ton/yr) 0 0 0 11,773,125 17,659,688 22,368,938 22,368,938 22,368,938 22,368,938 22,368,938 22,368,938Credit ($/ton) $10 $0 $0 $0 $10 $10 $10 $10 $10 $10 $10 $10Carbon Credit $0 $0 $0 $117,731,250 $176,596,875 $223,689,375 $223,689,375 $223,689,375 $223,689,375 $223,689,375 $223,689,375

TOTAL REV (Incl Inflation) $0 $0 $0 $630,177,530 $942,426,105 $1,190,142,159 $1,186,544,586 $1,182,947,012 $1,179,349,438 $1,175,751,864 $1,143,373,701

Financial Appendix: Revenue

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2046

Expenses $1,431,825,539 $2,335,882,043 $1,430,033,804 $1,392,284,366 $1,092,532,816 $1,590,451,713 $2,137,145,937 $1,619,693,769 $1,308,355,441 $1,074,982,415 $1,597,367,321

Revenue $0 $0 $0 $630,177,530 $942,426,105 $1,190,142,159 $1,186,544,586 $1,182,947,012 $1,179,349,438 $1,175,751,864 $1,143,373,701

Net Earnings Pretax ($1,431,825,539) ($2,335,882,043) ($1,430,033,804) ($762,106,837) ($150,106,711) ($400,309,553) ($950,601,351) ($436,746,757) ($129,006,002) $100,769,449 ($453,993,620)Loss Carryforward from Prior Year 0 ($1,431,825,539) ($3,767,707,582) ($5,197,741,386) ($5,959,848,222) ($6,109,954,933) ($6,510,264,486) ($7,460,865,837) ($7,897,612,594) ($8,026,618,597) ($24,325,419,801)Earnings Net of Carryforward ($1,431,825,539) ($3,767,707,582) ($5,197,741,386) ($5,959,848,222) ($6,109,954,933) ($6,510,264,486) ($7,460,865,837) ($7,897,612,594) ($8,026,618,597) ($7,925,849,147) ($24,779,413,421)Taxable Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Earnings ($1,431,825,539) ($2,335,882,043) ($1,430,033,804) ($762,106,837) ($150,106,711) ($400,309,553) ($950,601,351) ($436,746,757) ($129,006,002) $100,769,449 ($453,993,620)

Financial Appendix: Earnings