Abstract
The foreseeable energy future will be driven by economics of known technologies and the desire to reduce CO2 emissions to the atmosphere. Renewable energy options are compared with each other and with the use of fossil fuels with carbon capture and sequestration (CCS). Economic analysis is used to determine the best of several alternatives. One can disagree on the detailed costs, including externalities such as climate change and air and water pollution. But the differences in capital and operating costs between known technologies are so significant that one can draw clear conclusions. Results show that renewable energy cannot compete with fossil fuels on a cost basis alone because energy is intrinsic to the molecule, except for hydroelectricity. However, fossil fuels are implicated in climate change. Using renewable energy exclusively, including transportation and electricity needs, could reduce the standard of living in the United States by 43% to 62%, which would correspond to the level in about 1970. If capture and sequester of CO2 are implemented, the cost of using fossil fuels will increase, but they beat renewable energy handily as an economic way to produce clean energy.
| Original language | English |
|---|---|
| Pages (from-to) | 153-174 |
| Number of pages | 22 |
| Journal | Annual Review of Chemical and Biomolecular Engineering |
| Volume | 9 |
| DOIs | |
| Publication status | Published - Jan 1 2018 |
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Keywords
- Carbon capture
- Costs
- Renewable energy
- Technoeconomic
ASJC Scopus subject areas
- Chemistry(all)
- Chemical Engineering(all)
Cite this
The energy future. / Newman, John; Bonino, Christopher A.; Trainham, James A.
In: Annual Review of Chemical and Biomolecular Engineering, Vol. 9, 01.01.2018, p. 153-174.Research output: Contribution to journal › Review article
}
TY - JOUR
T1 - The energy future
AU - Newman, John
AU - Bonino, Christopher A.
AU - Trainham, James A
PY - 2018/1/1
Y1 - 2018/1/1
N2 - The foreseeable energy future will be driven by economics of known technologies and the desire to reduce CO2 emissions to the atmosphere. Renewable energy options are compared with each other and with the use of fossil fuels with carbon capture and sequestration (CCS). Economic analysis is used to determine the best of several alternatives. One can disagree on the detailed costs, including externalities such as climate change and air and water pollution. But the differences in capital and operating costs between known technologies are so significant that one can draw clear conclusions. Results show that renewable energy cannot compete with fossil fuels on a cost basis alone because energy is intrinsic to the molecule, except for hydroelectricity. However, fossil fuels are implicated in climate change. Using renewable energy exclusively, including transportation and electricity needs, could reduce the standard of living in the United States by 43% to 62%, which would correspond to the level in about 1970. If capture and sequester of CO2 are implemented, the cost of using fossil fuels will increase, but they beat renewable energy handily as an economic way to produce clean energy.
AB - The foreseeable energy future will be driven by economics of known technologies and the desire to reduce CO2 emissions to the atmosphere. Renewable energy options are compared with each other and with the use of fossil fuels with carbon capture and sequestration (CCS). Economic analysis is used to determine the best of several alternatives. One can disagree on the detailed costs, including externalities such as climate change and air and water pollution. But the differences in capital and operating costs between known technologies are so significant that one can draw clear conclusions. Results show that renewable energy cannot compete with fossil fuels on a cost basis alone because energy is intrinsic to the molecule, except for hydroelectricity. However, fossil fuels are implicated in climate change. Using renewable energy exclusively, including transportation and electricity needs, could reduce the standard of living in the United States by 43% to 62%, which would correspond to the level in about 1970. If capture and sequester of CO2 are implemented, the cost of using fossil fuels will increase, but they beat renewable energy handily as an economic way to produce clean energy.
KW - Carbon capture
KW - Costs
KW - Renewable energy
KW - Technoeconomic
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U2 - 10.1146/annurev-chembioeng-060817-084300
DO - 10.1146/annurev-chembioeng-060817-084300
M3 - Review article
VL - 9
SP - 153
EP - 174
JO - Annual Review of Chemical and Biomolecular Engineering
JF - Annual Review of Chemical and Biomolecular Engineering
SN - 1947-5438
ER -