Toward a Common Method of Cost Estimation for CO2 Capture and Storage At Fossil Fuel Power Plants

There are significant differences in the methods employed by various organizations to estimate the cost of carbon capture and storage (CCS) systems for fossil fuel power plants. Such differences often are not readily apparent in publicly reported CCS cost estimates. As a consequence, there is a significant degree of misunderstanding, confusion, and mis-representation of CCS cost information, especially among audiences not familiar with the details of CCS costing. Given the international importance of CCS as an option for climate change mitigation, efforts to improve and systematize the methodology and communication of CCS costs are especially urgent and timely. This paper recommends a path forward to achieve that goal based on the recommendations of an international Task Force on CCS Costing Methods, which will be discussed in the proposed presentation. They include recommendations for a standardized nomenclature for cost estimates plus guidelines for reporting CCUS cost-related information in technical reports, journal or conference papers, and oral presentations.