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Texas Clean Energy Project:
Coal Feedstock Poly-generation Plant
with CCUS

Presentation To:


Japan Meeting, Global CCS Institute

June 8, 2012
Disclaimer

This presentation contains confidential information, the use and disclosure of which is governed by a
nondisclosure agreement between Summit Power Group, LLC (“Summit”) and the recipient. No other use
or distribution is permitted.

This presentation is not intended to form the basis of any investment decision and does not contain any
recommendation by Summit, or any of its shareholders, subsidiaries, directors, employees, agents, or
advisors (“Summit Parties”). This presentation does not constitute an offer to sell or a solicitation of an
offer to buy any securities in the United States or any other jurisdiction.

Although the information contained in this presentation is believed to be accurate as of the date
presented, Summit and the Summit Parties make no representations or warranties (express or implied)
regarding its contents.

Some information contained in this presentation is based on forecasts and projections that may change
or prove to be incomplete or inaccurate. Summit and the Summit Parties do not undertake any obligation
to provide the recipient with additional information, to update this presentation, or to correct any
inaccuracies that may become apparent.

Nothing in this presentation should be considered to be legal, tax, or investment advice. Recipients
considering any involvement with TCEP should consult their own professional advisors prior to making
any business decisions relating to the project.




                                                      2
Introductions:
Summit Power Group, LLC
Founded twenty-one years ago by former U.S. Secretary of Energy Donald Paul Hodel &
Chief Operating Officer of Department of Energy Earl Gjelde


Summit’s Traditional Business is Power Project Development
• Developed over 7,000 MW of large, clean energy projects
• Over 1,000 MW in development or under construction
Summit’s Principal Business Lines/Live Projects                   Previous SPG Power Projects
• Wind power—Cedar Creek 120MW, Fire Island 20MW
• Solar power—NorthStar Solar 90MW PV
• Natural Gas-fired Power Plants--Encino
• Carbon Capture including from Coal Gasification—TCEP 400MW




We don’t have a particular technology favorite or bias. But we sure don’t pick permitting
   fights!
These remarks are my personal views and are not Summit Power’s positions.

                                             3
Main Points
  •Conventional pulverized coal plants are dead or dying in U.S.                 Cheap, but
   an environmental nightmare

  •Conventional IGCC does not feature carbon capture, though it is clean as
   to conventional pollutants

  •Gasification of the type typically used in chemical plants (with a shift reactor
   and Rectisol or Selexol system) can create a high-hydrogen feedstock for
   either power or chemicals, plus a pure CO2 stream

  •If the pure CO2 stream can be used for Enhanced Oil Recovery:
      • The space created by removing oil is perfect for permanent storage of CO2
      • The highly profitable extraction of oil makes the CO2 valuable, creating a non-mandated
        commercial CO2 market
      • Proven, technically and commercially, with 40+ years of experience in West Texas

  •Our project is getting a variety of government incentives, tax and cash,
   upfront and ongoing. Some of these work better than others

                                              4
By Any Measure TCEP will Save a Lot of CO2 Emissions



 TCEP CO2 Emissions vs. (i) Gas-based Power and Urea Plants Making Same
 Output or (ii) Conventional Coal Power Plant Using Same Inputs
 Case Examined                                          Annual short tons of CO2 emitted
 TCEP annual CO2 emissions (no coal is                   300,000 tons
 burned; it is turned into clean gases and almost all
 the CO2 is captured)


 Power and Fertilizer, same product quantities          1,200,000 tons—4x TECP
 as TCEP, made with natural gas

 Conventional coal plant, burning same                  3,600,000 tons—12x TCEP
 amount of coal feedstock as TCEP




                                                    5
Emissions for Alternative Plants Making Same Product
TCEP’s annual CO2 emissions are about 300,000 tons. So having TCEP running saves about
900,000 tons of CO2 emissions per year. Actual capture and sequestration is 2.5 mm tpy.

 Product             Process                                 TCEP Annual                       Industry           Industry
                                                             Output to the                     Alternative CO2    Alternative
                                                             Grid                              Emissions per      Annual
                                                                                               unit output        Emissions tons
                                                                                                                  CO2


 Power               Combined Cycle                          1.5 x 106 MWh                     1,100 lbs / 0.55   825,000 tons
                     Gas Turbine                                                               ton*

 Granular            H2->NH3, CO2                            400,000 tpy                       1 ton CO2 per      400,000 tons
 Urea                added to get Urea                       NH3-> 700,000                     ton** NH3 used
                                                             tpy Urea                          in urea


                                                                                                                  1,225,000 tons
         *NREL—includes direct emissions at plant and fugitive wellhead and pipeline methane (converted to GWP)
         **Natural Resources Canada—average for seven Canadian ammonia/urea plants



                                                                                    6
Pulverized Coal Plants and IGCC without
         CCS are Dead in U.S.




                   7
The Physical Volume of CO2 Created by Pulverized Coal
(“PC”) Plants is Staggering




100 Watt Light    876 kWh             950 pounds               1 ton CO2
    Bulb                             coal (bituminous coal     or about ½
                 (i.e. about 1            like PRB)          million liters—
Running for 1        MWh)                                     around 225
   year                                                       scuba tanks
                                                                  worth


                                 8
Old PC Plants are Really Big Sources of CO2 and
Conventional Air Pollutants
One1970s era PC plant (~1,000 MW) running one year
@ 90% base load:

   • Burns 10 million tons coal a year

   • Emits annually:
      • 120,000 tons sulfur dioxide
      • 22 million tons CO2
      • 4,000 pounds mercury= ½ million toxic doses


                           9
Why “Cleaning” Conventional Coal so Hard
                                             Massive flow of
                                              exhaust gases
                                             (~10,000 tph in
                                             1,000MW plant)




130 foot high
wall of flame
 with some
 metal tubes
  around it.



       Diagram: Tennessee Valley Authority



                                              10
Another Picture of a
  Conventional Coal Boiler
    There have been many
    proposals for doing “post-
    combustion capture” at
    new-build        (Trailblazer,
    USA)         or       retro-fit
    (Longannet, UK) pulverized
    coal plants. No one yet has
    overcome (at scale*) the
    fundamental challenge of
    sweeping a small amount
    of CO2 out of a giant hot
    gas flow. That is, fast-
    moving flue gas is mostly
    comprised of N2 (i.e., 3
    tons a second of hot gas
    that is only 1/8th comprised
    of CO2).                        ~130 feet
*For example, the Aker CleanCarbon amine capture system that
was supposed to be used at Longannet retro-fit is just now being
tested at a capture rate of 80k tpy. It would have needed to work
at rate of ~3mm tpy (about 40 x bigger) to be full-scale.


                                                                    11
Old Style IGCC is Probably Also Dead
  • “Old Style” IGCC made no attempt to capture CO2.

  • Basically most of the carbon molecules contained in the original coal input
    end up as carbon monoxide in the raw syngas that ultimately feeds the
    power turbine. As example, raw syngas from one common technology is
    34% H2, 45% CO, 16% CO2)*

  • Hence, old style IGCC’s CO2 emissions profile is not much different than
    the best pulverized coal plants. Some existing old style IGCC plants are
    now attempting to retrofit (see box below).
                  “Pilot with CO2 capture -- Nuon has started a pilot at the Willem Alexander power plant in
                  Buggenum to capture CO2.

                  Because the Willem-Alexander Power Plant uses gasification technology, it is the ideal location to
                  test pre-combustion CO2 capture. Coal gasification enables CO2 to be captured before the
                  combustion process. This enables a better environmental performance, meaning coal can be used
                  in a cleaner and more efficient way.”

*Source: SAIC, NETL paper on IGCC citing example of Conoco Phillips gasifier. Remaining components 2% methane, 3% nitrogen.


                                                                          12
Tightening U.S. Federal Regulation and State Laws
Pressure Old and New Coal Plants
• New Years 2011 USEPA added CO2 as regulated pollutant for future air
  permits, with recent April 12, 2012 proposed limit of 1,000 lbs CO2/MWh.

• July 2011 Cross-State Air Pollution Rule—applies to states east of
  Dakotas/New Mexico; basically creates limits and allowance trading
  markets for:
   •   NOX
   •   SOX
   •   Small Particulates (PM10)

• December 2011 Mercury and Air Toxics Standards (MATS)/National
  Emission Standards for Hazardous Air Pollutants—existing and future
  plants

• States (for instance California and Oregon) passed laws limiting new
  thermal plant to 1,100 pounds/ MWh—far better than pulverized coal or
  conventional IGCC capabilities.
                                     13
Coal Gasification w/ CCUS will Thrive




                   14
Coal Gasification with CCUS Will Succeed
 •Gasify. Clean small, pressurized gas volume. Then burn.

 •Five standardized “modules”. Rare in U.S., but basis of much of
  China’s chemical industry.

 •TCEP’s big difference is the last step—selling the CO2 to users who
  will permanently sequester

 •Use every single chemical constituent of coal to make money

 •As consequence, emit negligible air pollution

 •As a consequence, can get permitted without fatal opposition


                                  15
What is Coal Gasification with CCUS?
PC:                     Grind-> Break -> Burn -> Clean
Gasification:           Grind-> Break ->         Clean ->Burn

Pulverized Coal                             Gasification w/ CCUS
Grind coal                                  Grind Coal
                                            Break carbon bonds by adding heat—
Break carbon bonds by adding heat,          but only a bit of oxygen, so can’t burn
&                                           completely. (Gasifier and CO Shift)
Burn simultaneously, adding                 Clean the dirty gas (which is
atmospheric air in four story high          pressurized in a small pipe)—easy to
fireball in a box.                          grab CO2 and H2S
Clean: Then try to grab sulfur, ash,        Then burn the clean gas (mostly H2 &
SOx and NOx out of the massive              little CO in ~20:1 ratio) in a
volume flowing through stacks.              combustion turbine

                                       16
Air Pollutants: Gasification vs. “Incinerate and Clean Up Later”

                        2007 Permitted   2010 Permitted
                       Pulverized Coal            TCEP             TCEP /
                           (1,720 MW)         (400 MW)    Pulverized Coal

SO2 (lb/MWh)                   2.01               0.14               7%

NOx (lb/MWh)                   0.84               0.13             16%

PM10 (lb/MWh)                  0.42               0.22             52%
Hg (millionths of               96                   7               7%
lb/MWh)

CO2 (lb/MWh)                 2,203                228              10%


                                  17
Currently Operating Installation of Five SFG-500
Gasifiers at Shenhua Plant, Ningxia, China




                        18
Newer Gasification Plants Have Five Typical Major
Subcomponents, and We Add One New Revenue
1. Air Separation Unit (need pure oxygen for controlled gasification)—typical
   providers Linde, AirLiquide, Airproducts, etc.
2. Gasifiers to gasify coal or pet coke—typical providers Siemens,
   ConocoPhillips, Mitsubishi Heavy, GE, Chevron. Output is mixed gases,
   heavily weighted towards CO.
3. CO Shift Reaction*—add steam and eliminate most CO, while raising CO2
   and H2. (CO+H20CO2+H2)
4. Acid Gas Removal including Carbon Capture (take H2S and CO2 out of
   gas stream to concentrate high BTU syngas)—typical providers Linde or
   AirLiquide (Rectisol), UOP (Selexol)
5. Syngas Users “Inside the Fence”
6. Commercial Sale of Captured Carbon
*Gas components (ex nitrogen and water) out of gasifier are 65% CO, 30% H2, 5% CO2. After shift reaction 3% CO, 57% H2, 40% CO2.



                                                                        19
TCEP Gasification CCS Schematic: Same 5                                                   CCGT
    “Modules” plus a New Revenue Source
                                                                                                     2/3
                                   #2 Gasifiers
                           Coal                             #3 CO Shift                       #5
                           1.8mm
                             tpy
                                                            & #4 Acid                   Syngas
                                                       Gas Removal                         Users
                                                                                                          1/3
[Brackish Water Purified
 via Reverse Osmosis]
                           H2O                                                             NH3/Urea

                                                                                                                 1/6

                                                                                             #6                  5/6
                                                   Raw
   #1 ASU                                                                                   CO2                        EOR
                                                  Syngas
                             O2
                                                              H2SO4
                                                               * Remaining 5% of revenue from other byproduct sales


                                                       20
Key: Using, not Venting, Industrial Quality CO2
Korean Gasification Plant (same Acid Gas Treatment as TCEP from Linde),
 label numbers correspond to steps in prior slide
    #1




                     #2




                                                  #6
                                                          Yellow box says
                                                         “Vented CO2”—to
                                                        OSBL. OSBL means
             #3           #4              #5              “Outside Battery
                                                        Limits”, which is nice
                                                          way to say “into
                                                           atmosphere”.



                                   21
A Few Recent Asian Coal Gasification Plants
Total Capacity Last Decade is ~20x TCEP
                                                                                     Feed                   Syngas
     Plant Name                      Year Country       Technology Name              Class Product          Output
     Inner Mongolia Chemical Plant     2011 China       Shell Gasification Process   Coal  Methanol              3373

     Ningxia Coal to Polypropylene     2010 China       Siemens SFG Gasification     Coal   Polypropelene        1912
     Project (NCPP)                                     Process

     Perdaman                          2013 Australia   Shell Gasification Process   Coal   Chemicals            1283

     Tianjin Chemical Plant            2010 China       Shell Gasification Process   Coal   Ammonia              1124

     Jincheng Project                  2012 China       Siemens SFG Gasification     Coal   Ammonia               874
                                                        Process
     Coal to UREA Project              2013 Australia   Siemens SFG Gasification     Coal   Ammonia               765
                                                        Process
     Guizhou Chemical Plant            2010 China       Shell Gasification Process   Coal   Ammonia               562

     Hebi                              2012 China       Shell Gasification Process   Coal   Chemicals             546

     Datong                            2013 China       Shell Gasification Process   Coal   Chemicals             546

     Sinopec, Anqing                   2006 China       Shell Gasification Process   Coal   Ammonia               509

     Dong Ting Ammonia Plant           2006 China       Shell Gasification Process   Coal   Ammonia             466.2

     Hubei Ammonia Plant               2006 China       Shell Gasification Process   Coal   Ammonia             466.2

     Yuntianhua Chemicals, Anning      2007 China       Shell Gasification Process   Coal   Ammonia               465

     Yunzhanhua Chemicals, Huashan     2007 China       Shell Gasification Process   Coal   Ammonia               465

     Puyang Plant                      2008 China       Shell Gasification Process   Coal   Methanol              463




                                                                           22
Revenue and Output Contracts




              23
Emitting Less Pollution, Emitting More Revenue
Process               Product                           Use

Air Separation Unit   Argon Gas, Nitrogen Gas           Trucked to industrial gas users (We
                                                        only need O2 and some N2)

Gasifiers             Inert, vitrified, non-leachable   Environmentally friendly component
                      slag                              for Cement

Gas Cleanup           Hydrogen Sulfide Gas              Make Sulfuric Acid to Sell

Gas Cleanup           CO2                               EOR and Urea, both

Gas Cleanup           Syngas                            Power and Urea

Plant Wide            Water                             Zero Discharge




                                               24
Revenue components
        •   710k tons / year
                                                             Components of External Sales Revenues (after eliminating all intra-
        •   US 2010 demand 12mm tons / year                  plant transfer pricing) – 2020
Urea1   •   US 2010 imports 7mm tons / year                                             8%

        •   97% capacity utilization
        •   Contracted under a 15-year offtake agreement                18%
            with a price floor
        •   400 MW gross output
        •   On-site power use includes ASU, ammonia                                                                 53%
            production and CO2 compression
Power   •   ~195 MW net to CPS Energy
        •   ERCOT 2011 peak demand 68,379 MWs                              21%

        •   Fully contracted under a 25-year Tolling
            Agreement with a ‘AA’ rated counterparty                          Urea      Electricity   CO2   Other

        •   2.5mm tons / year captured and sold
        •   90%+ capture rate
        •   Market in Permian Basin is massive in
CO2
            comparison – and short of supplies
        •   37mm tons / year market for new CO2
        •   Will qualify for carbon credits (VERs) on
            American Carbon Registry and other registries                      (1) Source: Fertecon


                                                            25
                                                            25
Key Profit Drivers (Spot/Indicative Prices)

Item                 Volumes/Units         Price       Revenue mm$/yr
                                           (spot)
Coal Consumed        1.8mm tpa             $50/ton     ($90)
                                           delivered

Natural Gas          4 mm MCF/yr           ~$3         ($12)
Consumed

Urea Produced        710,000 tpa           $400        $284

Power Produced for   ~1.5 mm MWh/yr        $80         $120
External Sale
CO2 Produced         2.5mm tpa             $30         $75

                                                       $377



                                      26
CO2 for Enhanced Oil Recovery: Inject, Extract, Re-cycle, Cap




                     Closed loop for valuable CO2
 When done, cap
  well, and CO2
stays in the space
where the oil used                                    One ton CO2
       to be.                                       pushes up about
                                                    2-3 barrels of oil!

                                                     Not “fracking.”
                                                    More analogous to
                                                    CO2 dry cleaning.



                                     27
In Oilfields CO2 is a Scarce Product, Not a Disposal Problem
•   Texas’ Permian Basin is
    40-year old CO2
    market for Enhanced Oil
    Recovery
• 3,000 miles of CO2
    pipelines (Cortez pipeline
    in red/top left = 500 miles)
•   TCEP within 100 miles
    or less of 72% of all
    existing EOR-using fields
•   We are ~7% of 37mm
    TPY market
• CO2 demand 3x supply
    --all existing sources of
    supply (geologic and man-
    made)
                                    28
U.S. Government Support in Absence of
          Carbon Price/Tax




                  29
U.S. Government Support:
TCEP Received $450 Million Grant From U.S. Department of Energy
Largest single award under President Obama & U.S. Energy Secretary Steven Chu
Only IGCC project & “new start” in this round of the DOE’s Clean Coal Power Initiative

 • On December 4, 2009, Secretary Stephen Chu of the U.S. Department of Energy announced
   that TCEP would receive a $350 million award
 • The award is basically “equity” that does not require a dividend or receive tax benefits
 • This award is the largest yet made under the Department of Energy’s Clean Coal Power
   Initiative, enacted and funded by Congress.
 • The U.S. DOE made an additional $100 million award to TCEP in August 2010
 • The funding does not require any further Congressional action—it is already appropriated and
   committed, subject to project fulfilling its contractual commitments under the executed
   Cooperative Agreement.

   At a 2009 hearing of a key Congressional committee, witnesses unanimously agreed that the United
       States and the world cannot meet current climate goals without the implementation of carbon
                              capture and sequestration (CCS) technology.

     In July 2010, the then U.S. DOE Assistant Secretary for Fossil Energy James Markowsky said of
    TCEP: “It is one of the key carbon capture and storage projects essential to gaining the integration
                  and operating experience necessary for commercial CCS deployment.”

                                                        30
Tax Benefits are a Significant Factor in Returns
• TCEP benefits from three separate Federal tax incentives, the combined benefit of which is
  worth approximately $1.35 billion. The ITC had to be applied for and competitively selected.
  The other two benefits are available to any similarly situated taxpayer.
        • $313 mm Advanced Coal Program investment tax credit (“ITC”) at or before COD (awarded)
        • $195 mm Carbon Sequestration tax credits possible over first 10 years
        • $757 mm MACRS accelerated depreciation tax benefits over first 5 years
         ~$1.265 bn undiscounted total
• If DOE Award is taxed (likely to change), taxes on that are about $157mm. So net
  undiscounted tax benefit is about $1.1bn
• $1.1bn is about NPV of $700 million1 at COD
• Sadly, only a big taxpaying corporation that invests as a partner in TCEP can benefit from these tax
  programs. That restriction leaves out all pension funds, non-profits, foreign companies, sovereign
  wealth funds, most U.S. energy companies, U.S. corporations with existing tax losses, etc.
  Wonderful support, but financially complex to use.
 1   at 15% discount rate from date of project completion




                                                            31
TCEP Capitalization


Operating/Project Company funding (as of 10/14/2011 in USD)
• DOE Award                              $ 0.45 billion
• Senior Secured Debt                    $ 1.30
• Investment from Holding Company        $ 1.10
• Total estimated project costs:         $ 2.85 billion


                                                              Grants
                                                               16%


           Value of tax
                                             Sr. Secured
            benefits @                           Debt
           ~$700mm =                             46%

           about 2/3 of
                                                                Holdco
          needed equity.                                      Investment
                                                                 38%




                                                  32
TCEP Gets Large incentives (in Absolute $$) — Highly Efficient in
$$/ton CO2 not Emitted
                                                            Wind Project       Wind Project w/    TCEP vs. Gas      TCEP vs. Coal
                                        Solar Project          Grant                PTC              CCGT              Plant


 Size MW (Nameplate)                                 100                100                100               400               400
 Cost $mm                                $        300.00     $     200.00        $      200.00    $      2,900.00    $     2,900.00
 Annual Operating Ratio                              20%                30%                30%               90%               90%
 Annual Energy                                   175,200          262,800              262,800          3,153,600         3,153,600
 20 year Energy                                 3,504,000        5,256,000            5,256,000        63,072,000        63,072,000


 Carbon Out lb per MWh                                  0                  0                 0               200               200
 Gas Plant or Coal (Last Column)                     800                800                800               800              2200


 Tons CO2 Saved                                 1,401,600        2,102,400            2,102,400        18,921,600        63,072,000


 Cash Grant                              $         90.00     $      60.00                          $      450.00     $      450.00
 Tax On Grant                               $           -                                         $      (157.50)    $     (157.50)
 Production /Sequestration Tax Credit                                             $      52.56     $      100.00     $      100.00
 Investment Tax Credit                                                                             $      313.00     $      313.00
 Basis Reduction for ITC /Grant (%)                  50%                50%                  0              100%              100%
 Basis Reduction for ITC /Grant ($)     $            (16)   $           (11)      $           -   $         (110)   $         (110)
  Total incentives                       $         74.25     $      49.50         $      52.56     $      595.95     $      595.95



 incentive per Ton CO2 Not Emitted                 52.98            23.54                25.00              31.50              9.45

                                                                   33
Key Success Factors and Challenges
• Success Factors
   • Low emissions profile meant no environmental opposition and community support. Also no
     local fresh water use was important in this arid region of the USA.
   • Flexibility of uses for high hydrogen syngas—multiple possible power and chemical
     applications
   • Basically zero investment in CO2 pipeline infrastructure, combined with large and profitable
     CO2 sales market
   • Low technology risk because we use well-tested components and because “integration” has
     been proven in multiple Asian plants (i.e., Shenhua’s)
   • Strong US government support, especially the cash grant
   • Settled legal framework relating to underground CO2 injection for EOR in Texas.

• Challenges
   • Impossible to get fixed price long term contracts for urea and CO2
   • Difficulty of efficiently using tax incentives provided by U.S. government
   • No government mandate: neither national Renewable Portfolio Standards (for power
     generation) nor carbon tax on emissions of CO2.

                                                 34

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Jeffrey Brown – Summit Power Group – Texas Clean Energy Project: coal feedstock poly-generation plant with CCUS

  • 1. Texas Clean Energy Project: Coal Feedstock Poly-generation Plant with CCUS Presentation To: Japan Meeting, Global CCS Institute June 8, 2012
  • 2. Disclaimer This presentation contains confidential information, the use and disclosure of which is governed by a nondisclosure agreement between Summit Power Group, LLC (“Summit”) and the recipient. No other use or distribution is permitted. This presentation is not intended to form the basis of any investment decision and does not contain any recommendation by Summit, or any of its shareholders, subsidiaries, directors, employees, agents, or advisors (“Summit Parties”). This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. Although the information contained in this presentation is believed to be accurate as of the date presented, Summit and the Summit Parties make no representations or warranties (express or implied) regarding its contents. Some information contained in this presentation is based on forecasts and projections that may change or prove to be incomplete or inaccurate. Summit and the Summit Parties do not undertake any obligation to provide the recipient with additional information, to update this presentation, or to correct any inaccuracies that may become apparent. Nothing in this presentation should be considered to be legal, tax, or investment advice. Recipients considering any involvement with TCEP should consult their own professional advisors prior to making any business decisions relating to the project. 2
  • 3. Introductions: Summit Power Group, LLC Founded twenty-one years ago by former U.S. Secretary of Energy Donald Paul Hodel & Chief Operating Officer of Department of Energy Earl Gjelde Summit’s Traditional Business is Power Project Development • Developed over 7,000 MW of large, clean energy projects • Over 1,000 MW in development or under construction Summit’s Principal Business Lines/Live Projects Previous SPG Power Projects • Wind power—Cedar Creek 120MW, Fire Island 20MW • Solar power—NorthStar Solar 90MW PV • Natural Gas-fired Power Plants--Encino • Carbon Capture including from Coal Gasification—TCEP 400MW We don’t have a particular technology favorite or bias. But we sure don’t pick permitting fights! These remarks are my personal views and are not Summit Power’s positions. 3
  • 4. Main Points •Conventional pulverized coal plants are dead or dying in U.S. Cheap, but an environmental nightmare •Conventional IGCC does not feature carbon capture, though it is clean as to conventional pollutants •Gasification of the type typically used in chemical plants (with a shift reactor and Rectisol or Selexol system) can create a high-hydrogen feedstock for either power or chemicals, plus a pure CO2 stream •If the pure CO2 stream can be used for Enhanced Oil Recovery: • The space created by removing oil is perfect for permanent storage of CO2 • The highly profitable extraction of oil makes the CO2 valuable, creating a non-mandated commercial CO2 market • Proven, technically and commercially, with 40+ years of experience in West Texas •Our project is getting a variety of government incentives, tax and cash, upfront and ongoing. Some of these work better than others 4
  • 5. By Any Measure TCEP will Save a Lot of CO2 Emissions TCEP CO2 Emissions vs. (i) Gas-based Power and Urea Plants Making Same Output or (ii) Conventional Coal Power Plant Using Same Inputs Case Examined Annual short tons of CO2 emitted TCEP annual CO2 emissions (no coal is 300,000 tons burned; it is turned into clean gases and almost all the CO2 is captured) Power and Fertilizer, same product quantities 1,200,000 tons—4x TECP as TCEP, made with natural gas Conventional coal plant, burning same 3,600,000 tons—12x TCEP amount of coal feedstock as TCEP 5
  • 6. Emissions for Alternative Plants Making Same Product TCEP’s annual CO2 emissions are about 300,000 tons. So having TCEP running saves about 900,000 tons of CO2 emissions per year. Actual capture and sequestration is 2.5 mm tpy. Product Process TCEP Annual Industry Industry Output to the Alternative CO2 Alternative Grid Emissions per Annual unit output Emissions tons CO2 Power Combined Cycle 1.5 x 106 MWh 1,100 lbs / 0.55 825,000 tons Gas Turbine ton* Granular H2->NH3, CO2 400,000 tpy 1 ton CO2 per 400,000 tons Urea added to get Urea NH3-> 700,000 ton** NH3 used tpy Urea in urea 1,225,000 tons *NREL—includes direct emissions at plant and fugitive wellhead and pipeline methane (converted to GWP) **Natural Resources Canada—average for seven Canadian ammonia/urea plants 6
  • 7. Pulverized Coal Plants and IGCC without CCS are Dead in U.S. 7
  • 8. The Physical Volume of CO2 Created by Pulverized Coal (“PC”) Plants is Staggering 100 Watt Light 876 kWh 950 pounds 1 ton CO2 Bulb coal (bituminous coal or about ½ (i.e. about 1 like PRB) million liters— Running for 1 MWh) around 225 year scuba tanks worth 8
  • 9. Old PC Plants are Really Big Sources of CO2 and Conventional Air Pollutants One1970s era PC plant (~1,000 MW) running one year @ 90% base load: • Burns 10 million tons coal a year • Emits annually: • 120,000 tons sulfur dioxide • 22 million tons CO2 • 4,000 pounds mercury= ½ million toxic doses 9
  • 10. Why “Cleaning” Conventional Coal so Hard Massive flow of exhaust gases (~10,000 tph in 1,000MW plant) 130 foot high wall of flame with some metal tubes around it. Diagram: Tennessee Valley Authority 10
  • 11. Another Picture of a Conventional Coal Boiler There have been many proposals for doing “post- combustion capture” at new-build (Trailblazer, USA) or retro-fit (Longannet, UK) pulverized coal plants. No one yet has overcome (at scale*) the fundamental challenge of sweeping a small amount of CO2 out of a giant hot gas flow. That is, fast- moving flue gas is mostly comprised of N2 (i.e., 3 tons a second of hot gas that is only 1/8th comprised of CO2). ~130 feet *For example, the Aker CleanCarbon amine capture system that was supposed to be used at Longannet retro-fit is just now being tested at a capture rate of 80k tpy. It would have needed to work at rate of ~3mm tpy (about 40 x bigger) to be full-scale. 11
  • 12. Old Style IGCC is Probably Also Dead • “Old Style” IGCC made no attempt to capture CO2. • Basically most of the carbon molecules contained in the original coal input end up as carbon monoxide in the raw syngas that ultimately feeds the power turbine. As example, raw syngas from one common technology is 34% H2, 45% CO, 16% CO2)* • Hence, old style IGCC’s CO2 emissions profile is not much different than the best pulverized coal plants. Some existing old style IGCC plants are now attempting to retrofit (see box below). “Pilot with CO2 capture -- Nuon has started a pilot at the Willem Alexander power plant in Buggenum to capture CO2. Because the Willem-Alexander Power Plant uses gasification technology, it is the ideal location to test pre-combustion CO2 capture. Coal gasification enables CO2 to be captured before the combustion process. This enables a better environmental performance, meaning coal can be used in a cleaner and more efficient way.” *Source: SAIC, NETL paper on IGCC citing example of Conoco Phillips gasifier. Remaining components 2% methane, 3% nitrogen. 12
  • 13. Tightening U.S. Federal Regulation and State Laws Pressure Old and New Coal Plants • New Years 2011 USEPA added CO2 as regulated pollutant for future air permits, with recent April 12, 2012 proposed limit of 1,000 lbs CO2/MWh. • July 2011 Cross-State Air Pollution Rule—applies to states east of Dakotas/New Mexico; basically creates limits and allowance trading markets for: • NOX • SOX • Small Particulates (PM10) • December 2011 Mercury and Air Toxics Standards (MATS)/National Emission Standards for Hazardous Air Pollutants—existing and future plants • States (for instance California and Oregon) passed laws limiting new thermal plant to 1,100 pounds/ MWh—far better than pulverized coal or conventional IGCC capabilities. 13
  • 14. Coal Gasification w/ CCUS will Thrive 14
  • 15. Coal Gasification with CCUS Will Succeed •Gasify. Clean small, pressurized gas volume. Then burn. •Five standardized “modules”. Rare in U.S., but basis of much of China’s chemical industry. •TCEP’s big difference is the last step—selling the CO2 to users who will permanently sequester •Use every single chemical constituent of coal to make money •As consequence, emit negligible air pollution •As a consequence, can get permitted without fatal opposition 15
  • 16. What is Coal Gasification with CCUS? PC: Grind-> Break -> Burn -> Clean Gasification: Grind-> Break -> Clean ->Burn Pulverized Coal Gasification w/ CCUS Grind coal Grind Coal Break carbon bonds by adding heat— Break carbon bonds by adding heat, but only a bit of oxygen, so can’t burn & completely. (Gasifier and CO Shift) Burn simultaneously, adding Clean the dirty gas (which is atmospheric air in four story high pressurized in a small pipe)—easy to fireball in a box. grab CO2 and H2S Clean: Then try to grab sulfur, ash, Then burn the clean gas (mostly H2 & SOx and NOx out of the massive little CO in ~20:1 ratio) in a volume flowing through stacks. combustion turbine 16
  • 17. Air Pollutants: Gasification vs. “Incinerate and Clean Up Later” 2007 Permitted 2010 Permitted Pulverized Coal TCEP TCEP / (1,720 MW) (400 MW) Pulverized Coal SO2 (lb/MWh) 2.01 0.14 7% NOx (lb/MWh) 0.84 0.13 16% PM10 (lb/MWh) 0.42 0.22 52% Hg (millionths of 96 7 7% lb/MWh) CO2 (lb/MWh) 2,203 228 10% 17
  • 18. Currently Operating Installation of Five SFG-500 Gasifiers at Shenhua Plant, Ningxia, China 18
  • 19. Newer Gasification Plants Have Five Typical Major Subcomponents, and We Add One New Revenue 1. Air Separation Unit (need pure oxygen for controlled gasification)—typical providers Linde, AirLiquide, Airproducts, etc. 2. Gasifiers to gasify coal or pet coke—typical providers Siemens, ConocoPhillips, Mitsubishi Heavy, GE, Chevron. Output is mixed gases, heavily weighted towards CO. 3. CO Shift Reaction*—add steam and eliminate most CO, while raising CO2 and H2. (CO+H20CO2+H2) 4. Acid Gas Removal including Carbon Capture (take H2S and CO2 out of gas stream to concentrate high BTU syngas)—typical providers Linde or AirLiquide (Rectisol), UOP (Selexol) 5. Syngas Users “Inside the Fence” 6. Commercial Sale of Captured Carbon *Gas components (ex nitrogen and water) out of gasifier are 65% CO, 30% H2, 5% CO2. After shift reaction 3% CO, 57% H2, 40% CO2. 19
  • 20. TCEP Gasification CCS Schematic: Same 5 CCGT “Modules” plus a New Revenue Source 2/3 #2 Gasifiers Coal #3 CO Shift #5 1.8mm tpy & #4 Acid Syngas Gas Removal Users 1/3 [Brackish Water Purified via Reverse Osmosis] H2O NH3/Urea 1/6 #6 5/6 Raw #1 ASU CO2 EOR Syngas O2 H2SO4 * Remaining 5% of revenue from other byproduct sales 20
  • 21. Key: Using, not Venting, Industrial Quality CO2 Korean Gasification Plant (same Acid Gas Treatment as TCEP from Linde), label numbers correspond to steps in prior slide #1 #2 #6 Yellow box says “Vented CO2”—to OSBL. OSBL means #3 #4 #5 “Outside Battery Limits”, which is nice way to say “into atmosphere”. 21
  • 22. A Few Recent Asian Coal Gasification Plants Total Capacity Last Decade is ~20x TCEP Feed Syngas Plant Name Year Country Technology Name Class Product Output Inner Mongolia Chemical Plant 2011 China Shell Gasification Process Coal Methanol 3373 Ningxia Coal to Polypropylene 2010 China Siemens SFG Gasification Coal Polypropelene 1912 Project (NCPP) Process Perdaman 2013 Australia Shell Gasification Process Coal Chemicals 1283 Tianjin Chemical Plant 2010 China Shell Gasification Process Coal Ammonia 1124 Jincheng Project 2012 China Siemens SFG Gasification Coal Ammonia 874 Process Coal to UREA Project 2013 Australia Siemens SFG Gasification Coal Ammonia 765 Process Guizhou Chemical Plant 2010 China Shell Gasification Process Coal Ammonia 562 Hebi 2012 China Shell Gasification Process Coal Chemicals 546 Datong 2013 China Shell Gasification Process Coal Chemicals 546 Sinopec, Anqing 2006 China Shell Gasification Process Coal Ammonia 509 Dong Ting Ammonia Plant 2006 China Shell Gasification Process Coal Ammonia 466.2 Hubei Ammonia Plant 2006 China Shell Gasification Process Coal Ammonia 466.2 Yuntianhua Chemicals, Anning 2007 China Shell Gasification Process Coal Ammonia 465 Yunzhanhua Chemicals, Huashan 2007 China Shell Gasification Process Coal Ammonia 465 Puyang Plant 2008 China Shell Gasification Process Coal Methanol 463 22
  • 23. Revenue and Output Contracts 23
  • 24. Emitting Less Pollution, Emitting More Revenue Process Product Use Air Separation Unit Argon Gas, Nitrogen Gas Trucked to industrial gas users (We only need O2 and some N2) Gasifiers Inert, vitrified, non-leachable Environmentally friendly component slag for Cement Gas Cleanup Hydrogen Sulfide Gas Make Sulfuric Acid to Sell Gas Cleanup CO2 EOR and Urea, both Gas Cleanup Syngas Power and Urea Plant Wide Water Zero Discharge 24
  • 25. Revenue components • 710k tons / year Components of External Sales Revenues (after eliminating all intra- • US 2010 demand 12mm tons / year plant transfer pricing) – 2020 Urea1 • US 2010 imports 7mm tons / year 8% • 97% capacity utilization • Contracted under a 15-year offtake agreement 18% with a price floor • 400 MW gross output • On-site power use includes ASU, ammonia 53% production and CO2 compression Power • ~195 MW net to CPS Energy • ERCOT 2011 peak demand 68,379 MWs 21% • Fully contracted under a 25-year Tolling Agreement with a ‘AA’ rated counterparty Urea Electricity CO2 Other • 2.5mm tons / year captured and sold • 90%+ capture rate • Market in Permian Basin is massive in CO2 comparison – and short of supplies • 37mm tons / year market for new CO2 • Will qualify for carbon credits (VERs) on American Carbon Registry and other registries (1) Source: Fertecon 25 25
  • 26. Key Profit Drivers (Spot/Indicative Prices) Item Volumes/Units Price Revenue mm$/yr (spot) Coal Consumed 1.8mm tpa $50/ton ($90) delivered Natural Gas 4 mm MCF/yr ~$3 ($12) Consumed Urea Produced 710,000 tpa $400 $284 Power Produced for ~1.5 mm MWh/yr $80 $120 External Sale CO2 Produced 2.5mm tpa $30 $75 $377 26
  • 27. CO2 for Enhanced Oil Recovery: Inject, Extract, Re-cycle, Cap Closed loop for valuable CO2 When done, cap well, and CO2 stays in the space where the oil used One ton CO2 to be. pushes up about 2-3 barrels of oil! Not “fracking.” More analogous to CO2 dry cleaning. 27
  • 28. In Oilfields CO2 is a Scarce Product, Not a Disposal Problem • Texas’ Permian Basin is 40-year old CO2 market for Enhanced Oil Recovery • 3,000 miles of CO2 pipelines (Cortez pipeline in red/top left = 500 miles) • TCEP within 100 miles or less of 72% of all existing EOR-using fields • We are ~7% of 37mm TPY market • CO2 demand 3x supply --all existing sources of supply (geologic and man- made) 28
  • 29. U.S. Government Support in Absence of Carbon Price/Tax 29
  • 30. U.S. Government Support: TCEP Received $450 Million Grant From U.S. Department of Energy Largest single award under President Obama & U.S. Energy Secretary Steven Chu Only IGCC project & “new start” in this round of the DOE’s Clean Coal Power Initiative • On December 4, 2009, Secretary Stephen Chu of the U.S. Department of Energy announced that TCEP would receive a $350 million award • The award is basically “equity” that does not require a dividend or receive tax benefits • This award is the largest yet made under the Department of Energy’s Clean Coal Power Initiative, enacted and funded by Congress. • The U.S. DOE made an additional $100 million award to TCEP in August 2010 • The funding does not require any further Congressional action—it is already appropriated and committed, subject to project fulfilling its contractual commitments under the executed Cooperative Agreement. At a 2009 hearing of a key Congressional committee, witnesses unanimously agreed that the United States and the world cannot meet current climate goals without the implementation of carbon capture and sequestration (CCS) technology. In July 2010, the then U.S. DOE Assistant Secretary for Fossil Energy James Markowsky said of TCEP: “It is one of the key carbon capture and storage projects essential to gaining the integration and operating experience necessary for commercial CCS deployment.” 30
  • 31. Tax Benefits are a Significant Factor in Returns • TCEP benefits from three separate Federal tax incentives, the combined benefit of which is worth approximately $1.35 billion. The ITC had to be applied for and competitively selected. The other two benefits are available to any similarly situated taxpayer. • $313 mm Advanced Coal Program investment tax credit (“ITC”) at or before COD (awarded) • $195 mm Carbon Sequestration tax credits possible over first 10 years • $757 mm MACRS accelerated depreciation tax benefits over first 5 years ~$1.265 bn undiscounted total • If DOE Award is taxed (likely to change), taxes on that are about $157mm. So net undiscounted tax benefit is about $1.1bn • $1.1bn is about NPV of $700 million1 at COD • Sadly, only a big taxpaying corporation that invests as a partner in TCEP can benefit from these tax programs. That restriction leaves out all pension funds, non-profits, foreign companies, sovereign wealth funds, most U.S. energy companies, U.S. corporations with existing tax losses, etc. Wonderful support, but financially complex to use. 1 at 15% discount rate from date of project completion 31
  • 32. TCEP Capitalization Operating/Project Company funding (as of 10/14/2011 in USD) • DOE Award $ 0.45 billion • Senior Secured Debt $ 1.30 • Investment from Holding Company $ 1.10 • Total estimated project costs: $ 2.85 billion Grants 16% Value of tax Sr. Secured benefits @ Debt ~$700mm = 46% about 2/3 of Holdco needed equity. Investment 38% 32
  • 33. TCEP Gets Large incentives (in Absolute $$) — Highly Efficient in $$/ton CO2 not Emitted Wind Project Wind Project w/ TCEP vs. Gas TCEP vs. Coal Solar Project Grant PTC CCGT Plant Size MW (Nameplate) 100 100 100 400 400 Cost $mm $ 300.00 $ 200.00 $ 200.00 $ 2,900.00 $ 2,900.00 Annual Operating Ratio 20% 30% 30% 90% 90% Annual Energy 175,200 262,800 262,800 3,153,600 3,153,600 20 year Energy 3,504,000 5,256,000 5,256,000 63,072,000 63,072,000 Carbon Out lb per MWh 0 0 0 200 200 Gas Plant or Coal (Last Column) 800 800 800 800 2200 Tons CO2 Saved 1,401,600 2,102,400 2,102,400 18,921,600 63,072,000 Cash Grant $ 90.00 $ 60.00 $ 450.00 $ 450.00 Tax On Grant $ - $ (157.50) $ (157.50) Production /Sequestration Tax Credit $ 52.56 $ 100.00 $ 100.00 Investment Tax Credit $ 313.00 $ 313.00 Basis Reduction for ITC /Grant (%) 50% 50% 0 100% 100% Basis Reduction for ITC /Grant ($) $ (16) $ (11) $ - $ (110) $ (110) Total incentives $ 74.25 $ 49.50 $ 52.56 $ 595.95 $ 595.95 incentive per Ton CO2 Not Emitted 52.98 23.54 25.00 31.50 9.45 33
  • 34. Key Success Factors and Challenges • Success Factors • Low emissions profile meant no environmental opposition and community support. Also no local fresh water use was important in this arid region of the USA. • Flexibility of uses for high hydrogen syngas—multiple possible power and chemical applications • Basically zero investment in CO2 pipeline infrastructure, combined with large and profitable CO2 sales market • Low technology risk because we use well-tested components and because “integration” has been proven in multiple Asian plants (i.e., Shenhua’s) • Strong US government support, especially the cash grant • Settled legal framework relating to underground CO2 injection for EOR in Texas. • Challenges • Impossible to get fixed price long term contracts for urea and CO2 • Difficulty of efficiently using tax incentives provided by U.S. government • No government mandate: neither national Renewable Portfolio Standards (for power generation) nor carbon tax on emissions of CO2. 34