Synthetic fuelSynthetic fuel or synfuel is a liquid fuel, or sometimes gaseous fuel, obtained from syngas, a mixture of carbon monoxide and hydrogen, in which the syngas was derived from gasification of solid feedstocks such as coal or biomass or by reforming of natural gas. Common ways for refining synthetic fuels include the Fischer–Tropsch conversion, methanol to gasoline conversion, or direct coal liquefaction. The term 'synthetic fuel' or 'synfuel' has several different meanings and it may include different types of fuels.
Thermochemical cycleThermochemical cycles combine solely heat sources (thermo) with chemical reactions to split water into its hydrogen and oxygen components. The term cycle is used because aside of water, hydrogen and oxygen, the chemical compounds used in these processes are continuously recycled. If work is partially used as an input, the resulting thermochemical cycle is defined as a hybrid one. This concept was first postulated by Funk and Reinstrom (1966) as a maximally efficient way to produce fuels (e.g.
Hydrogen productionHydrogen production is the family of industrial methods for generating hydrogen gas. As of 2020, the majority of hydrogen (~95%) is produced from fossil fuels by steam reforming of natural gas and other light hydrocarbons, partial oxidation of heavier hydrocarbons, and coal gasification. Other methods of hydrogen production include biomass gasification, methane pyrolysis, and electrolysis of water. Methane pyrolysis and water electrolysis can use any source of electricity including solar power.
Fossil fuel power stationA fossil fuel power station is a thermal power station which burns a fossil fuel, such as coal or natural gas, to produce electricity. Fossil fuel power stations have machinery to convert the heat energy of combustion into mechanical energy, which then operates an electrical generator. The prime mover may be a steam turbine, a gas turbine or, in small plants, a reciprocating gas engine. All plants use the energy extracted from the expansion of a hot gas, either steam or combustion gases.
Fossil fuel phase-outFossil fuel phase-out is the gradual reduction of the use and production of fossil fuels to zero, to reduce deaths and illness from air pollution, limit climate change, and strengthen energy independence. It is part of the ongoing renewable energy transition. Although many countries are shutting down coal-fired power stations, electricity generation is not moving off coal fast enough to meet climate goals. Many countries have set dates to stop selling petrol and diesel cars and trucks, but a timetable to stop burning fossil gas has not yet been agreed.
Energy conversion efficiencyEnergy conversion efficiency (η) is the ratio between the useful output of an energy conversion machine and the input, in energy terms. The input, as well as the useful output may be chemical, electric power, mechanical work, light (radiation), or heat. The resulting value, η (eta), ranges between 0 and 1. Energy conversion efficiency depends on the usefulness of the output. All or part of the heat produced from burning a fuel may become rejected waste heat if, for example, work is the desired output from a thermodynamic cycle.
Water splittingWater splitting is the chemical reaction in which water is broken down into oxygen and hydrogen: 2 H2O → 2 H2 + O2 Efficient and economical water splitting would be a technological breakthrough that could underpin a hydrogen economy, based on green hydrogen. A version of water splitting occurs in photosynthesis, but hydrogen is not produced. The reverse of water splitting is the basis of the hydrogen fuel cell. Electrolysis of water Electrolysis of water is the decomposition of water (H2O) into oxygen (O2) and hydrogen (H2) due to an electric current being passed through the water.
Real options valuationReal options valuation, also often termed real options analysis, (ROV or ROA) applies option valuation techniques to capital budgeting decisions. A real option itself, is the right—but not the obligation—to undertake certain business initiatives, such as deferring, abandoning, expanding, staging, or contracting a capital investment project. For example, real options valuation could examine the opportunity to invest in the expansion of a firm's factory and the alternative option to sell the factory.
Nameplate capacityNameplate capacity, also known as the rated capacity, nominal capacity, installed capacity, maximum effect or Gross Capacity, is the intended full-load sustained output of a facility such as a power station, electric generator, a chemical plant, fuel plant, mine, metal refinery, and many others. Nameplate capacity is the theoretical output registered with authorities for classifying the unit. For intermittent power sources, such as wind and solar, nameplate power is the source's output under ideal conditions, such as maximum usable wind or high sun on a clear summer day.
Hybrid sulfur cycleThe hybrid sulfur cycle (HyS) is a two-step water-splitting process intended to be used for hydrogen production. Based on sulfur oxidation and reduction, it is classified as a hybrid thermochemical cycle because it uses an electrochemical (instead of a thermochemical) reaction for one of the two steps. The remaining thermochemical step is shared with the sulfur-iodine cycle. The Hybrid sulphur cycle (HyS)was initially proposed and developed by Westinghouse Electric Corp. in the 1970s, so it is also known as the "Westinghouse" cycle.
