4 resultados para Free Cash Flow to Equity
em DigitalCommons - The University of Maine Research
Resumo:
Diminishing crude oil and natural gas supplies, along with concern about greenhouse gas are major driving forces in the search for efficient renewable energy sources. The conversion of lignocellulosic biomass to energy and useful chemicals is a component of the solution. Ethanol is most commonly produced by enzymatic hydrolysis of complex carbohydrates to simple sugars followed by fermentation using yeast. C6Hl0O5 + H2O −Enxymes→ C6H12O6 −Yeast→ 2CH3CH2OH + 2C02 In the U.S. corn is the primary starting raw material for commercial ethanol production. However, there is insufficient corn available to meet the future demand for ethanol as a gasoline additive. Consequently a variety of processes are being developed for producing ethanol from biomass; among which is the NREL process for the production of ethanol from white hardwood. The objective of the thesis reported here was to perform a technical economic analysis of the hardwood to ethanol process. In this analysis a Greenfield plant was compared to co-locating the ethanol plant adjacent to a Kraft pulp mill. The advantage of the latter case is that facilities can be shared jointly for ethanol production and for the production of pulp. Preliminary process designs were performed for three cases; a base case size of 2205 dry tons/day of hardwood (52 million gallons of ethanol per year) as well as the two cases of half and double this size. The thermal efficiency of the NREL process was estimated to be approximately 36%; that is about 36% of the thermal energy in the wood is retained in the product ethanol and by-product electrical energy. The discounted cash flow rate of return on investment and the net present value methods of evaluating process alternatives were used to evaluate the economic feasibility of the NREL process. The minimum acceptable discounted cash flow rate of return after taxes was assumed to be 10%. In all of the process alternatives investigated, the dominant cost factors are the capital recovery charges and the cost of wood. The Greenfield NREL process is not economically viable with the cost of producing ethanol varying from $2.58 to $2.08/gallon for the half capacity and double capacity cases respectively. The co-location cases appear more promising due to reductions in capital costs. The most profitable co-location case resulted in a discounted cash flow rate of return improving from 8.5% for the half capacity case to 20.3% for the double capacity case. Due to economy of scale, the investments become more and more profitable as the size of the plant increases. This concept is limited by the amount of wood that can be delivered to the plant on a sustainable basis as well as the demand for ethanol within a reasonable distance of the plant.
Resumo:
We address under what conditions a magma generated by partial melting at 100 km depth in the mantle wedge above a subduction zone can reach the crust in dikes before stalling. We also address under what conditions primitive basaltic magma (Mg # >60) can be delivered from this depth to the crust. We employ linear elastic fracture mechanics with magma solidification theory and perform a parametric sensitivity analysis. All dikes are initiated at a depth of 100 km in the thermal core of the wedge, and the Moho is fixed at 35 km depth. We consider a range of melt solidus temperatures (800-1100 degrees C), viscosities (10-100 Pa s), and densities (2400-2700 kg m(-3)). We also consider a range of host rock fracture toughness values (50-300 MPa m(1/2)) and dike lengths (2-5 km) and two thermal structures for the mantle wedge (1260 and 1400 degrees C at 100 km depth and 760 and 900 degrees C at 35 km depth). For the given parameter space, many dikes can reach the Moho in less than a few hundred hours, well within the time constraints provided by U series isotope disequilibria studies. Increasing the temperature in the mantle wedge, or increasing the dike length, allows additional dikes to propagate to the Moho. We conclude that some dikes with vertical lengths near their critical lengths and relatively high solidus temperatures will stall in the mantle before reaching the Moho, and these may be returned by corner flow to depths where they can melt under hydrous conditions. Thus, a chemical signature in arc lavas suggesting partial melting of slab basalts may be partly influenced by these recycled dikes. Alternatively, dikes with lengths well above their critical lengths can easily deliver primitive magmas to the crust, particularly if the mantle wedge is relatively hot. Dike transport remains a viable primary mechanism of magma ascent in convergent tectonic settings, but the potential for less rapid mechanisms making an important contribution increases as the mantle temperature at the Moho approaches the solidus temperature of the magma.
Resumo:
Ice sheet thickness is determined mainly by the strength of ice-bed coupling that controls holistic transitions from slow sheet flow to fast streamflow to buttressing shelf flow. Byrd Glacier has the largest ice drainage system in Antarctica and is the fastest ice stream entering Ross Ice Shelf. In 2004 two large subglacial lakes at the head of Byrd Glacier suddenly drained and increased the terminal ice velocity of Byrd Glacier from 820 m yr(-1) to 900 m yr(-1). This resulted in partial ice-bed recoupling above the lakes and partial decoupling along Byrd Glacier. An attempt to quantify this behavior is made using flowband and flowline models in which the controlling variable for ice height above the bed is the floating fraction phi of ice along the flowband and flowline. Changes in phi before and after drainage are obtained from available data, but more reliable data in the map plane are required before Byrd Glacier can be modeled adequately. A holistic sliding velocity is derived that depends on phi, with contributions from ice shearing over coupled beds and ice stretching over uncoupled beds, as is done in state-of-the-art sliding theories.
Resumo:
The analytical force balance traditionally used in glaciology relates gravitational forcing to ice surface slope for sheet flow and to ice basal buoyancy for shelf flow. It is unable to represent stream flow as a transition from sheet flow to shelf flow by having gravitational forcing gradually passing from being driven by surface slope to being driven by basal buoyancy downslope along the length of an ice steam. This is a serious defect, because ice streams discharge up to 90% of ice from ice sheets into the sea. The defect is overcome by using a geometrical force balance that includes basal buoyancy, represented by the ratio of basal water pressure to ice overburden pressure, as a source of gravitational forcing. When combined with the mass balance, the geometrical force balance provides a holistic approach to ice flow in which resistance to gravitational flow must be summed upstream from the calving front of an ice shelf. This is not done in the analytical force balance, and it provides the ice-thinning rate required by gravitational collapse of ice sheets as interior ice is downdrawn by ice streams.