<?xml version='1.0' encoding='UTF-8'?><?xml-stylesheet href="http://www.blogger.com/styles/atom.css" type="text/css"?><feed xmlns='http://www.w3.org/2005/Atom' xmlns:openSearch='http://a9.com/-/spec/opensearchrss/1.0/' xmlns:georss='http://www.georss.org/georss' xmlns:gd='http://schemas.google.com/g/2005' xmlns:thr='http://purl.org/syndication/thread/1.0'><id>tag:blogger.com,1999:blog-8021749765840738595</id><updated>2012-03-10T21:46:47.783-08:00</updated><category term='Crescent Dunes'/><category term='solar thermal power'/><category term='ECET analysis'/><category term='micro-algae'/><category term='continuous-flow evaporation engine'/><category term='power station exhaust'/><category term='solar-hybrid gas turbine'/><category term='JEGTP'/><category term='Levelised electricity cost'/><category term='Kogan Creek'/><category term='storage'/><category term='atmospheric temperature increase due to coal'/><category term='fossil fuel depletion'/><category term='2011 Solar World Congress'/><category term='University of Melbourne'/><category term='Blythe'/><category term='condensation heat pump'/><category term='Carnot heat pump'/><category term='cost of solar power'/><category term='emissions savings from ECET'/><category term='algal fuels'/><category term='gas turbine'/><category term='Gemasolar'/><category term='Solar Dawn'/><category term='energy efficiency'/><category term='cost of coal-fired power'/><category term='power station flue gas'/><category term='CO2 from fossil fuels'/><category term='global warming'/><category term='Ivanpah'/><category term='passive solar power'/><category term='seminar'/><category term='heliostat'/><category term='CO2 from coal'/><category term='Lieberose'/><category term='ECET output'/><category term='evaporation heat engine'/><category term='evaporation engine'/><category term='climate change'/><category term='AuSES conference'/><category term='Moree Solar Farm'/><category term='peaking plants'/><category term='Meuro'/><category term='large-scale solar projects'/><category term='power boost'/><category term='cost of PV'/><category term='patent'/><category term='bottoming cycle'/><category term='University of Queensland'/><category term='condensing heat pump dryers'/><category term='Stardale'/><category term='Journal of Engineering for Gas Turbines and Power'/><category term='cost of nuclear power'/><category term='colloquium'/><title type='text'>Sunoba</title><subtitle type='html'>updates on evaporation heat engines, condensation heat pumps, and related matters ...</subtitle><link rel='http://schemas.google.com/g/2005#feed' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/posts/default'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default?max-results=100'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/'/><link rel='hub' href='http://pubsubhubbub.appspot.com/'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><generator version='7.00' uri='http://www.blogger.com'>Blogger</generator><openSearch:totalResults>46</openSearch:totalResults><openSearch:startIndex>1</openSearch:startIndex><openSearch:itemsPerPage>100</openSearch:itemsPerPage><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-4481464229441015685</id><published>2012-03-10T21:46:00.000-08:00</published><updated>2012-03-10T21:46:47.803-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='University of Queensland'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of PV'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><title type='text'>Cost of solar power (19)</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In this series of blog posts, I like to analyse the cost of solar power for projects at utility scale, say around 100 MW.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Every now and then, however, a smaller project comes along, which is suitable for my analysis and might have some public interest.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;One such case is the University of Queensland’s &lt;a href="http://www.uq.edu.au/news/?article=23497" target="_blank"&gt;&lt;span style="color: blue;"&gt;solar array&lt;/span&gt;&lt;/a&gt; on the rooftops of four of the largest buildings at UQ.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The whole system is rated at 1.22 MW peak output from 5,004 polycrystalline silicon panels on a total rooftop space of 8,200 square metres.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The panels were supplied by Trina Solar.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;This project was officially opened on 15 July 2011.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Engineering, procurement and construction cost AUD 4.85 million, and UQ spent (or I should say invested) a further AUD 2.65 million on a visitor centre, viewing platform, additional ground works, and the development of a public user interface.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Let’s use the AUD 4.85 million figure for the cost of power generation, and not the combined figure of AUD 7.5 million. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span lang="EN" style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-ansi-language: EN;"&gt;A feature of the project is that Brisbane-based &lt;a href="http://www.redflow.com.au/"&gt;&lt;span style="color: blue;"&gt;RedFlow&lt;/span&gt;&lt;/a&gt; has supplied a prototype 200kW zinc bromine battery bank that is connected to a 339kW section of panels.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The outcomes of this installation will be interesting to monitor, since the zinc bromine concept offers the promise of relatively cheap storage of electricity.&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;At the time of writing, a full year’s output has not been measured, but UQ says the system is on track to deliver 1.75 GWhr per annum and save emissions of 1,600 tonnes of CO2 annually.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(Note that much of the electricity generated in Queensland is from black coal, at around 900 kg CO2 per MWhr.) &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I now evaluate the Levelised Electricity Cost (LEC) using my customary assumptions&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;there is no inflation,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;taxation implications are neglected, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;projects are funded entirely by debt, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same interest rate (8%) and payback period (25 years), which means that the required rate of capital return is 9.4%, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same annual maintenance and operating costs (2% of the total project cost), and&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;government subsidies are neglected.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For further commentary on my LEC methodology, see posts on &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/real-cost-of-coal-fired-power.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Real cost of coal-fired power&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;, &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/lec-accountants-view_26.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;LEC – the accountant’s view&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; and &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/05/cost-of-solar-power-10.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Cost of solar power (10)&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Note that I am now using annual maintenance costs of 2% rather than 3% as previously.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The results are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Cost per peak Watt &lt;span style="mso-tab-count: 1;"&gt; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 3.98/Wp&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;LEC&lt;span style="mso-tab-count: 3;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 316/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The components of the LEC are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Capital&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;{0.094 × AUD 4.85 × 10^6}/{1,750 MWhr} = AUD 261/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;O&amp;amp;M&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;{0.020 × AUD 4.85 × 10^6}/{1,750 MWhr} = AUD 55/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;By way of comparison, LEC figures (in appropriate currency per MWhr) for all projects I’ve investigated are given below.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The number in brackets is the reference to the blog post, all of which appear with the title “Cost of solar power ([number])”:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(2)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 183 (Nyngan, Australia, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 503 (Olmedilla, Spain, PV, 2008)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 188 (Andasol I, Spain, trough, 2009)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(4)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 236 (Greenough, Australia, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(5)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 397 (Solar Oasis, Australia, dish, 2014?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(6)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 163 (Lazio, Italy, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(7)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 271 (Kogan Creek, Australia, CLFR pre-heat, 2012?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(8)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 228 (New Mexico, CdTe thin film PV, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(9)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 200 (Ibersol, Spain, trough, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(10)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 231 (Ivanpah, California, tower, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(11)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;CAD 409 (Stardale, Canada, PV, 2012)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(12)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 290 (Blythe, California, trough, 2012?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(13)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 285 (Solar Dawn, Australia, CLFR, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(14)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 263 (Moree Solar Farm, Australia, single-axis PV, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(15)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 350 (Lieberose, Germany, thin-film PV, 2009)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(16)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 300 (Gemasolar, Spain, tower, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(17)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 228 (Meuro, Germany, crystalline PV, 2012)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(18)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 204 (Crescent Dunes, USA, tower, 2013)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(19)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 316 (University of Queensland, fixed PV, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[Note: all estimates made using 2% annual maintenance cost.]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The Capacity Factor for the UQ installation is 1,750 / (1.22 × 24 × 365) = 0.164, about what one would expect from fixed panels in a sunny location that had average daily exposure of 19.3 MJ/m^2 in 2011.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The LEC for the UQ installation is a little high compared to other recent projects such as the recently-opened Meuro project and the yet-to-start Moree Solar Farm (which at last report was having trouble securing finance so that construction could start).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It is, of course, a small project built on top of existing infrastructure, so it could not be expected to deliver the world’s best LEC.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-4481464229441015685?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/4481464229441015685/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2012/03/cost-of-solar-power-19.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/4481464229441015685'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/4481464229441015685'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2012/03/cost-of-solar-power-19.html' title='Cost of solar power (19)'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-4874886626166199054</id><published>2012-02-23T21:55:00.000-08:00</published><updated>2012-02-23T21:55:12.753-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='condensation heat pump'/><category scheme='http://www.blogger.com/atom/ns#' term='patent'/><category scheme='http://www.blogger.com/atom/ns#' term='evaporation heat engine'/><title type='text'>Patent accepted</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;There is good news to report.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Today I received notification from my patent attorney that my patent application 2007240126 has been accepted.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;My attorney writes:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;“The acceptance will be advertised in the Australian Patent Office’s &lt;i style="mso-bidi-font-style: normal;"&gt;Official Journal of Patents&lt;/i&gt; on 1 March 2012.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The deadline for any third party opposition is three months from that date.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If no opposition is filed in that period then the patent will be granted shortly thereafter.”&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;This patent application refers to my concepts for an evaporation heat engine and condensation heat pump, both in piston-cylinder and continuous-flow forms.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It’s a high-level application, which covers the thermodynamic cycles and their uses, rather than actual details of the devices (although examples are given).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;As the patent number suggests, the provisional application was filed in 2007, then converted into a Patent Collaboration Treaty (PCT) application thus giving me international protection for 18 months, and then applied for in the national phase in Australia.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;What have I learned from this long process?&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;My dominant realisation is that inventors have to exercise fine judgement in patenting.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;There are familiar arguments for patenting an invention: &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;protection is obtained and the concept can be promoted to potential investors.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But on the other hand, patenting is certainly not cheap and is time-constrained.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If an inventor hasn’t secured funding to take the invention further, then patent bills still have to be paid and perhaps the number of national jurisdictions pruned back when the PCT application reaches the national phase.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;So it’s a fine judgement – to patent, or to protect your work through other means (such as good old-fashioned secrecy).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;To complete this post, I’ll just mention that I’m currently working on computer simulations of thermal storage in a bed of loosely packed rock.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This storage mechanism is very well suited to my evaporation engine, as powered by passive solar heat collection (see &lt;a href="http://www.sunoba.com.au/"&gt;&lt;span style="color: blue;"&gt;www.sunoba.com.au&lt;/span&gt;&lt;/a&gt;).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I expect to be able to report on the storage simulations within several months.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-4874886626166199054?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/4874886626166199054/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2012/02/patent-accepted.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/4874886626166199054'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/4874886626166199054'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2012/02/patent-accepted.html' title='Patent accepted'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-5171724362566067571</id><published>2012-02-15T19:02:00.000-08:00</published><updated>2012-02-15T19:02:09.244-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='Crescent Dunes'/><category scheme='http://www.blogger.com/atom/ns#' term='heliostat'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><title type='text'>Cost of solar power (18)</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Today I shall analyse the cost of power from a utility-scale solar thermal power station.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It’s the &lt;/span&gt;&lt;a href="http://www.solarreserve.com/what-we-do/csp-projects/crescent-dunes/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;Crescent Dunes&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; project, located just northwest of Tonopah, Nevada in the USA.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;From my vantage point in Sydney, Australia, it seems there is a thundering herd of utility-scale solar projects under construction in the USA, helped along by a loan guarantee program from the US Department of Energy.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;A recent &lt;/span&gt;&lt;a href="http://www.greentechmedia.com/articles/category/solar-finance-vc/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;article&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; in &lt;i style="mso-bidi-font-style: normal;"&gt;greentechsolar&lt;/i&gt; makes the case – almost USD 5 billion was guaranteed on the last day of the program alone (in September 2011), including to the Desert Sunlight (partial guarantee for USD 1.88 billion, 550 MW PV) and Antelope Valley (USD 680 million, 230 MW PV) projects.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In the last week of the program, loans were also guaranteed to Mesquite Solar 1 (USD 337 million, part of a 700 MW PV project) and Crescent Dunes (USD 737 million, 110 MW, solar thermal).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;This blitzkrieg of financial and construction activity makes a mockery of negative articles about solar energy that appear frequently in our local mainstream media.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The Crescent Dunes project is being developed by Tonopah Solar Energy LLC, a wholly owned subsidiary of SolarReserve LLC.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The peak and annual power outputs are 110 MW and 504 GWhr.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The project is being built on a 640 Ha site and will have a 195 m central tower and 17,500 heliostats each of 62.4 m^2.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Energy will be stored in molten salt so that the project can deliver power for up to ten hours after dark.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The project is due for completion in 2013.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;SolarReserve raised USD 140 million in venture capital in 2008 and the DOE loan guarantee is for USD 737 billion.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That’s a total of USD 877 million, whereas this &lt;/span&gt;&lt;a href="http://southwest.construction.com/southwest_construction_projects/2012/0123-Salty-Solution-Generates-Solar-Power-Day-or-Night.asp" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;site&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; reports that the project will cost USD 900 million.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Let’s stick with the latter figure.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I now evaluate the Levelised Electricity Cost (LEC) using my customary assumptions&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;there is no inflation,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;taxation implications are neglected, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;projects are funded entirely by debt, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same interest rate (8%) and payback period (25 years), which means that the required rate of capital return is 9.4%, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same annual maintenance and operating costs (2% of the total project cost), and&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;government subsidies are neglected.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For further commentary on my LEC methodology, see posts on &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/real-cost-of-coal-fired-power.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Real cost of coal-fired power&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;, &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/lec-accountants-view_26.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;LEC – the accountant’s view&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; and &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/05/cost-of-solar-power-10.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Cost of solar power (10)&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Note that I am now using annual maintenance costs of 2% rather than 3% as previously.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The results are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Cost per peak Watt &lt;span style="mso-tab-count: 1;"&gt; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 8.18/Wp&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;LEC&lt;span style="mso-tab-count: 3;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 204/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The components of the LEC are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Capital&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;{0.094 × USD 900 × 10^6}/{504,000 MWhr} = USD 168/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;O&amp;amp;M&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;{0.020 × USD 900 × 10^6}/{504,000 MWhr} = USD 36/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;By way of comparison, LEC figures (in appropriate currency per MWhr) for all projects I’ve investigated are given below.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The number in brackets is the reference to the blog post, all of which appear with the title “Cost of solar power ([number])”:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(2)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 183 (Nyngan, Australia, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 503 (Olmedilla, Spain, PV, 2008)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 188 (Andasol I, Spain, trough, 2009)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(4)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 236 (Greenough, Australia, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(5)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 397 (Solar Oasis, Australia, dish, 2014?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(6)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 163 (Lazio, Italy, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(7)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 271 (Kogan Creek, Australia, CLFR pre-heat, 2012?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(8)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 228 (New Mexico, CdTe thin film PV, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(9)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 200 (Ibersol, Spain, trough, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(10)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 231 (Ivanpah, California, tower, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(11)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;CAD 409 (Stardale, Canada, PV, 2012)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(12)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 290 (Blythe, California, trough, 2012?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(13)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 285 (Solar Dawn, Australia, CLFR, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(14)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 263 (Moree Solar Farm, Australia, single-axis PV, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(15)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 350 (Lieberose, Germany, thin-film PV, 2009)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(16)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 300 (Gemasolar, Spain, tower, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(17)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 228 (Meuro, Germany, crystalline PV, 2012)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(18)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 204 (Crescent Dunes, USA, tower, 2013)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[Note: all estimates made using 2% annual maintenance cost.]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The Capacity Factor for Crescent Dunes is 504,000 / (110 × 24 × 365) = 0.52, somewhat less than the 63% CF that I calculated for Gemasolar in Spain, which is a natural project for comparison.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;At the current exchange rate USD 1 = EUR 0.76, the Crescent Dunes LEC is much less (almost half!) than that for Gemasolar.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;It’s also of interest to compare Crescent Dunes with Ivanpah.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Both are under construction; both are heliostat-tower systems; Crescent Dunes has thermal storage whereas Ivanpah does not; both are Rankine cycle steam plants: &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;Ivanpah has air-cooled condensers whereas Crescent Dunes has a hybrid cooling system (mainly dry cooling, with some wet cooling in summer); and the LECs are USD 231/MWhr (Ivanpah) versus USD 204/MWhr (Crescent Dunes).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For my next Cost of Solar Power analysis, I’ll try to get some figures on Asian projects.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-5171724362566067571?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/5171724362566067571/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2012/02/cost-of-solar-power-18.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/5171724362566067571'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/5171724362566067571'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2012/02/cost-of-solar-power-18.html' title='Cost of solar power (18)'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-7687720523854051295</id><published>2012-02-06T17:42:00.000-08:00</published><updated>2012-02-06T17:42:20.159-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='cost of PV'/><category scheme='http://www.blogger.com/atom/ns#' term='Meuro'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><title type='text'>Cost of solar power (17)</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;It has been six months since I last blogged on the cost of solar power, during which time the press has been full of reports that the cost of PV modules has fallen sharply.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Does that translate into a falling cost of solar power at utility scale?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Let’s find out by analysing the &lt;/span&gt;&lt;a href="http://www.gp-joule.de/en"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;Meuro Solar Park&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; in Brandenburg, Germany.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;To start, however, let’s remind ourselves about the concept of “learning rate” for PV, see figure below.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://2.bp.blogspot.com/-dJ6FmXTRBQ8/TzCAPWOt9NI/AAAAAAAAACo/uTIgaOsisEw/s1600/post+2012-02-07+fig+1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://2.bp.blogspot.com/-dJ6FmXTRBQ8/TzCAPWOt9NI/AAAAAAAAACo/uTIgaOsisEw/s320/post+2012-02-07+fig+1.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 1:&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;PV module price [USD2011/W] against cumulative PV installations [MW], from Breyer &amp;amp; Gerlach, “Global Overview of Grid Parity Dynamics”, Proc 2011 Solar World Congress, Kassel.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The learning rate is the reduction in module cost per doubling of installed capacity, and, as Breyer &amp;amp; Gerlach show, this was 22.8% over the period 1976-2003 and 19.3% over 1976-2010.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In 2011, feed-in tariffs were wound back in various countries and production capacity increased, particularly in China.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The outcome, as reported in Renewable Energy Focus (Dec 2011), was a 40% fall in PV panel prices in 2011.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;So it can be assumed we are still tracking at or better than the blue curve in Figure 1.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The Meuro PV Park is located in the German state of Brandenburg.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The 152 Ha project consists of four fields on the site of a former brown coal mine, not far from the Lieberose project described in &lt;/span&gt;&lt;a href="http://www.sunoba.blogspot.com.au/2011/06/cost-of-solar-power-15.html"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;Cost of solar power (15)&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The 306,000 crystalline PV panels are from Canadian Solar, with installation complete in September 2011.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;According to this &lt;/span&gt;&lt;a href="http://www.gewa.com.au/geblog/?p=219"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;blog&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;, installation was completed in three months, an outstanding performance.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The peak output is 70 MW and the annual output is 70 GWhr.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;According to most reports I read, the cost of the project is EUR 140 million.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I now evaluate the Levelised Electricity Cost (LEC) using my customary assumptions&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;there is no inflation,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;taxation implications are neglected, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;projects are funded entirely by debt, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same interest rate (8%) and payback period (25 years), which means that the required rate of capital return is 9.4%, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same annual maintenance and operating costs (2% of the total project cost), and&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;government subsidies are neglected.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For further commentary on my LEC methodology, see posts on &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/real-cost-of-coal-fired-power.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Real cost of coal-fired power&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;, &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/lec-accountants-view_26.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;LEC – the accountant’s view&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; and &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/05/cost-of-solar-power-10.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Cost of solar power (10)&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Note that I am now using annual maintenance costs of 2% rather than 3% as previously.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The results are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Cost per peak Watt &lt;span style="mso-tab-count: 1;"&gt; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 2.00/Wp&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;LEC&lt;span style="mso-tab-count: 2;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 228/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The components of the LEC are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Capital&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;{0.094× EUR 140 ×10^6}/{70,000 MWhr} = EUR 188/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;O&amp;amp;M&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;{0.020× EUR 140 ×10^6}/{70,000 MWhr} = EUR 40/MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;By way of comparison, LEC figures (in appropriate currency per MWhr) for all projects I’ve investigated are given below.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The number in brackets is the reference to the blog post, all of which appear with the title “Cost of solar power ([number])”:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(2)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 183 (Nyngan, Australia, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 503 (Olmedilla, Spain, PV, 2008)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 188 (Andasol I, Spain, trough, 2009)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(4)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 236 (Greenough, Australia, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(5)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 397 (Solar Oasis, Australia, dish, 2014?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(6)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 163 (Lazio, Italy, PV)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(7)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 271 (Kogan Creek, Australia, CLFR pre-heat, 2012?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(8)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 228 (New Mexico, CdTe thin film PV, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(9)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 200 (Ibersol, Spain, trough, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(10)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 231 (Ivanpah, California, tower, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(11)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;CAD 409 (Stardale, Canada, PV, 2012)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(12)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;USD 290 (Blythe, California, trough, 2012?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(13)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 285 (Solar Dawn, Australia, CLFR, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(14)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AUD 263 (Moree Solar Farm, Australia, single-axis PV, 2013?)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(15)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 350 (Lieberose, Germany, thin-film PV, 2009)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(16)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 300 (Gemasolar, Spain, tower, 2011)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(17)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;EUR 228 (Meuro, Germany, crystalline PV, 2012)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[Note: all estimates made using 2% annual maintenance cost.]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The Capacity Factor for the Meuro PV park is 70,000 / (70 × 24 × 365) = 0.114, identical to that for the nearby Lieberose project, which is not a surprise.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; Note however the big drop in LEC between Lieberose and Meuro over a three-year period.&amp;nbsp; &lt;/span&gt;The Meuro LEC is 21% more than for the Andasol solar thermal trough project, which admittedly is in a far sunnier location. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Details on other recent projects soon …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  ﻿&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-7687720523854051295?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/7687720523854051295/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2012/02/cost-of-solar-power-17.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/7687720523854051295'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/7687720523854051295'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2012/02/cost-of-solar-power-17.html' title='Cost of solar power (17)'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><media:thumbnail xmlns:media='http://search.yahoo.com/mrss/' url='http://2.bp.blogspot.com/-dJ6FmXTRBQ8/TzCAPWOt9NI/AAAAAAAAACo/uTIgaOsisEw/s72-c/post+2012-02-07+fig+1.jpg' height='72' width='72'/><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-8612907632162716405</id><published>2012-01-22T17:10:00.000-08:00</published><updated>2012-01-23T14:40:31.832-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='Carnot heat pump'/><category scheme='http://www.blogger.com/atom/ns#' term='condensing heat pump dryers'/><title type='text'>Beyond-Carnot heat pump (2)</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-ansi-language: EN-AU; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"&gt;In my &lt;a href="http://www.sunoba.blogspot.com/2011/12/beyond-carnot-heat-pump.html"&gt;&lt;span style="color: blue;"&gt;post&lt;/span&gt;&lt;/a&gt; on 8 December 2011&lt;/span&gt;, I introduced a heat pump with a superior Coefficient of Performance to a Carnot heat pump.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The 2&lt;sup&gt;nd&lt;/sup&gt; Law of Thermodynamics is not violated because my heat pump does not operate on a closed-loop cycle (as is required for Carnot heat pumps).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Today’s post explores how this out-performance depends on the inlet temperature to my heat pump.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Please read on …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;By way of introducing the topic, the next part of today’s post is identical to my post of 8 December 2011.&amp;nbsp;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In 2004 I invented a new heat pump which I grandiosely called the Barton Drying Engine (BDE).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This has the following features:&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&amp;gt; Mechanically expand a parcel of moist air; this lowers the temperature of the air as well as the partial pressures and densities of its component gases.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&amp;gt; Condensation forms immediately when dew point is reached, and any further expansion takes place along a moist adiabat.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&amp;gt; After the expansion is complete, collect the condensed droplets and remove them from the parcel of air.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&amp;gt; Re-compress the parcel of air back to ambient pressure; this involves an increase in temperature and partial pressures and densities.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Re-compression takes place along a dry adiabat.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Overall, work must be supplied to complete the cycle.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&amp;gt; The exhaust stream is hotter and drier than the inlet air stream.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I published a theoretical analysis of the BDE cycle in 2008 [1], with the main assumptions that air and water vapour are ideal gases with constant specific heat capacities.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The principal results are shown in Figure 1.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://2.bp.blogspot.com/-bb_kIJFDV0Y/Txyvqvz0XFI/AAAAAAAAACQ/hTeqDFhjfWQ/s1600/post+2011-12-08+fig+1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://2.bp.blogspot.com/-bb_kIJFDV0Y/Txyvqvz0XFI/AAAAAAAAACQ/hTeqDFhjfWQ/s320/post+2011-12-08+fig+1.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Figure 1: Results from [1] for the loss-free condensation heat pump.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The inlet air stream is saturated and at the temperature shown.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The results also depend on the expansion ratio.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Clockwise from top left: specific mass change in water vapour during cycle [kg/kg dry air], specific work output per cycle [J/kg dry air], temperature increase from inlet to outlet [°C], &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; as a heat pump [dimensionless].&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Here the Coefficient of Performance (bottom left diagram in Figure 1) was defined by &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;COP = m&lt;sub&gt;a&lt;/sub&gt; C&lt;sub&gt;aP&lt;/sub&gt; (T&lt;sub&gt;4&lt;/sub&gt;-T&lt;sub&gt;1&lt;/sub&gt;) / W&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;in which &lt;i style="mso-bidi-font-style: normal;"&gt;C&lt;sub&gt;aP&lt;/sub&gt;&lt;/i&gt; is the specific heat capacity of dry air at constant pressure, &lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;a&lt;/sub&gt;&lt;/i&gt; is the mass of dry air in the parcel, &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt; is the outlet temperature, &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; the inlet temperature and &lt;i style="mso-bidi-font-style: normal;"&gt;W&lt;/i&gt; is the work required to complete the cycle.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In words, the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; is the desired output (heat increase in the parcel of air) divided by the necessary input (work to complete the cycle).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;We now come to the new material in today’s post.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;We are going to compare the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; for the BDE to the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; for a Carnot heat pump operating over the same temperature range.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The emphasis will be on how the ratio &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;BDE&lt;/sub&gt; : &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;Carnot&lt;/sub&gt; varies with the inlet temperature.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 2 shows the outlet temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt; for the BDE as a function of the expansion ratio &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; for six different inlet temperatures &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Note that the inlet air stream is saturated.&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://1.bp.blogspot.com/-5W3fbtODie8/TxywAYuUF3I/AAAAAAAAACY/1ipCREkNzvM/s1600/post+2012-01-23+fig+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://1.bp.blogspot.com/-5W3fbtODie8/TxywAYuUF3I/AAAAAAAAACY/1ipCREkNzvM/s320/post+2012-01-23+fig+2.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;In the subsequent discussion, &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; values are calculated as follows:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 12pt 0cm; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;COP&lt;/span&gt;&lt;/i&gt;&lt;sub&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;BDE&lt;/span&gt;&lt;/sub&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; = &lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;{ &lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;a&lt;/sub&gt; C&lt;sub&gt;aP&lt;/sub&gt; + &lt;/i&gt;[&lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;v&lt;/sub&gt; – δm&lt;sub&gt;v&lt;/sub&gt;&lt;/i&gt;]&lt;i style="mso-bidi-font-style: normal;"&gt; C&lt;sub&gt;vP&lt;/sub&gt; &lt;/i&gt;}&lt;i style="mso-bidi-font-style: normal;"&gt; &lt;/i&gt;(&lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt; – T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt;)&lt;i style="mso-bidi-font-style: normal;"&gt; / W&lt;/i&gt;,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 12pt 0cm; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;COP&lt;/span&gt;&lt;/i&gt;&lt;sub&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Carnot&lt;/span&gt;&lt;/sub&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; &lt;i style="mso-bidi-font-style: normal;"&gt;=&lt;/i&gt; &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt; / (&lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt; – T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt;).&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;[temperatures in K]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Here &lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;a&lt;/sub&gt;&lt;/i&gt; and &lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;v&lt;/sub&gt; &lt;/i&gt;are the original masses of air and vapour in the parcel of air that passes through the device, &lt;i style="mso-bidi-font-style: normal;"&gt;δm&lt;sub&gt;v&lt;/sub&gt; &lt;/i&gt;is the amount of vapour condensed, &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt; is the outlet temperature and &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; is the inlet temperature.&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;C&lt;sub&gt;aP&lt;/sub&gt;&lt;/i&gt; and &lt;i style="mso-bidi-font-style: normal;"&gt;C&lt;sub&gt;vP&lt;/sub&gt;&lt;/i&gt; are the heat capacities of air and water vapour at constant pressure, and &lt;i style="mso-bidi-font-style: normal;"&gt;W&lt;/i&gt; is the work required to complete the thermodynamic cycle.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;BDE&lt;/sub&gt; takes account of the heating of the water vapour component of the parcel of air.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This correction is minor.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;As seen in Figure 1 (bottom-left), &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;BDE&lt;/sub&gt; does not vary significantly with inlet temperature, but does have a pronounced variation with the expansion ratio &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(This is true whether or not heating of water vapour is considered; that is a minor effect compared to the heating of the dry air component.)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 3 shows the ratio &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;BDE&lt;/sub&gt; : &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;Carnot&lt;/sub&gt; for the six cases in Figure 2.&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://2.bp.blogspot.com/-VfzFwloDjGE/TxywJ0uBj7I/AAAAAAAAACg/RfISAqOsAhs/s1600/post+2012-01-23+fig+3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://2.bp.blogspot.com/-VfzFwloDjGE/TxywJ0uBj7I/AAAAAAAAACg/RfISAqOsAhs/s320/post+2012-01-23+fig+3.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: Times New Roman;"&gt;    &lt;/span&gt;&lt;/div&gt;&lt;span style="font-family: Times New Roman;"&gt;&lt;/span&gt;&lt;br /&gt;&lt;span style="font-family: Times New Roman;"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; = 5°C, the BDE in fact has sub-Carnot performance.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The ratio &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;BDE&lt;/sub&gt; : &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;Carnot&lt;/sub&gt; improves as the inlet temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; increases, rising to a peak value of about 1.5 for &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; = 30°C at an expansion ratio of approximately 1.2.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It is conjectured that the ratio would continue to improve for higher inlet temperatures.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;For all inlet temperatures there is a modest variation in the ratio &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;BDE&lt;/sub&gt; : &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;&lt;sub&gt;Carnot&lt;/sub&gt; as the expansion ratio &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; is allowed to vary.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The performance of the BDE depends on how much water can be condensed.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But the saturation water content of air increases faster than linearly with temperature, suggesting that the beyond-Carnot performance will become more pronounced as the inlet temperature is increased.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That has been confirmed by the results.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;These results are affected strongly by inevitable losses in expansion and re-compression.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I have analysed these losses for the continuous-flow case, but the outcomes will have to remain a commercial secret for now.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Finally, I should point out that this beyond-Carnot performance might also be achievable – in the loss-free case – with other condensing heat pump dryers.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Acknowledgement&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Thanks to Anthony Kitchener for his conjecture about the importance of the inlet temperature.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That has been confirmed by this study.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Reference&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[1]&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;N G Barton, “An evaporation heat engine and condensation heat pump”, &lt;i style="mso-bidi-font-style: normal;"&gt;ANZIAM Journal&lt;/i&gt;, &lt;b style="mso-bidi-font-weight: normal;"&gt;49&lt;/b&gt; (2008), 503-524.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;/span&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-8612907632162716405?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/8612907632162716405/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2012/01/beyond-carnot-heat-pump-2.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/8612907632162716405'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/8612907632162716405'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2012/01/beyond-carnot-heat-pump-2.html' title='Beyond-Carnot heat pump (2)'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><media:thumbnail xmlns:media='http://search.yahoo.com/mrss/' url='http://2.bp.blogspot.com/-bb_kIJFDV0Y/Txyvqvz0XFI/AAAAAAAAACQ/hTeqDFhjfWQ/s72-c/post+2011-12-08+fig+1.jpg' height='72' width='72'/><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-5641836887442851296</id><published>2011-12-29T17:16:00.000-08:00</published><updated>2011-12-29T17:16:39.834-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><title type='text'>2011 Retrospective</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;This is my 41st and last blog post for 2011.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It’s a good opportunity to review what I have written about and to consider adjustments.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I hope those who visited the blog (3,800 page views in total) have found topics of interest.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;An index of postings is provided at the end.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;You’ll see that about half the posts relate to the cost of solar power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This was more or less as anticipated at the start of the year.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I’ll comment further below on my methodology, as well as on the results and lessons I’ve learned.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;My research this year remained focussed on evaporation heat engines and condensation heat pumps.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The highlight was the investigation of the Expansion-Cycle Evaporation Turbine [&lt;span style="color: red;"&gt;2011-05-12, 2011-05-16, 2011-06-13&lt;/span&gt;], which culminated in a substantial paper accepted for the &lt;i style="mso-bidi-font-style: normal;"&gt;ASME Journal of Engineering for Gas Turbines and Power&lt;/i&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Despite best efforts, I didn’t get much traction with this idea from the manufacturers of gas turbines, huge companies all of them.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But I persist in the expectation that the concept might find application to provide a power boost at times of peak demand in the electricity grid.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The ECET work also featured in a paper I presented to the 2011 Conference of the Australian Solar Energy Society [&lt;span style="color: red;"&gt;2011-11-12&lt;/span&gt;].&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That was a comparison of bottoming cycles to boost the power output of solar hybrid gas turbines.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Personally, my biggest learning experience this year was the Fukushima disaster, triggered by the earthquake and tsunami on 11 March.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I had been preparing a post about the cost of nuclear power at the time of the accident, and completed the post on 14 March [&lt;span style="color: red;"&gt;2011-03-14&lt;/span&gt;], before the full implications of Fukushima were clear.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;At the time, my stance was that I was prepared to accept nuclear power in a handful of countries that were technologically advanced and stable enough to manage all the issues, provided the comparative cost of power was assessed in an honest way.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Japan was one of the few countries that I thought would be suitable. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The events at Fukushima made it clear to me that nuclear energy is to be avoided completely.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Human nature simply cannot be trusted where there are commercial incentives to compromise on safety.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If energy technology is local in scale, doesn’t pollute the air and is easily decommissioned, then commercial shortcuts won’t cause a long-term threat to our planet.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But that’s not the case with nuclear – the effects of long-tail (&lt;i style="mso-bidi-font-style: normal;"&gt;i.e.&lt;/i&gt; rare, high damage) accidents might persist for millennia, and that is a risk that I find simply unacceptable.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;So I came to the same conclusion as the German government – phase out existing nuclear plants and don’t build any more!&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;My most viewed posts are “How long until fossil fuels are all used?” and “Atmospheric levels due to fossil fuels” [&lt;span style="color: red;"&gt;2011-03-15, 2011-03-20&lt;/span&gt;].&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;On an occasional basis, perhaps in 2012, I’ll provide updates for the first of these. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I investigated CO2 emissions in power generation, particularly how the cost of power would be affected by imposing a social cost on Carbon or a CO2 tax [&lt;span style="color: red;"&gt;2011-04-23, 2011-05-16, 2011-06-13, 2011-10-10&lt;/span&gt;].&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The general conclusion here is that fossil power involves many externalities, which, if properly accounted for, would make coal-fired power much more expensive than it is at present.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I was pleased with two posts unrelated to the mainstream of my work. The first [&lt;span style="color: red;"&gt;2011-06-09&lt;/span&gt;] investigated the long-term effect of burning one kg of fossil fuel – how much would the CO2 emissions contribute to global warming, and how does that compare to the energy released at the time of combustion?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The second [&lt;span style="color: red;"&gt;2011-10-19&lt;/span&gt;] looked at issues with CO2 uptake in algal ponds.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;At the end of the year, I turned my attention to the condensation heat pump.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I realised that the theoretical Coefficient of Performance, &lt;u&gt;as I defined it&lt;/u&gt;, is better than Carnot, so that had to be a blog topic [&lt;span style="color: red;"&gt;2011-12-08&lt;/span&gt;].&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I also investigated the performance of existing condensing heat pump dryers [&lt;span style="color: red;"&gt;2011-12-22&lt;/span&gt;].&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This was an instance in which I have told the truth but not the whole truth, since I also looked at the expected performance of my condensation heat pump in continuous-flow format, as affected by inevitable turbine and compressor losses.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That’s commercially sensitive information, so I won’t give the results at this stage.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;What remains is the major thrust of the whole blog – the cost of solar power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I determined a methodology for cost comparisons and applied it to data I gathered on 16 large-scale solar projects around the world.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;My approach was simple but fair.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The Levelised Electricity Cost (LEC) was assessed using the assumptions:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;;"&gt;there is no inflation,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;;"&gt;taxation implications are neglected,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;;"&gt;projects are entirely funded by debt,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;;"&gt;all projects have the same interest rate (8%) and payback period (25 years), which means that the rate of capital return in 9.4%,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;;"&gt;all projects have the same annual maintenance and operating costs (3% of the total project cost), and &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;;"&gt;government subsidies are neglected.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Those assumptions are perfectly suitable for comparisons between projects, even if they wouldn’t be suitable for an investment case to financiers.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In retrospect, I now think the maintenance costs are too high, so I’ll reduce the 3% rate to 2% in future.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Below I summarise the results of these investigations.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The first two entries are for my evaporation engine at Wellington in inland New South Wales.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The annual maintenance costs for these are retained at 4% of total project cost.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;For all the others, I’ve adjusted the annual maintenance cost to be 2% of total project cost.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The entries with asterisks * are where I had to estimate annual output from claimed CO2 emissions avoided, always a risky process.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;On these numbers, my evaporation engine would be highly competitive, world-beating even.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;However I’m the first to point out that more work is required to firm up my estimates. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 4.65pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1056; width: 417px;"&gt;&lt;tbody&gt;&lt;tr style="height: 15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Project&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Cost&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Cost&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Capacity&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 1;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;per peak Watt&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;per MWhr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b&gt;&lt;span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Factor %&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 2;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Wellington&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 1.38&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 173&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;13.0&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 3;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;(horizontal)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 4;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Wellington&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 1.42&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 128&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;17.9&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 5;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;(sloping)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 6;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Nyngan*&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 3.00&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 183&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;21.3&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 7;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Olmedilla&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 6.40&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 503&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;16.6&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 8;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Andasol&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 6.00&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 188&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;41.0&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 9;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Greenough&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 5.80&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 236&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;32.0&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 10;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Solar Oasis&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 5.75&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 397&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;18.8&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 11;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Lazio&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 2.08&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 163&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;16.6&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 12;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Kogan Creek&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 2.38&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 271&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;11.4&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 13;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;New Mexico&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 4.64&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 228&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;26.5&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 14;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Ibersol&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 6.00&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;38.8&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 15;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Ivanpah&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 5.56&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 231&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;31.5&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 16;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Stardale&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;CAD 4.24&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;CAD 409&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;13.5&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 17;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Blythe (first half)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 5.79&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;USD 290&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;25.9&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 18;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Solar Dawn&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 4.80&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 285&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;21.9&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 19;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Moree Solar Farm*&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 6.15&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;AUD 263&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;30.4&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 20;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Lieberose&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 3.03&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 350&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;11.4&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="height: 15pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;"&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 103pt;" width="137"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;Gemasolar&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 80pt;" width="107"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 14.52&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 66pt;" width="88"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;EUR 300&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border: rgb(0, 0, 0); height: 15pt; padding: 0cm 5.4pt; width: 64pt;" width="85"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-hansi-font-family: Calibri;"&gt;&lt;span style="font-family: Calibri;"&gt;63.1&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In the coming year, I’ll continue with research on the evaporation heat engine and condensation heat pump.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I’ll also persevere with this blog, again with the prime focus being the cost of solar power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The price of PV systems fell steeply in 2011, so I expect I’ll observe a significant reduction in the cost of installations.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;We’ll see.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I close with an index of my posts for 2011 and my best wishes for 2012.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-01-02&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Welcome to my new blog&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-01-07&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 1&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-01-11&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 2&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-01-22&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Research update&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-01-28 &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 3&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-02-28&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 4&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-03-03 &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 5&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-03-14 &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of nuclear power&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-03-15&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;How long until fossil fuels are all used?&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-03-20 &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Atmospheric CO2 levels due to fossil fuels&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-03-31&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 6&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-04-14&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 7&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-04-23&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Real cost of coal-fired power&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-04-27&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;LEC – the accountant’s view&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-05-03&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 8&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-05-12&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Research update – ECET etc&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-05-16&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of power – ECET&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-05-17&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 9&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-05-21&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 10&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-06-05&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 11&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-06-09&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Atmospheric temperature increase due to coal combustion&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-06-13&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Savings in CO2 emissions – ECET&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-06-15&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 12&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-06-20&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 13&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-06-21&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 14 &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-07-01&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 15 &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-07-02&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of solar power – 16&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-07-16&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;ECET paper accepted &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-07-27&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Colloquium at UniMelb&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-08-03&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;AuSES Sydney talk&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-08-15&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Yet more on LEC&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-08-22&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;2011 Solar World Congress&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-08-25&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Blythe switches to PV&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-09-30&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;2011 Solar World Congress&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-10-10&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Cost of coal-fired power - more&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-10-19&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;CO2 for algal fuels&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-10-27&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Climate Science for Business Champions&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-11-12&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Paper accepted for AuSES&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-12-08&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Beyond-Carnot heat pump?&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-12-22&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Condensing heat pump dryers&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 1cm; text-indent: -1cm;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;2011-12-30&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;2011 retrospective&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-5641836887442851296?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/5641836887442851296/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/12/2011-retrospective.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/5641836887442851296'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/5641836887442851296'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/12/2011-retrospective.html' title='2011 Retrospective'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-5917193042032103141</id><published>2011-12-21T19:51:00.000-08:00</published><updated>2011-12-21T19:51:25.153-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='condensation heat pump'/><category scheme='http://www.blogger.com/atom/ns#' term='condensing heat pump dryers'/><title type='text'>Condensing heat pump dryers</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In my last &lt;/span&gt;&lt;a href="http://www.sunoba.blogspot.com/2011/12/beyond-carnot-heat-pump.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;blog post&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;, I discussed why the Barton Drying Engine has a remarkable Coefficient of Performance as a heat pump.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Moreover the BDE is a drying device as well – it heats and dries the air at the same time.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That leads to a question – how good are existing condensing heat pump dryers?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Perhaps the answer to that question will encourage me to pursue putative financiers with greater gusto.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The answer is now provided …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The figure below is a schematic of a conventional condensing heat pump dryer, such as is now widely available.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In this&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; design, moist air from the tumble dryer is cooled in the evaporator for the refrigerant circuit.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This causes condensation of some water vapour to water, with water removed from the circuit.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The dry cold air is then warmed in the condenser for the refrigerant circuit, before being returned to the tumble dryer where it again picks up moisture.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Two necessary components not depicted in the figure are an inline filter and a blower to keep the air circulating.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://3.bp.blogspot.com/-5XSS7poFHPc/TvKltu2OnmI/AAAAAAAAACI/kn0-0qEwNJ8/s1600/Tech+Report+2011-2+fig+6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://3.bp.blogspot.com/-5XSS7poFHPc/TvKltu2OnmI/AAAAAAAAACI/kn0-0qEwNJ8/s320/Tech+Report+2011-2+fig+6.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Schematic of a heat pump dryer.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Here black lines indicate airflow, blue lines indicate flow of refrigerant, and the purple squares are heat exchangers (evaporator and condenser for refrigerant).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The X on the refrigerant circuit is a throttling valve that lets condensed high-pressure refrigerant escape to the evaporator.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt; &lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Palandre &amp;amp; Clodic [1] have experimentally studied the performance of condensing heat pump dryers.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Their paper also includes dryers based on mechanical steam compression, but I won’t discuss that aspect here.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For the conventional dryer studied by P&amp;amp;C, temperatures at the various parts of the circuit are:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;drying temperature, &lt;i style="mso-bidi-font-style: normal;"&gt;Td&lt;/i&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;40°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;evaporator temperature, &lt;i style="mso-bidi-font-style: normal;"&gt;Te&lt;/i&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;15°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;condenser temperature, &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt;&lt;span style="mso-tab-count: 1;"&gt; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;60°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;blowing temperature, &lt;i style="mso-bidi-font-style: normal;"&gt;Tb&lt;/i&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;slightly less than &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt; &lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Introduce the notation:&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Qe&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="mso-tab-count: 3;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;heat transfer in evaporator [J_th/sec]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Qc&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="mso-tab-count: 3;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;heat transfer in condenser [J_th/sec]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;W&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="mso-tab-count: 3;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;work done by compressor in refrigerant circuit [J_e/sec]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;W′&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="mso-tab-count: 3;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;work done by blower and tumble motor [J_e/sec]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;COP&lt;sub&gt;heating&lt;span style="mso-tab-count: 2;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/sub&gt;Qc / W&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;global &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;sub&gt;heating&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/sub&gt;Qc / (W+W′)&lt;/i&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;P&amp;amp;C give the results&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;COP&lt;sub&gt;heating&lt;/sub&gt;&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; = 3.35 ([1], Table 3),&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;global &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;sub&gt;heating&lt;/sub&gt;&lt;/i&gt; = 2.2 ([1], Figure 13).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;From these it follows that &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(W+W′) / W &lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;=&lt;i style="mso-bidi-font-style: normal;"&gt; &lt;/i&gt;3.35 / 2.2&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&amp;nbsp; &lt;/span&gt;which gives&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;W′/W&lt;/i&gt; = 0.52.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;P&amp;amp;C Figure 14 gives the total energy consumption of the heat pump dryer as 1,730 Wh = 1730 × 3600 J in 105 × 60 seconds.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It follows that &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;W+W′&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; = 1730 × 3600 / (105 × 60) = 989 J /sec.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Then since &lt;i style="mso-bidi-font-style: normal;"&gt;W′/W&lt;/i&gt; = 0.52, the various quantities can be calculated explicitly:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;W&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; = 650 J_e/sec,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;W′&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; = 338 J_e/sec,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Qc&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; = 2,179 J_th/sec.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;That tells us the nameplate performance of this particular condensing heat pump dryer.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Let’s now interpret the results …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Neglecting heat exchanger losses, heat transfer &lt;i style="mso-bidi-font-style: normal;"&gt;Qc&lt;/i&gt; raises the temperature of the air from &lt;i style="mso-bidi-font-style: normal;"&gt;Te&lt;/i&gt; to &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt;, an increase of 45°C.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But note that the overall effect is to raise the air temperature from &lt;i style="mso-bidi-font-style: normal;"&gt;Td&lt;/i&gt; to &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt;, an increase of only 20°C from inlet to outlet.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Thus to compare P&amp;amp;C results with my drying engine (BDE), &lt;i style="mso-bidi-font-style: normal;"&gt;COP_heating&lt;/i&gt;&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;as calculated by P&amp;amp;C needs to be multiplied by 20/45:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(1)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;sub&gt;heating, comparison&lt;/sub&gt;&lt;/i&gt; = 3.35 × 20/45 ≈ 1.49.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Note also that the comparative global COP would be even lower, namely&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(2)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;global &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;sub&gt;heating, comparison&lt;/sub&gt;&lt;/i&gt; = 2.2 × 20/45 ≈ 0.98.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 3pt 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Heat exchanger inefficiencies are not expected to dramatically alter the above conclusions.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;These would mean that the temperature of the air circuit would not reach &lt;i style="mso-bidi-font-style: normal;"&gt;Te&lt;/i&gt; after the evaporator; rather it would be &lt;i style="mso-bidi-font-style: normal;"&gt;Te&lt;/i&gt; + &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;e.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Nor would the temperature reach &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt; after the condenser; rather it would be &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt; – &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;c.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Thus the temperature increase over the condenser would be &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt; – &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;c – (&lt;i style="mso-bidi-font-style: normal;"&gt;Te&lt;/i&gt; + &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;e) = &lt;i style="mso-bidi-font-style: normal;"&gt;Tc&lt;/i&gt; – &lt;i style="mso-bidi-font-style: normal;"&gt;Te&lt;/i&gt; – (&lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;c+ &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;e).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Equation (1) then would become&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 6pt 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;(3)&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;sub&gt;heating, comparison&lt;/sub&gt;&lt;/i&gt; = 3.35 × (20 – &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;c) / (45 – {&lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;c + &lt;i style="mso-bidi-font-style: normal;"&gt;δ&lt;/i&gt;e}).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Provided the condenser and evaporator are both reasonably efficient, then estimates (1) and (3) should not differ greatly.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;To sum up …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; quoted by P&amp;amp;C is as conventionally defined in heat pumps.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;However it overstates the actual performance of condensing heat pump drying by a factor of 45/20 = 2.25.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Equation (1) is a better way to assess the heat pump effect for drying.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Once other power requirements are taken into account, equation (2) gives the actual performance that a user would see.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I have compared P&amp;amp;C’s results with my BDE condensation heat pump (in continuous-flow form).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;At the present time, the results are a commercial secret.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Acknowledgement&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Thanks to Anthony Kitchener for comments on this work and for providing the reference by Palandre &amp;amp; Clodic.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Reference&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[1]&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-bidi-font-weight: bold;"&gt;L Palandre &amp;amp; D Clodic, “Comparison of heat pump dryer and mechanical steam &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-weight: bold;"&gt;compression dryer”, &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;International Congress of Refrigeration&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;, Washington, D.C. (2003).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;  &lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-5917193042032103141?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/5917193042032103141/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/12/condensing-heat-pump-dryers.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/5917193042032103141'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/5917193042032103141'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/12/condensing-heat-pump-dryers.html' title='Condensing heat pump dryers'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><media:thumbnail xmlns:media='http://search.yahoo.com/mrss/' url='http://3.bp.blogspot.com/-5XSS7poFHPc/TvKltu2OnmI/AAAAAAAAACI/kn0-0qEwNJ8/s72-c/Tech+Report+2011-2+fig+6.jpg' height='72' width='72'/><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-2544952413840370416</id><published>2011-12-07T21:32:00.000-08:00</published><updated>2011-12-08T19:17:05.618-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='condensation heat pump'/><category scheme='http://www.blogger.com/atom/ns#' term='Carnot heat pump'/><title type='text'>Beyond-Carnot heat pump?</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 3 below shows a heat pump that has a Coefficient of Performance superior to a Carnot heat pump operating over the same temperature range.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But that contradicts the 2nd Law of Thermodynamics.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;How is this paradox to be resolved?&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Please read on …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In 2004 I invented a new heat pump which I grandiosely called the Barton Drying Engine (BDE).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This has the following features:&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="font-family: Times New Roman;"&gt;    &lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;br /&gt;&lt;/span&gt;&lt;br /&gt;&lt;span style="font-family: Times New Roman;"&gt;&lt;ul&gt;&lt;li&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Mechanically expand a parcel of moist air; this lowers the temperature of the air as well as the partial pressures and densities of its component gases.&lt;/span&gt;&lt;/div&gt;&lt;/li&gt;&lt;li&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Condensation forms immediately when dew point is reached, and any further expansion takes place along a moist adiabat.&lt;/span&gt;&lt;/div&gt;&lt;/li&gt;&lt;li&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;After the expansion is complete, collect the condensed droplets and remove them from the parcel of air.&lt;/span&gt;&lt;/div&gt;&lt;/li&gt;&lt;li&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Re-compress the parcel of air back to ambient pressure; this involves an increase in temperature and partial pressures and densities.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Re-compression takes place along a dry adiabat.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Overall, work must be supplied to complete the cycle.&lt;/span&gt;&lt;/div&gt;&lt;/li&gt;&lt;li&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The exhaust stream is hotter and drier than the inlet air stream.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/li&gt;&lt;/ul&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;/div&gt;&lt;/span&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I&amp;nbsp;published a theoretical analysis of the BDE cycle in 2008 [1], with the main assumptions that air and water vapour are ideal gases with constant specific heat capacities.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The principal results are shown in Figure 1 (click to expand).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://4.bp.blogspot.com/-htlCrgJjup0/TuBGCw3GCEI/AAAAAAAAABk/S0PZtaLRGB8/s1600/post+2011-12-08+fig+1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://4.bp.blogspot.com/-htlCrgJjup0/TuBGCw3GCEI/AAAAAAAAABk/S0PZtaLRGB8/s320/post+2011-12-08+fig+1.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Figure 1: Results from [1] for the loss-free condensation heat pump.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The inlet air stream is saturated and at the temperature shown.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The results also depend on the expansion ratio.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Clockwise from top left: specific mass change in water vapour during cycle [kg/kg dry air], specific work output per cycle [J/kg dry air], temperature increase from inlet to outlet [°C], &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; as a heat pump [dimensionless].&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Here the Coefficient of Performance (bottom left diagram in Figure 1) was defined by &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;COP = m&lt;sub&gt;a&lt;/sub&gt; C&lt;sub&gt;aP&lt;/sub&gt; (T&lt;sub&gt;4&lt;/sub&gt;-T&lt;sub&gt;1&lt;/sub&gt;) / W&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;in which &lt;i style="mso-bidi-font-style: normal;"&gt;C&lt;sub&gt;aP&lt;/sub&gt;&lt;/i&gt; is the specific heat capacity of dry air at constant pressure, &lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;a&lt;/sub&gt;&lt;/i&gt; is the mass of dry air in the parcel, &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt; is the outlet temperature, &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; the inlet temperature and &lt;i style="mso-bidi-font-style: normal;"&gt;W&lt;/i&gt; is the work required to complete the cycle.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In words, the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; is the desired output (heat increase in the parcel of air) divided by the necessary input (work to complete the cycle).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Let’s remind ourselves about Carnot heat pumps, as shown in Figure 2.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This depicts a theoretical heat pump that takes heat energy &lt;i style="mso-bidi-font-style: normal;"&gt;Q&lt;sub&gt;L&lt;/sub&gt;&lt;/i&gt; from a reservoir at temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;L&lt;/sub&gt;&lt;/i&gt; and delivers heat energy &lt;i style="mso-bidi-font-style: normal;"&gt;Q&lt;sub&gt;H&lt;/sub&gt;&lt;/i&gt; to a reservoir at temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;H&lt;/sub&gt;&lt;/i&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This requires work &lt;i style="mso-bidi-font-style: normal;"&gt;W&lt;/i&gt;.&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://1.bp.blogspot.com/-0uZ8rNtFUa4/TuBGXtQ-HCI/AAAAAAAAABs/tKQJqTmxbvw/s1600/post+2011-12-08+fig+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://1.bp.blogspot.com/-0uZ8rNtFUa4/TuBGXtQ-HCI/AAAAAAAAABs/tKQJqTmxbvw/s320/post+2011-12-08+fig+2.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 2:&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Illustrating heat transfer and work requirement of a heat pump.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; of the heat pump is &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; = &lt;i style="mso-bidi-font-style: normal;"&gt;Q&lt;sub&gt;H&lt;/sub&gt; / W&lt;/i&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But conservation of energy gives &lt;i style="mso-bidi-font-style: normal;"&gt;Q&lt;sub&gt;L&lt;/sub&gt; + W = Q&lt;sub&gt;H&lt;/sub&gt;&lt;/i&gt; and so&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;COP = Q&lt;sub&gt;H&lt;/sub&gt; / (Q&lt;sub&gt;H&lt;/sub&gt; – Q&lt;sub&gt;L&lt;/sub&gt;) =&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;1&lt;i style="mso-bidi-font-style: normal;"&gt; / (&lt;/i&gt;1&lt;i style="mso-bidi-font-style: normal;"&gt; – Q&lt;sub&gt;L&lt;/sub&gt;/Q&lt;sub&gt;H&lt;/sub&gt;) .&lt;o:p&gt;&lt;/o:p&gt;&lt;/i&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The 2nd Law of Thermodynamics gives that for a reversible process&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Q&lt;sub&gt;L&lt;/sub&gt;/Q&lt;sub&gt;H&lt;/sub&gt; = T&lt;sub&gt;L&lt;/sub&gt;/T&lt;sub&gt;H&lt;/sub&gt;&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;(temperatures in Kelvin),&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;so that the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; can be written &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;COP_&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Carnot&lt;i style="mso-bidi-font-style: normal;"&gt; = &lt;/i&gt;1&lt;i style="mso-bidi-font-style: normal;"&gt; / (&lt;/i&gt;1&lt;i style="mso-bidi-font-style: normal;"&gt; – T&lt;sub&gt;L&lt;/sub&gt;/T&lt;sub&gt;H&lt;/sub&gt;) = T&lt;sub&gt;H&lt;/sub&gt; / (T&lt;sub&gt;H&lt;/sub&gt; – T&lt;sub&gt;L&lt;/sub&gt;). &lt;o:p&gt;&lt;/o:p&gt;&lt;/i&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;This is the highest &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; that a heat pump operating on a closed cycle between &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;L&lt;/sub&gt;&lt;/i&gt; and &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;H&lt;/sub&gt;&lt;/i&gt; can have.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Now let’s take the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; shown in Figure 1 (bottom left) for the case when &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; = 25°C and compare it to the Carnot &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; (with &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;L&lt;/sub&gt;&lt;/i&gt; = &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; and &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;H&lt;/sub&gt;&lt;/i&gt; = &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt;).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I’ll now also explicitly take account of the water vapour that passes through my heat pump as follows&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;COP_&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;BDE&lt;i style="mso-bidi-font-style: normal;"&gt; = { m&lt;sub&gt;a&lt;/sub&gt; C&lt;sub&gt;aP&lt;/sub&gt; + (m&lt;sub&gt;v &lt;/sub&gt;- δm&lt;sub&gt;v&lt;/sub&gt; )C&lt;sub&gt;vP&lt;/sub&gt; } (T&lt;sub&gt;4 &lt;/sub&gt;-T&lt;sub&gt;1&lt;/sub&gt;) / W.&lt;/i&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Here &lt;i style="mso-bidi-font-style: normal;"&gt;m&lt;sub&gt;v &lt;/sub&gt;&lt;/i&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;is the mass of vapour in the parcel of air at the inlet and &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;δm&lt;sub&gt;v&lt;/sub&gt;&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; is the mass of vapour that condenses into water.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;C&lt;sub&gt;vP&lt;/sub&gt;&lt;/i&gt; is the specific heat capacity of water vapour at constant pressure.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(This expression for &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_BDE gives almost identical results to the previous &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; expression used in Figure 1.)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 3 has the results …&lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://2.bp.blogspot.com/-RoDteB3pK_8/TuBGkLBPjYI/AAAAAAAAAB0/Y22VF4pWo-8/s1600/post+2011-12-08+fig+3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://2.bp.blogspot.com/-RoDteB3pK_8/TuBGkLBPjYI/AAAAAAAAAB0/Y22VF4pWo-8/s320/post+2011-12-08+fig+3.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 3: Plots of &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_BDE and &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_Carnot for the case when the inlet air is at 25°C and saturated.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;But this says &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_BDE is greater than &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_Carnot, which is not possible according to the 2nd Law of Thermodynamics.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I have done similar plots for other saturated inlet conditions, with similar results:&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_BDE&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;&amp;gt;&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_Carnot.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Assuming I haven’t made any numerical mistakes (I have checked very carefully!), and assuming the 2nd Law of Thermodynamics isn’t wrong (it isn’t!), how can this be so?&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The paradox is resolved with the aid of Figure 4. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://2.bp.blogspot.com/-Hlkqobs_XFs/TuBGuqkITWI/AAAAAAAAAB8/6Wfi-rXmgew/s1600/post+2011-12-08+fig4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="240" src="http://2.bp.blogspot.com/-Hlkqobs_XFs/TuBGuqkITWI/AAAAAAAAAB8/6Wfi-rXmgew/s320/post+2011-12-08+fig4.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Figure 4: Schematic diagram of the condensation heat pump.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In Figure 4, the BDE is a mechanical device indicated by the yellow box.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It takes in work &lt;i style="mso-bidi-font-style: normal;"&gt;W&lt;/i&gt; and moist air at temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt;, and gives out condensed water at temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;3&lt;/sub&gt;&lt;/i&gt; and drier air at temperature &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Let &lt;i style="mso-bidi-font-style: normal;"&gt;h&lt;/i&gt; denote specific enthalpy and subscripts &lt;i style="mso-bidi-font-style: normal;"&gt;a&lt;/i&gt;, &lt;i style="mso-bidi-font-style: normal;"&gt;v&lt;/i&gt; and &lt;i style="mso-bidi-font-style: normal;"&gt;w&lt;/i&gt; denote dry air, water vapour and water respectively.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The change in enthalpy of the water vapour that condenses is&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Δ = δm&lt;sub&gt;v &lt;/sub&gt;× { h&lt;sub&gt;v&lt;/sub&gt;(T&lt;sub&gt;1&lt;/sub&gt;) – h&lt;sub&gt;w&lt;/sub&gt;(T&lt;sub&gt;3&lt;/sub&gt;) }&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; = &lt;i style="mso-bidi-font-style: normal;"&gt;δm&lt;sub&gt;v&lt;/sub&gt; × { h&lt;sub&gt;v&lt;/sub&gt;(T&lt;sub&gt;1&lt;/sub&gt;) – [h&lt;sub&gt;v&lt;/sub&gt;(T&lt;sub&gt;3&lt;/sub&gt;) – L(T&lt;sub&gt;3&lt;/sub&gt;)] }&lt;/i&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;in which &lt;i style="mso-bidi-font-style: normal;"&gt;L(T&lt;sub&gt;3&lt;/sub&gt;)&lt;/i&gt; is the latent heat at &lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;3&lt;/sub&gt;&lt;/i&gt;, &lt;i style="mso-bidi-font-style: normal;"&gt;i.e.&lt;/i&gt; the specific enthalpy required to evaporate water.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Since we are assuming ideal gas theory with constant specific heats, it follows that &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Δ = δm&lt;sub&gt;v&lt;/sub&gt; × { C&lt;sub&gt;vP&lt;/sub&gt; (T&lt;sub&gt;1&lt;/sub&gt; – T&lt;sub&gt;3&lt;/sub&gt;) + L(T&lt;sub&gt;3&lt;/sub&gt;) }.&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Both terms in &lt;i style="mso-bidi-font-style: normal;"&gt;Δ&lt;/i&gt; have the same sign, and &lt;i style="mso-bidi-font-style: normal;"&gt;Δ&lt;/i&gt; is large and positive.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;By conservation of energy, if the condensed water loses an amount &lt;i style="mso-bidi-font-style: normal;"&gt;Δ&lt;/i&gt; in enthalpy, then the gaseous components that pass through the heat pump must gain enthalpy &lt;i style="mso-bidi-font-style: normal;"&gt;(W + Δ).&lt;/i&gt;&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Therefore the &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt; of the BDE heat pump is&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_BDE &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;= &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;(W + Δ)&lt;/i&gt; / &lt;i style="mso-bidi-font-style: normal;"&gt;W &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;= &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;&lt;/i&gt;1&lt;i style="mso-bidi-font-style: normal;"&gt; + (Δ/W).&lt;o:p&gt;&lt;/o:p&gt;&lt;/i&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;As an illustrative example, consider the following data from the loss-free computations published in [1]:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;inlet temperature: &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;1&lt;/sub&gt;&lt;/i&gt; = 25°C and saturated&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;lowest temperature: &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;3&lt;/sub&gt;&lt;/i&gt; = 4.9°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;outlet temperature: &lt;span style="mso-tab-count: 1;"&gt; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;T&lt;sub&gt;4&lt;/sub&gt;&lt;/i&gt; = 52.7°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;expansion ratio:&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; = 1.6&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;water condensed: &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;0.01067 kg/kg dry air&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;work requirement: &lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;W&lt;/i&gt; = 1,765 J/kg dry air&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;latent heat: &lt;span style="mso-tab-count: 2;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;L(T&lt;sub&gt;3&lt;/sub&gt;)&lt;/i&gt; = 2,489,600 J/kg water&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;With the above data, &lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Δ/W&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; evaluates to 15.3, and so &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_BDE is 16.3, which agrees exactly with the results shown in Figure 3 at &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; = 1.6. &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;(For the same temperature range, &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;_Carnot&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;=&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(52.7 + 273.15) / (52.7 – 25) = 11.8, also as shown in Figure 3.)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Thus the gas mixture (air plus vapour) that passes through the BDE has an excellent &lt;i style="mso-bidi-font-style: normal;"&gt;COP&lt;/i&gt;, which is sustained by the large loss of enthalpy in the vapour that is condensed.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Finally, to resolve the paradox in words …&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;A Carnot heat pump must operate on a closed-loop cycle, with the state of the device at the end of the cycle identical to its state at the beginning.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Also the internal workings of the device must not generate any entropy, so that everything is reversible.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;It’s easy to see from Figure 4 that the BDE heat pump does not satisfy this condition, and its &lt;em&gt;COP&lt;/em&gt;, as I have defined it, is therefore not subject to the Carnot constraint.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The expansion and compression processes are indeed reversible, but removal of condensate means that the conditions at the end of the cycle are not the same as those at the beginning.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;To finish, a brief practical comment.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Theoretically the BDE has great promise.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I am currently evaluating how the performance is affected by inevitable losses in the device.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Reference&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[1]&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;N G Barton, “An evaporation heat engine and condensation heat pump”, &lt;i style="mso-bidi-font-style: normal;"&gt;ANZIAM Journal&lt;/i&gt;, &lt;b style="mso-bidi-font-weight: normal;"&gt;49&lt;/b&gt; (2008), 503-524.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: left;"&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-2544952413840370416?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/2544952413840370416/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/12/beyond-carnot-heat-pump.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/2544952413840370416'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/2544952413840370416'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/12/beyond-carnot-heat-pump.html' title='Beyond-Carnot heat pump?'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><media:thumbnail xmlns:media='http://search.yahoo.com/mrss/' url='http://4.bp.blogspot.com/-htlCrgJjup0/TuBGCw3GCEI/AAAAAAAAABk/S0PZtaLRGB8/s72-c/post+2011-12-08+fig+1.jpg' height='72' width='72'/><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-2217537097947568443</id><published>2011-11-11T21:30:00.000-08:00</published><updated>2011-11-11T21:30:19.533-08:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='solar-hybrid gas turbine'/><category scheme='http://www.blogger.com/atom/ns#' term='bottoming cycle'/><category scheme='http://www.blogger.com/atom/ns#' term='AuSES conference'/><title type='text'>Paper accepted for AuSES</title><content type='html'>&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I learned this week that my paper entitled “ECET Boost to Solar-Hybrid Gas Turbines” has been accepted, subjected to minor modifications, for the peer-reviewed section of the 2011 Conference of the Australian Solar Energy Society (AuSES).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The abstract for the paper is as follows:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;In the SOLGATE project, a solar-hybrid gas turbine system was developed, built and tested (ORMAT et al., 2005).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The concept involves gas turbine systems in which air is first compressed, then heated through a combination of concentrated solar radiation and gas combustion, and finally passed through a turbine to generate power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The hybrid nature of the system enables savings on fuel and emissions, but also power delivery when the sun is not shining.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The exhaust from the gas turbines is very hot, and therefore suitable for some kind of bottoming cycle to boost the output.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Recently, the author (Barton, 2012) analysed a new bottoming cycle based on evaporative cooling of hot air at reduced pressure.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This concept is called the Expansion-Cycle Evaporation Turbine (ECET).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Barton showed that the ECET can typically boost the output of utility-scale open-cycle gas turbines by around 20%, without any extra fuel consumption or emissions, and at a specific capital cost expected to be no more than that for the upstream gas turbine.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;With these attributes, the ECET is expected to be suitable for peak duty in the electricity grid.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;br /&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The present work investigates the suitability of the ECET to boost the power output of solar-hybrid gas turbines such as in the SOLGATE project.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Power boosts of approximately 20% are expected.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The Levelised Electricity Cost (LEC) with ECET boost is also compared to that for two other bottoming cycles – the Rankine steam cycle (which gives the solar-hybrid combined-cycle gas turbine) and an Air Heat Recovery Turbine Unit (AHRTU, Romanov et al., 2010).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In these comparisons, the three bottoming cycles give a 10-14% reduction in the LEC when compared to the original solar-hybrid gas turbine.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The LEC for the ECET-boosted system is marginally lower than that for the Rankine-boosted system, which in turn is marginally lower than that for the AHRTU-boosted system.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The percentage by which the LEC is improved by the bottoming cycles does not depend strongly on the capacity factor.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;br /&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;This study provides a preliminary assessment of the benefits of three bottoming cycles &lt;span style="color: black;"&gt;when used in conjunction with solar-hybrid gas turbines for power generation.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;According to this analysis, all three cycles clearly lead to benefits; the output is boosted by around 17-22%, the levelised electricity cost is reduced by around 10-14%, and CO&lt;sub&gt;2&lt;/sub&gt; emissions are reduced by around 14-18%.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The &lt;/span&gt;&lt;a href="http://solarconference.com.au/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;AuSES conference&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; will be held in Sydney from 30 November to 2 December 2011.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-2217537097947568443?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/2217537097947568443/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/11/paper-accepted-for-auses.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/2217537097947568443'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/2217537097947568443'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/11/paper-accepted-for-auses.html' title='Paper accepted for AuSES'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-8001123346386515966</id><published>2011-10-26T17:46:00.000-07:00</published><updated>2011-10-26T17:46:23.628-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='global warming'/><category scheme='http://www.blogger.com/atom/ns#' term='climate change'/><title type='text'>Climate Science for Business Champions</title><content type='html'>&lt;div class="MsoNormal" style="line-height: 100%; margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I’m writing this post to publicise an upcoming event: &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;strong&gt;Climate Science for Business Champions 2011&lt;o:p&gt;&lt;/o:p&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/div&gt;&lt;strong&gt;  &lt;/strong&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;strong&gt;3.00 – 6.00 pm, Thursday, 17 November&lt;o:p&gt;&lt;/o:p&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/div&gt;&lt;strong&gt;  &lt;/strong&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;strong&gt;CSIRO Auditorium, Lindfield&lt;o:p&gt;&lt;/o:p&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;From the publicity for the event:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-no-proof: yes;"&gt;Climate Science for Business Champions will provide an opportunity for business, industry, community leaders and the general public to hear accurate and verified information about global warming, the problem, the causes and the need for solutions and leadership.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-no-proof: yes;"&gt;Over the course of this 3-hour forum, climate science experts will provide information that is easy to understand, and participants will have an opportunity to ask questions about what climate change means for their business and communities.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;; mso-fareast-language: EN-AU; mso-no-proof: yes;"&gt;Importantly, the forum will enable delegates to take practical knowledge back into their workplaces and communities with the confidence to lead change.&lt;/span&gt;&lt;/i&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I am promoting this forum for two reasons – firstly it is a cause that I’m passionate about and secondly because I played a minor role in its development.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The suggestion to hold the forum came after a meeting held by &lt;/span&gt;&lt;a href="http://www.businesseventssydney.com.au/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;Business Events Sydney&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;, for which I’m an honorary ambassador.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Subsequent development of the concept was carried out by &lt;/span&gt;&lt;a href="http://scienceandtechnologyaustralia.org.au/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;Science &amp;amp; Technology Australia&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;, the peak body for science advocacy in Australia.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;For the list of speakers, further details and registration, please visit the Science and Technology Australia &lt;/span&gt;&lt;a href="http://scienceandtechnologyaustralia.org.au/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;website&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; and follow the link to “Climate Science for Business Champions”. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-8001123346386515966?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/8001123346386515966/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/10/climate-science-for-business-champions.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/8001123346386515966'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/8001123346386515966'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/10/climate-science-for-business-champions.html' title='Climate Science for Business Champions'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-9069385046189385322</id><published>2011-10-18T20:17:00.000-07:00</published><updated>2011-10-18T20:17:25.055-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='power station flue gas'/><category scheme='http://www.blogger.com/atom/ns#' term='power station exhaust'/><category scheme='http://www.blogger.com/atom/ns#' term='micro-algae'/><category scheme='http://www.blogger.com/atom/ns#' term='algal fuels'/><category scheme='http://www.blogger.com/atom/ns#' term='evaporation engine'/><title type='text'>CO2 for algal fuels</title><content type='html'>&lt;div class="MsoNormal" style="line-height: 100%; margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Introduction&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;I’m grateful to Warren Flentje of the University of Melbourne’s Energy Institute for a recent discussion on issues associated with algal production of biofuels from power station flue gas.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Such biofuels are expected to be economically important in the future, and they also enable re-use of CO2 that would otherwise go directly to the atmosphere in the flue gas.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Algal fuel production can take place in seawater, so water availability is not a show-stopper.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;However other major issues to be resolved include&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l3 level1 lfo4; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;the very large amount of hot flue gas to be handled,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l3 level1 lfo4; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;how to dissolve the CO2 component of this gas in water,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l3 level1 lfo4; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;the amount of water required, and &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l3 level1 lfo4; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;the energy required to pump the water.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Here, some preliminary estimates are made for how my &lt;/span&gt;&lt;a href="http://www.sunoba.com.au/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;span style="color: blue;"&gt;Evaporation Engine&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; [1] might be of assistance in this process.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;With respect to algal fuels, I’m learning on the job; corrections or comments to this post are welcome.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Exhaust gas flow-rate from a 1,000 MW coal-fired power station&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Assumptions:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;overall efficiency of the Rankine-cycle steam plant is 33%&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;energy content of coal is 26 MJ/kg&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Carbon content of coal is 65% by mass&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;coal feed rate is &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; kg/sec&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Considering the energy requirements of the power station, &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; × 26 ×10^6 = 10^9 / 0.33, so &lt;i style="mso-bidi-font-style: normal;"&gt;r&lt;/i&gt; = 117 kg/sec, comprising 76 kg/sec of Carbon, or 76/0.012 = 6313 moles/sec.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Carbon reacts with air to produce one mole of CO2 from each mole of C, so 6313 moles/sec of O2 are required, which means the O2 mass flow-rate is 6313 × 0.032 = 202 kg/sec.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Now suppose the inlet air to the power-station is at 300K with ambient pressure 101300 Pa and density 1.176 kg/m^3.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This air contains approximately 21% O2 by volume, so the partial pressure of O2 is 21273 Pa.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;At 300K, the ideal gas constant for O2 is 260 J/(kg.K), so the density of O2 in the air is 21273 / (260 × 300) = 0.273 kg/m^3.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If 75% of the O2 is combusted, the required volume flow-rate &lt;i style="mso-bidi-font-style: normal;"&gt;Fa&lt;/i&gt; at the inlet is given by 0.75 × 0.273 × &lt;i style="mso-bidi-font-style: normal;"&gt;Fa&lt;/i&gt; = 202, so that &lt;i style="mso-bidi-font-style: normal;"&gt;Fa&lt;/i&gt; = 987 m^3/s.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The mass flow-rate of air is 987 × 1.176 = 1161 kg/sec.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Algal fuel output&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;If the power station operates at 100% capacity factor, the amount of Carbon consumed per year is 76 × 3600 × 24 × 365 = 2.40 × 10^9 kg.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If all the Carbon is converted by algal production into fuel with average chemical composition CH2, then the mass of algal fuel is 2.80 billion kg.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;At a density of 0.9 kg/litre, that gives 3.11 billion litres, or 19.4 million barrels at 160 litres/barrel.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;At USD 100 per barrel, that output is worth USD 19.4 billion, and would be enough to meet the earth’s oil demand for approximately 5.4 hours (at a global consumption rate of 86 million barrels per day).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;If the algal fuel system produces 60,000 litres of algal fuel per Hectare per year, the land requirements of the algal system would be 5.18 × 10^4 Ha = 518 km^2.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Power output of the Evaporation Engine&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Assume that the hot exhaust from the coal-fired power station is used in the Evaporation Engine [1] to generate power and to cool the air stream.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Make the following assumptions:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo2; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;coal-fired power station exhaust temperature is 180°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo2; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;partial pressures of exhaust are &lt;i style="mso-bidi-font-style: normal;"&gt;Pair&lt;/i&gt; = 98.3 kPa, &lt;i style="mso-bidi-font-style: normal;"&gt;Pvap&lt;/i&gt; = 3 kPa; here, it is assumed that CO2 and O2 have similar ideal gas properties for the purposes of operation of the EE, which is an assumption that would need to be modified in a thorough study&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo2; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;expansion ratio of the EE is 2.5&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo2; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;temperature of injected water is 20°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Then, from the thermodynamic model for the EE [1], &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l2 level1 lfo3; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;loss-free power output is 24.5 kJ/kg air&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l2 level1 lfo3; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;back-work ratio is approximately 0.8&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l2 level1 lfo3; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;water consumption is 0.046 kg H2O per kg air&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l2 level1 lfo3; text-indent: -18pt;"&gt;&lt;span style="font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"&gt;&lt;span style="mso-list: Ignore;"&gt;·&lt;span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;EE exhaust stream is saturated and at temperature 46°C&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;After allowing for inevitable engine losses, the power output is estimated at 17 kJ/kg air.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The total power output from the EE would be 1161 kg air/sec ×17 kJ/kg air = 19.7 MW, or 2% of the primary output from the power station.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The water requirement for the EE would be at least 1161 × 0.046 = 53 kg/sec, which, as will now be shown, is only a tiny fraction of the water requirement for dissolving the CO2.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Water requirement to dissolve CO2&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The exhaust stream from the EE is transferred at ambient pressure into a closed vessel in which CO2 is dissolved into water.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;As assumed earlier, 75% of the O2 in the airstream has been replaced by CO2, which implies the partial pressure of CO2 at the entry to the vessel is approximately 0.15 bar.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(The presence of water vapour in the EE exhaust complicates this estimate and would need to modelled properly in a careful analysis.)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;How might the CO2 be dissolved?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I can imagine some sort of a counter-current process, in which the air progressively loses its CO2 component whilst the molarity of the CO2 in the water progressively increases.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The air could be sparged through the water; or perhaps better mass transfer rates could be achieved if small water droplets could be introduced into the vessel.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Whatever, there will be a requirement to pump water around, and that will be estimated in a moment.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;First let us calculate the water requirement.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;By Henry’s Law (see &lt;i style="mso-bidi-font-style: normal;"&gt;e.g.&lt;/i&gt; [2, p.539]), the amount of CO2 dissolved in water is given by &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-indent: 36pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;PCO2&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; = &lt;i style="mso-bidi-font-style: normal;"&gt;kH&lt;/i&gt; × &lt;i style="mso-bidi-font-style: normal;"&gt;MCO2&lt;/i&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;in which &lt;i style="mso-bidi-font-style: normal;"&gt;PCO2&lt;/i&gt; (bar) is the partial pressure of CO2 above the water, &lt;i style="mso-bidi-font-style: normal;"&gt;MCO2&lt;/i&gt; is the molarity (moles/litre) of dissolved CO2, and Henry’s constant, &lt;i style="mso-bidi-font-style: normal;"&gt;kH&lt;/i&gt;, actually varies with temperature (&lt;i style="mso-bidi-font-style: normal;"&gt;i.e.&lt;/i&gt; is not a constant).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Using data from [2] and [3], &lt;i style="mso-bidi-font-style: normal;"&gt;kH&lt;/i&gt; is estimated to be 48 bar / {moles CO2/litre} at the exhaust temperature of the Evaporation Engine (46°C).&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;From Henry’s Law, the molarity of dissolved CO2 will be&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;MCO2&lt;/span&gt;&lt;/i&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; = &lt;i style="mso-bidi-font-style: normal;"&gt;PCO2&lt;/i&gt; / &lt;i style="mso-bidi-font-style: normal;"&gt;kH&lt;/i&gt; = 0.15 bar / [48 bar{moles CO2/litre}^-1]&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;= 0.0031 moles CO2/litre&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;At this partial pressure for CO2, 1/0.0031 = 323 litres is required to dissolve 1 mole of CO2, and 323 litres/mole × 6313 moles/sec or 2.04 × 10^6 litres/sec of water is required to dissolve the CO2 output from the power station.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This water requirement is nearly 40,000 times that required to operate the EE.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In simpler units, 2040 m^3/sec of water is required to dissolve the CO2 output of the power station.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This very large amount of water needs to be transferred from the sea, then used to dissolve the CO2, then pumped to remote algal ponds, and finally returned to the ocean.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;At the very minimum, a head of 5 m water pressure or 50 kPa would be required.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The corresponding power requirement to pump the water is 2040 × 5 × 10^4 = 102 MW, which must be viewed as optimistic.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Conclusions&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Let me state the obvious.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Although the estimates presented here are preliminary, they nevertheless highlight difficulties involved in cooling the exhaust stream from a 1000 MW power station exhaust, dissolving the CO2 component in water, and managing water flows through a large expanse of algal ponds.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The EE could certainly be used to cool the coal-fired power station exhaust.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;At the same time, the amount of power generated in the EE would contribute towards the power required to transfer CO2 from the EE exhaust stream into water and pump the water around the algal ponds.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;A final comment on the Evaporation Engine is pertinent.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If the inlet temperature for the EE is 180°C, the engine could not be operated in continuous-flow mode; rather a piston-in-cylinder mechanism would be required.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The resulting engine that would process all of the power station exhaust would be very bulky, although it should be feasible to construct it at specific capital cost significantly less than $ 1 million/MW.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The thermodynamic cycle of the piston-in-cylinder EE is protected by patent applications, and essential aspects of the mechanical principle to execute the cycle are maintained as commercial secrets.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Introductory details of the EE are available at &lt;a href="http://www.sunoba.com.au/"&gt;&lt;span style="color: blue;"&gt;www.sunoba.com.au&lt;/span&gt;&lt;/a&gt;.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;Thanks to Warren Flentje for drawing this topic to my attention and comments on a preliminary draft.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;i style="mso-bidi-font-style: normal;"&gt;&lt;u&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;References&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/u&gt;&lt;/i&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;[1] N G Barton, “An Evaporation Heat Engine and Condensation Heat Pump”,&lt;i style="mso-bidi-font-style: normal;"&gt; ANZIAM J&lt;/i&gt;, Vol 49 (2008), 503-524.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;[2] D A McQuarrie &amp;amp; P A Rock, General Chemistry, (Freeman &amp;amp; Co, New York, 1987)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;[3] &lt;/span&gt;&lt;span lang="EN-US" style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;J J Carroll &amp;amp; A E Mather, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;“&lt;/span&gt;&lt;span lang="EN-US" style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;The System Carbon Dioxide-Water and the Krichevsky-Kasarnovsky Equation&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; ”,&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; &lt;i style="mso-bidi-font-style: normal;"&gt;&lt;span lang="EN-US"&gt;Journal of Solution Chemistry&lt;/span&gt;&lt;/i&gt;&lt;span lang="EN-US"&gt;, Vol. 21 (1992), 607-621.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-9069385046189385322?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/9069385046189385322/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/10/co2-for-algal-fuels_18.html#comment-form' title='1 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/9069385046189385322'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/9069385046189385322'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/10/co2-for-algal-fuels_18.html' title='CO2 for algal fuels'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>1</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-2267331943653690117</id><published>2011-10-09T22:14:00.000-07:00</published><updated>2011-10-15T21:05:44.447-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='cost of coal-fired power'/><title type='text'>Cost of coal-fired power (more)</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;In my &lt;a href="http://sunoba.blogspot.com/2011/04/real-cost-of-coal-fired-power.html" target="_blank"&gt;&lt;span style="color: blue;"&gt;post&lt;/span&gt;&lt;/a&gt; of 23 April 2011, I analysed how the inclusion of a Social Cost on Carbon (SCC) would affect the Levelised Electricity Cost of coal-fired power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The SCC is measured in $ per tonne of CO2 emitted.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;As a rule of thumb, every $ increase in the SCC translates to an extra $ on the LEC for coal-fired plants when expressed in $/MWhr.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;My post referred to an authoritative report [1] on externalities associated with coal-fired power.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Recently, dana1981 at Skeptical Science has &lt;a href="http://www.skepticalscience.com/true-cost-of-coal-power-muller-mendelsohn-nordhous.html" target="_blank"&gt;&lt;span style="color: blue;"&gt;commented&lt;/span&gt;&lt;/a&gt; on the results of another study on the cost of externalities on coal-fired power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This study [2] claims a mid-range SCC of USD 27/t, with lower and upper estimates USD 6/t and USD 65/t respectively.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;dana1981 points out that cost of externalities in reference [2] are significantly less than those in [1], mainly because of differing treatments of (non-CO2) air pollution effects.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Despite the discrepancies in the figures, both studies agree that the cost of coal-fired power generation does not include the cost of externalities and, therefore, the true cost of coal-fired power generation is definitely more than the price that we pay.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;We can expect further publications in the economic literature to clarify these important issues.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Hopefully the studies will also include the effect of hidden subsidies to the coal industry.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For further discussion, I refer you to the excellent post by dana1981.&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Note added (16 October 2011):&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;span style="font-family: Palatino Linotype;"&gt;dana1981 has made a supplementary post on this topic,&lt;/span&gt;&lt;br /&gt;&lt;span style="font-family: Palatino Linotype;"&gt;&lt;a href="http://www.skepticalscience.com/correction-to-true-cost-of-coal-power-mmn11.html"&gt;http://www.skepticalscience.com/correction-to-true-cost-of-coal-power-mmn11.html&lt;/a&gt;, &lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;in which it's noted that the social cost of carbon discussed by Muller, Mendelsohn &amp;amp; Nordhaus was based on C emitted, not CO2.&amp;nbsp; To convert the SCC of MMN into the more conventional form, divide the MMN figure by 44/16 = 2.75 to get the cost of CO2.&amp;nbsp; The MMN figures were low already; with this correction they are just too low to be taken seriously.&lt;br /&gt;&lt;br /&gt;&amp;nbsp;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;References&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[1]&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;P R Epstein &lt;i style="mso-bidi-font-style: normal;"&gt;et al&lt;/i&gt;. “Full cost accounting of the life cycle of coal”, &lt;i style="mso-bidi-font-style: normal;"&gt;Annals of the NY Academy of Sciences&lt;/i&gt; 1219 (2011), 73-98.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[2] &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;N Z Muller, R Mendelsohn &amp;amp; W Nordhaus, “Environmental accounting for pollution in the United States economy”, &lt;i style="mso-bidi-font-style: normal;"&gt;American Economic Review&lt;/i&gt;, 101(5) (2011), 1649-75.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-2267331943653690117?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/2267331943653690117/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/10/cost-of-coal-fired-power-more.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/2267331943653690117'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/2267331943653690117'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/10/cost-of-coal-fired-power-more.html' title='Cost of coal-fired power (more)'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-3825721161717803910</id><published>2011-09-29T23:27:00.000-07:00</published><updated>2011-09-30T20:47:21.204-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='2011 Solar World Congress'/><title type='text'>2011 Solar World Congress</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I was one of 692 delegates privileged to attend the 2011 Solar World Congress in Kassel, Germany, from 28 August to 2 September 2011.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;To recite a few facts about the Congress, the delegates came from 66 countries with 434 of them from Europe, 101 from Asia, 79 from America, 33 from Africa and 26 from Australia.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(Yes, I know that doesn’t add up to 692, but those were the numbers provided by the Congress Chair at the concluding session.)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The overall Congress message was “rapid transition to a renewable energy world”.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;There were six major themes (solar heating and cooling, solar buildings, renewable electricity, rural energy supply, resource assessment, and renewable energies and society), which were further broken down into 31 sub-themes.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;These topics were addressed by 267 oral and 278 poster presentations.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Some big points were made in the opening session.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In the last year, investments in electricity generation capacity, worldwide, came 47% from renewables and 53% from fossil fuels.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;For the decade from 2000-2010, investments in wind power increased at an annual rate of 27%, whilst the corresponding growth rates for solar thermal (mainly solar heating) and photovoltaics were 13% and 40% per annum.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Germany is undertaking a dramatic restructuring of its energy system.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;By 2050, overall greenhouse gas emissions in Germany are to be reduced by 80% compared to 1990 levels, whilst renewables are to be expanded to represent 80-95% of the total energy mix.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;As part of these targets, primary energy use is to be lowered by 50%.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Nuclear energy is to be completely eliminated by 2022.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The concept of the “learning curve” was emphasised frequently during the congress.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;By this is meant the reduction in cost of a technology as a function of installed capacity or time.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The most famous example is Moore’s Law for semiconductors, and there is now a well-established learning curve for the cost of photovoltaic cells (Breyer &amp;amp; Gerlach, 2010).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Over the period 1976-2003, the price of a PV module (in 2010 USD/W) decreased by 22% for each doubling of the installed capacity.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;For a while in recent years, it seemed as if a variety of issues (including supply problems with pure silicon production) meant that the learning curve was no longer valid, but the curve has now returned to its historic trend.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;So, with increasing installations and public support, the cost of electricity from PV continues to decrease, at the same time that the cost of electricity from fossil fuel and nuclear increases.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Cost parity will be achieved – it’s just a matter of time, and it won’t be long.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;From a societal perspective, the solar industry is now a major source of employment.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The German Solar Industry Association &lt;a href="http://www.pv-magazine.com/news/details/beitrag/germany--number-of-solar-jobs-to-double-by-2020_100000067/" target="_blank"&gt;&lt;span style="color: blue;"&gt;estimates&lt;/span&gt;&lt;/a&gt; that German solar employment will increase from 80,000 in 2009 to 180,000 in 2020. &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;Moreover solar power offers the promise of electrification to the 1.4 billion people on the planet who don’t currently have access to electricity.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Solar thermal power generation also featured in many presentations.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Rapid progress is being made with several competing concepts (trough, tower, Fresnel arrays), with the eventual market winner not yet clear to this observer.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Solar thermal also allows for energy storage that is relatively cheap and easy over a period of around 24 hours, and major research agencies in Europe are active in this field.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Over a longer term, say weeks or months, chemical storage seems to be the best option as described in presentations from the Fraunhofer Institute for Wind Energy and Energy Systems Technology. &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;The key idea here is that hydrogen produced from electrolysis of water is then converted via the Sabatier reaction into methane, which is an excellent energy carrier and for which an extensive storage and distribution infrastructure is already in place.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;So the storage problem is solvable, at a cost, and will be solved.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;But can renewables completely meet the electricity needs of major economies such as the USA?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That topic was addressed in an important paper by David Mills, based for many years at the University of Sydney and the celebrated proponent of Fresnel arrays for solar thermal power.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Mills’ answer is that wind and solar can completely provide the needs of the USA, provided enough spare capacity and storage is included in the system.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;This requires a new way of thinking about the structure of the electricity grid.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It’s instructive to think as wind and solar as providing a fluctuating underlying contribution that is augmented by quick-response storage such as batteries, pumped hydro or thermal.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;For the worst cases when the sun doesn’t shine and the wind doesn’t blow for two weeks, chemical storage will meet the need.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;From a local perspective, the Australian legacy to the international solar energy community is significant.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Of the ten most recent Presidents of the International Solar Energy Society, two were Australians (David Mills, 1997-9, and Monica Oliphant, 2008-9).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The Society, founded in 1954, was headquartered in Melbourne from 1970 to 1995.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;With 26 participants, Australia was the 6th best represented country at the congress (behind Germany, Japan, Spain, Brazil and France).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;And there have been major Australian contributions to solar power generation; names that occur in this context are David Mills, Martin Green and Shi Zhengrong. &lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&lt;/span&gt;These are achievements to be honoured.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;It is abundantly clear that the solar industry is developing rapidly; for example solarbuzz &lt;/span&gt;&lt;a href="http://solarbuzz.com/facts-and-figures/markets-growth/market-growth" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;reports&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; that the PV industry generated global sales of USD 38.5 billion in 2009, with expected annual growth rates of around 30%.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Solar thermal power generation is not as developed as PV, but is poised for growth, as are the solar heating and cooling markets.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Overall, the 2011 Solar World Congress gave a snapshot of research underlying this rapidly developing industry.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In the words of Berthold Goeke, one of the speakers at the opening ceremony of 2011 SWC, Germany’s single greatest contribution to the world is transformation of its energy network.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The world will move to a post-fossil and non-nuclear basis; Germany is showing us how to do it, and the solar industry will be an indispensable part of the process.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Reference&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"&gt;&lt;span style="color: black; font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;C. Breyer and A. Gerlach (2010), &lt;/span&gt;&lt;i&gt;&lt;span style="color: black; font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Arial;"&gt;Global Overview on Grid-Parity Event Dynamics, &lt;/span&gt;&lt;/i&gt;&lt;span style="color: black; font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;in Proceedings 25th European Photovoltaic Solar Energy Conference&lt;/span&gt;&lt;i&gt;&lt;span style="color: black; font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Arial;"&gt;, &lt;/span&gt;&lt;/i&gt;&lt;span style="color: black; font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-bidi-font-family: Calibri;"&gt;Valencia.&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-3825721161717803910?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/3825721161717803910/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/09/2011-solar-world-congress.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/3825721161717803910'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/3825721161717803910'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/09/2011-solar-world-congress.html' title='2011 Solar World Congress'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-4333660192826140541</id><published>2011-08-24T18:19:00.000-07:00</published><updated>2011-08-24T18:19:58.160-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='Blythe'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><title type='text'>Blythe switches to PV</title><content type='html'>&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;There have been dramatic, astonishing and significant developments with the 1000 MW Blythe solar project in California, the biggest solar project in the world.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;On 18 August 2011, the developer (Solar Trust of America, a joint venture between the German companies Solar Millenium and Ferrostaal) announced that the first 500 MW of the project will now be powered by PV, and not solar thermal as previously announced.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;  &lt;br /&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Dramatic news?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Absolutely – the Solar Millenium share price collapsed from around EUR 20, where it had been for around a year, to around EUR 4.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Astonishing?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Absolutely – the foundation stone for this project had already been laid, approvals had been secured, funding was in place, and construction of the solar thermal plant was under way.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;A switch at such a late stage in a multi-billion dollar project is truly surprising.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;One might well wonder at the quality of the decision-making process in the first place.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;br /&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Significant?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Some might argue this is proof that PV has decisively triumphed over solar thermal in the mortal struggle for market share.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That would be taking things too far, but it does say that in SE California where water is scarce, at the present, PV gives cheaper power than parabolic troughs with air-cooled condensers and no thermal storage.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I analysed the Blythe installation in &lt;a href="http://sunoba.blogspot.com/2011/06/cost-of-solar-power-12.html" target="_blank"&gt;&lt;span style="color: blue;"&gt;Cost of Solar Power (12)&lt;/span&gt;&lt;/a&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;According to my standard assumptions, I found the cost per peak Watt was USD 5.79 and the Levelised Electricity Cost was USD 315/MWhr.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I thought the costs were high and commented at the time that “the LEC for the Blythe project is 25% higher than for another big US project currently under construction – Ivanpah”.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The Ivanpah installation, which I analysed in &lt;a href="http://sunoba.blogspot.com/2011/05/cost-of-solar-power-10.html" target="_blank"&gt;&lt;span style="color: blue;"&gt;Cost of Solar Power (10)&lt;/span&gt;&lt;/a&gt;, uses heliostats and towers, and will be able to collect heat at a higher temperature than the parabolic trough technology proposed for Blythe.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp;&amp;nbsp; &lt;/span&gt;That indicates a technological advantage for power towers over troughs when air-cooled condensers are used.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;According to &lt;a href="http://solarbuzz.com/facts-and-figures/retail-price-environment/module-prices" target="_blank"&gt;&lt;span style="color: blue;"&gt;Solarbuzz data&lt;/span&gt;&lt;/a&gt;, the cost of PV modules in the USA has fallen from USD 4.75/Wp in mid 2008 to below USD 3.00/Wp today.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Solarbuzz comments that the “module price is 50-60% of the total installed cost of a solar energy system”.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Presumably this led the decision-makers at the Solar Trust of America to turn away from their tried and tested parabolic trough technology.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It must have been a painful decision.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;What does this mean for Solar Millenium and their parabolic trough technology?&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Well, that technology still offers the great benefit of thermal storage.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Moreover, where water-cooled condensers are possible, the peak power output will be higher than with air-cooled condensers as proposed for Blythe.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;My view is that there remains a place for solar thermal power with storage.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Several contenders are slugging it out for dominance – troughs, heliostats/towers, Compact Linear Fresnel Reflectors and dishes – without a clear winner in sight yet.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;(I might also modestly draw attention to my evaporation engine, see &lt;/span&gt;&lt;a href="http://www.sunoba.com.au/"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;www.sunoba.com.au&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;.)&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I also think that costs for solar thermal power station components will continue to fall as more large-scale installations are constructed. &lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I expect the battle between solar thermal and PV to continue.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It will be a tough fight.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;br /&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-4333660192826140541?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/4333660192826140541/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/08/blythe-switches-to-pv.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/4333660192826140541'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/4333660192826140541'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/08/blythe-switches-to-pv.html' title='Blythe switches to PV'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-334867975319706372</id><published>2011-08-21T19:43:00.000-07:00</published><updated>2011-08-21T19:43:43.253-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='2011 Solar World Congress'/><category scheme='http://www.blogger.com/atom/ns#' term='passive solar power'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><category scheme='http://www.blogger.com/atom/ns#' term='evaporation engine'/><title type='text'>2011 Solar World Congress, Kassel</title><content type='html'>  &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Several German visitors visit this blog occasionally, especially when I comment on the activities of Solar Millenium, for example in association with solar installations at Andasol, Ibersol, and Blythe.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Therefore, I’ll just mention that I’ll be attending the &lt;/span&gt;&lt;a href="http://www.swc2011.org/cms/" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;2011 Solar World Congress&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; in Kassel from 28 August to 2 September.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I’ll be presenting a poster paper entitled “Output of the Evaporation Engine (Sloping Canopy)”.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;My session is scheduled for Thursday morning, 1 September.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The figure below contains my main findings (click to see full size image).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This shows the simulated output of my evaporation engine at a suitable site for a complete year.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Both horizontal and sloping canopies have been studied; the figure shows the output from a 1,000 m^2 canopy with canopy losses included, but not engine losses.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Engine losses were evaluated in my paper in the congress proceedings, and are expected to reduce the estimates in the figure by around 25-30%.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="separator" style="clear: both; text-align: center;"&gt;&lt;a href="http://3.bp.blogspot.com/-g6tKLkguPoA/TlHBaOqNz7I/AAAAAAAAABg/sO7ofe-aXnc/s1600/results-myformat.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"&gt;&lt;img border="0" height="196" src="http://3.bp.blogspot.com/-g6tKLkguPoA/TlHBaOqNz7I/AAAAAAAAABg/sO7ofe-aXnc/s320/results-myformat.jpg" width="320" /&gt;&lt;/a&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt; mso-fareast-language: EN-AU; mso-no-proof: yes;"&gt;&lt;v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f"&gt;  &lt;v:stroke joinstyle="miter"&gt;  &lt;v:formulas&gt;   &lt;v:f eqn="if lineDrawn pixelLineWidth 0"&gt;   &lt;v:f eqn="sum @0 1 0"&gt;   &lt;v:f eqn="sum 0 0 @1"&gt;   &lt;v:f eqn="prod @2 1 2"&gt;   &lt;v:f eqn="prod @3 21600 pixelWidth"&gt;   &lt;v:f eqn="prod @3 21600 pixelHeight"&gt;   &lt;v:f eqn="sum @0 0 1"&gt;   &lt;v:f eqn="prod @6 1 2"&gt;   &lt;v:f eqn="prod @7 21600 pixelWidth"&gt;   &lt;v:f eqn="sum @8 21600 0"&gt;   &lt;v:f eqn="prod @7 21600 pixelHeight"&gt;   &lt;v:f eqn="sum @10 21600 0"&gt;  &lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:f&gt;&lt;/v:formulas&gt;  &lt;v:path gradientshapeok="t" o:connecttype="rect" o:extrusionok="f"&gt;  &lt;o:lock aspectratio="t" v:ext="edit"&gt; &lt;/o:lock&gt;&lt;/v:path&gt;&lt;/v:stroke&gt;&lt;/v:shapetype&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The table below summarises my results for the 1,000 m^2 canopy, with all losses included.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;If achievable in an actual system, these results would be highly pleasing.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;It is noteworthy that the sloping canopy gives greater annual output than the horizontal canopy.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Moreover the output occurs in a more uniform fashion and can be achieved with a slightly smaller engine.&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;o:p&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; margin: auto auto auto 5.4pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 539px;"&gt;&lt;span style="font-family: Times New Roman;"&gt;  &lt;/span&gt;&lt;tbody&gt;&lt;tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"&gt;&lt;span style="font-family: Times New Roman;"&gt;   &lt;/span&gt;&lt;td style="background-color: transparent; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 148.85pt;" valign="top" width="198"&gt;&lt;span style="font-family: Times New Roman;"&gt;   &lt;/span&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Units&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Horizontal&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Sloping&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/b&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 1;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 148.85pt;" valign="top" width="198"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Peak   power&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;kW&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;65&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;60&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 2;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 148.85pt;" valign="top" width="198"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Annual   output&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;MWhr/yr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;74&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;94&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 3;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 148.85pt;" valign="top" width="198"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Water   consumption&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;m^3/yr&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1,181&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1,422&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 4;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 148.85pt;" valign="top" width="198"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Cost   per peak Watt&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;AUD/(W&lt;sub&gt;p&lt;/sub&gt;)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.38&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.42&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 148.85pt;" valign="top" width="198"&gt;   &lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Levelised   Electricity Cost&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;AUD/(MWhr)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;173&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"&gt;   &lt;div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;128&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: left;"&gt; &lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: left;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: left;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I would be very happy to discuss these issues with delegates, developers and fellow enthusiasts.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;More generally, I’d also be very happy to discuss the cost of solar power, as investigated in this blog since the start of 2011.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="blogger-post-footer"&gt;&lt;img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/8021749765840738595-334867975319706372?l=sunoba.blogspot.com' alt='' /&gt;&lt;/div&gt;</content><link rel='replies' type='application/atom+xml' href='http://sunoba.blogspot.com/feeds/334867975319706372/comments/default' title='Post Comments'/><link rel='replies' type='text/html' href='http://sunoba.blogspot.com/2011/08/2011-solar-world-congress-kassel.html#comment-form' title='0 Comments'/><link rel='edit' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/334867975319706372'/><link rel='self' type='application/atom+xml' href='http://www.blogger.com/feeds/8021749765840738595/posts/default/334867975319706372'/><link rel='alternate' type='text/html' href='http://sunoba.blogspot.com/2011/08/2011-solar-world-congress-kassel.html' title='2011 Solar World Congress, Kassel'/><author><name>Noel Barton</name><uri>http://www.blogger.com/profile/11729124593207013123</uri><email>noreply@blogger.com</email><gd:image rel='http://schemas.google.com/g/2005#thumbnail' width='16' height='16' src='http://img2.blogblog.com/img/b16-rounded.gif'/></author><media:thumbnail xmlns:media='http://search.yahoo.com/mrss/' url='http://3.bp.blogspot.com/-g6tKLkguPoA/TlHBaOqNz7I/AAAAAAAAABg/sO7ofe-aXnc/s72-c/results-myformat.jpg' height='72' width='72'/><thr:total>0</thr:total></entry><entry><id>tag:blogger.com,1999:blog-8021749765840738595.post-4816953595338001343</id><published>2011-08-15T20:38:00.000-07:00</published><updated>2011-08-15T20:40:26.724-07:00</updated><category scheme='http://www.blogger.com/atom/ns#' term='Kogan Creek'/><category scheme='http://www.blogger.com/atom/ns#' term='Levelised electricity cost'/><category scheme='http://www.blogger.com/atom/ns#' term='cost of solar power'/><title type='text'>Yet more on LEC</title><content type='html'>&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;As I mentioned in my last post, I’ll present a talk to the Sydney branch of the Australian Solar Energy Society next Tuesday.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The talk is entitled “Comparison of Levelised Electricity Cost for Large-Scale Solar Projects”.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;I’m sure to be questioned about my methodology for estimating the Levelised Electricity Cost (LEC).&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;By way of explanation, I’m mainly interested in international comparisons rather than being able to give a definitive statement to potential investors or to the Department of Taxation.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;So my methodology ignores inflation and taxation.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;I have stated my assumptions in every post in which I have discussed the cost of solar power; they are&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;there is no inflation,&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;taxation implications are neglected, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;projects are funded entirely by debt, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same interest rate (8%) and payback period (25 years), which means that the required rate of capital return is 9.4%, &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;all projects have the same annual maintenance and operating costs (3% of the total project cost), and&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;•&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;government subsidies are neglected.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Further commentary on my LEC methodology has been given in the posts on &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/real-cost-of-coal-fired-power.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Real cost of coal-fired power&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;, &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/lec-accountants-view_26.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;LEC – the accountant’s view&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt; and &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/05/cost-of-solar-power-10.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Cost of solar power (10)&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;For completeness, I’m now going to give a full model including taxation and inflation.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The model will be applied to the Kogan Creek installation I described in &lt;/span&gt;&lt;a href="http://sunoba.blogspot.com/2011/04/cost-of-solar-power-7_14.html" target="_blank"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;&lt;span style="color: blue;"&gt;Cost of Solar Power (7)&lt;/span&gt;&lt;/span&gt;&lt;/a&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;The capital cost of this project was AUD 105 million and the annual output is stated to be 44 GWhr/yr.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;WARNING: This is not exciting stuff and I just can’t think of any way to make it easy reading!&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Basically, the requirement is to study the construction and entries in a spreadsheet.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In essence, future Profit &amp;amp; Loss accounts and future balance sheets are presented (in future $), which are then discounted back into present $.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Changes in the sum of NPAT plus equity are calculated, both for individual years and on average over years since the start of the project.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;This leads to a quantity called average TSR (present $), which is truly the bottom line; the goal is for this to hit a shareholder-specified target such as 0.05. &lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Here are the assumptions for the full model:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;"&gt;&lt;tbody&gt;&lt;tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"&gt;   &lt;td style="background-color: transparent; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;cost&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[AUD]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;105,000,000&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 1;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;interest   rate&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[-]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.075&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 2;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;depreciation   period&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[yrs]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;25&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 3;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;annual   output&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[MWhr/yr]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;44,000&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 4;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;tax   rate on profits&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[-]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.3&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 5;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;debt   fraction&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[-]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.5&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 6;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;{annual   O&amp;amp;M costs}/{total cost}&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[-]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.03&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 7;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;inflation   rate&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[-]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.025&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 8; mso-yfti-lastrow: yes;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 189.7pt;" valign="top" width="253"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;estimated   LEC&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 89pt;" valign="top" width="119"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;[AUD/MWhr]&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 124.7pt;" valign="top" width="166"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;320&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Here are the financial details for the first three years (all figures in AUD millions):&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 541px;"&gt;&lt;tbody&gt;&lt;tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"&gt;   &lt;td style="background-color: transparent; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Year&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;2&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 1;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;sales   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;14.080&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;14.432&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;14.793&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 2;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;O&amp;amp;M   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.150&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.229&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.309&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 3;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;EBITDA   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;10.930&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;11.203&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;11.483&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 4;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;depreciation   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 5;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;EBIT   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;6.730&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;7.003&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;7.283&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 6;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;interest   payments (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.938&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.623&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.308&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 7;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;pre-tax   profit (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;2.793&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.381&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;3.976&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 8;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;taxation   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.838&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.014&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.193&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 9;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;NPAT   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.955&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;2.367&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;2.783&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 10;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;NPAT   (present $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.955&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;2.309&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;2.649&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 11;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;*   cumulative NPAT (present $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;1.955&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.264&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;6.912&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 12;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;depreciated   assets (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;100.800&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;96.600&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;92.400&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 13;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;borrowings   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;52.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;48.300&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;44.100&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;39.900&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 14;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;equity   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;52.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;52.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;52.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 15;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;*   equity (present $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;52.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;51.220&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;49.970&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 16;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;sum   of items marked *&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;52.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;54.455&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;55.483&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;56.883&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 17; mso-yfti-lastrow: yes;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;average   TSR (present $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.037&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.028&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.028&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Acronyms:&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;O&amp;amp;M&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;Operations and Maintenance expenses&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;EBITDA&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;earnings before interest, taxation, depreciation and allowances&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;EBIT&lt;span style="mso-tab-count: 2;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;earnings before interest and taxation&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;NPAT&lt;span style="mso-tab-count: 1;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;nett profit after tax&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;TSR&lt;span style="mso-tab-count: 2;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;total shareholder return&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Note that the annual depreciation figure is used to reduce borrowings, which means that interest payments decrease with time.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The last line is the key to it all – in words it is the cumulative nett profit after tax plus the equity, all expressed in today’s $, divided by the initial investment, and then expressed as an average over the total numbers of years that have elapsed.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;That is the number that should eventually hit the target specified by the investors.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;In this example, it will be 0.050.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;The spreadsheet then continues uneventfully until year 13 when the borrowings hit zero.&lt;span style="mso-spacerun: yes;"&gt;&amp;nbsp; &lt;/span&gt;Here are four years from the spreadsheet around that time.&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 541px;"&gt;&lt;tbody&gt;&lt;tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"&gt;   &lt;td style="background-color: transparent; border: 1pt solid black; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;Year&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;12&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;13&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;14&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: black black black rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;15&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 1;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;sales   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;18.474&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;18.936&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;19.409&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;19.895&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 2;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;O&amp;amp;M   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.133&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.236&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.342&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.451&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 3;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;EBITDA   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;14.341&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;14.670&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;15.067&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;15.444&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 4;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;depreciation   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;4.200&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 5;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;EBIT   (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;10.141&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;10.500&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;10.867&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;11.244&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 6;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;interest   payments (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.473&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.158&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.000&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;0.000&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;  &lt;/tr&gt;&lt;tr style="mso-yfti-irow: 7;"&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 178.6pt;" valign="top" width="238"&gt;&lt;div class="MsoNormal" style="margin: 0cm 0cm 0pt;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;pre-tax   profit (future $)&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: right;"&gt;&lt;span style="font-family: &amp;quot;Palatino Linotype&amp;quot;,&amp;quot;serif&amp;quot;; font-size: 12pt;"&gt;9.669&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/div&gt;&lt;/td&gt;   &lt;td style="background-color: transparent; border-color: rgb(0, 0, 0) black black rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt; width: 2cm;" valign="top" width="76"&gt;&lt;div align="right" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: 
