Abstract:
In view of its increasing use today, industrial combustion has become an object of study to be explored, as it presents great advantages inherent to its process, in addition to the disadvantage with regard to the emission of polluting gases. In this sense, oxygen-enriched combustion technology (OEC) has the assumption of being incorporated into electric power generation systems, as it improves energy efficiency, as well as decreases pollutants, especially on a metallurgical scale, where it is very useful in regarding the optimization of heat transfer processes. Therefore, the purpose of this work is to analyze the economic feasibility and option of expanding the use of OEC in the burning of natural gas, in thermoelectric applications that operate in combined cycle, with low oxygen content and in the range of 3 (three) Megawatts of rated power; considering the Theory of Real Options. The initial step for the analyzes was the construction of a Discounted Cash Flow (FCD), without considering the project's flexibilities, and from there to carry out an assessment of the Real Option, based on the estimate of the project's volatility. The analyzes indicated the feasibility for the implementation of the project and the option for expansion, in which the value of the project had an increase of 23.8%, and a value of R$ 29,537,396.60; and an Internal Rate of Return of 20.16%; in addition, the payback time (simple payback) was 7.76 years. Thus, it was confirmed that the project is economically viable, also considering the metrics of the risks and uncertainties for the Net Present Value (NPV).