Solar and wind are set to become the largest and cheapest sources of electricity globally, but other technologies will still be needed for low-cost power systems. The growing proportion of power from variable renewables drives a greater need for capacity that is available “on-demand” to ensure the stable operation of power systems. CCUS-equipped coal- or gas-fired power plants can provide this capacity and supply electricity at any time, whether at night or on a still day.1IEA. (2021, February 17). Is carbon capture too expensive? International Energy Agency. https://www.iea.org/commentaries/is-carbon-capture-too-expensive
Power plants with CCUS are particularly valuable in regions with strong seasonal variations in renewable generation. The few alternatives able to manage these variations, such as large-scale hydrogen storage, are currently more expensive than CCUS technology. CCUS can also be a cost-efficient strategy to tackle emissions from existing coal- and gas-fired power plants. Many of today’s coal and gas plants were built only in the last decade; retrofitting with CCUS can allow them to continue operation and avoid the costs of early retirement.2IEA. (2021, February 17). Is carbon capture too expensive? International Energy Agency. https://www.iea.org/commentaries/is-carbon-capture-too-expensive