This study documents the results of economic assessment concerning four variants of coal gasification to hydrogen in a shell reactor. That assessment has been made using discounting methods (NPV: net present value, IRR: internal rate of return), as well as indicators based on a free cash flow to firm (FCFF) approach. Additionally, sensitivity analysis has been carried out, along with scenario analysis in current market conditions concerning prices of hard coal, lignite, hydrogen and CO₂ allowances, as well as capital expenditures and costs related to carbon capture and storage (CCS) systems. Based on NPV results, a negative economic assessment has been obtained for all the analyzed variants varying within the range of EUR −903 to −142 million, although the variants based on hard coal achieved a positive IRR (5.1–5.7%) but lower than the assumed discount rates. In Polish conditions, the gasification of lignite seems to be unprofitable, in the assumed scale of total investment outlays and the current price of coal feedstock. The sensitivity analyses indicate that at least a 20% increase of hydrogen price would be required, or a similar reduction of capital expenditures (CAPEX) and costs of operation, for the best variant to make NPV positive. Analyses have also indicated that on the economic basis, only the prices of CO₂ allowances exceeding EUR 40/Mg (EUR 52/Mg for lignite) would generate savings due to the availability of CCS systems.

This paper presents an attempt to the valuation of the operational flexibility of the energy investment project based on the example of combined cycle gas turbine (CCGT). For this purpose, the real options approach (ROA), net present value (NPV) method, and the Monte Carlo (MC) simulation have been used. Motivations to take up such a topic result from the fact that traditional valuation methods neglect flexibility embedded in CCGT assets. Operational flexibility was defined as the switching option to dynamically shut down and restart gas units. Valuation of the operational flexibility, the project’s extended net present value (XNPV), was based on a discounted cash flow model. The Monte Carlo simulation, allowing for better replication of the stochastic nature of market factors and some technical parameters, was introduced to the valuation model. The obtained results indicate that the value of the options significantly influences the NPV of the analyzed technology and its risk profile. The NPV was calculated at −169.1 million USD, while the XNPV amounted to 102.5 million USD. This difference, compared to the NPV distribution range at a significance level of 0.05, was more than 8.1% (almost 10.4% for α = 0.1). The results achieved help to explain the significance of the operational flexibility in the modeling profitability of CCGT technologies.

The transformation of the energy sector towards an increased share of renewable energy sources in the energy mix requires attention in the area of electricity storage. Renewable energy sources (photovoltaics or wind energy) are marked by the intermittency of electricity production and require the construction of energy storage to adapt the energy supply to the demand, providing greater stability. The authors focused on verifying the solution of gravitational energy storage in existing shafts of hard coal mines in Poland. The issue is significant for Poland, as a country with an extensive mining infrastructure, which is searching for new scientific and practical solutions to utilize disused mining shafts for new purposes. In the analysis, the focus was on one shaft located within the Upper Silesian Coal Basin (Górnośląskie Zagłębie Węglowe), maintained for the drainage of the neighboring deposit. The article presents the calculation of energy that can be stored and an analysis of the effectiveness of energy storage in the shaft. The basic assumption of the analysis was 1 cycle of work per day (charging and discharging) in order to use the effect of low prices at night and high prices during peak hours (according to Towarowa Giełda Energii (TGE) quotations). Although energy storage already functions around the world, the studied case is new, because it refers to the usage of existing shafts which makes it a non-investment case. The results of the study showed that the obtained economic effects of the analyzed solution are low, therefore there is no economic justification of activities related to its implementation, taking into account the current price conditions.

The increase in the share of renewable energy sources (RES) leads to a growing need for sources or systems/actions to stabilize the national energy grid. Such stabilizing actions include market tools, such as prices and demand-side response (DSR) tools, as well as flexible energy sources (e.g., gas). In addition, energy storage, where pumped storage hydroelectricity (PSH) accounts for 90% of global storage capacity, plays an important role. Therefore, the authors presented a detailed analysis of PSH in the context of the dynamic growth of installed capacity in renewable energy sources. They analyzed the economic viability of this type of power plant, with a particular emphasis on operational costs, energy production, and revenue. The Młoty case study and market data, including historical data on various PSH, were presented and analyzed. This study uses copulas, simulation, and statistical analysis. The authors proved that market prices and arbitrage actions alone are not sufficient to achieve profitability of the investment; however, additional benefits, such as fees for available power, enable the achievement of economic profitability. The reason for this is the fact that one of the main goals of PSH is to serve as a power reserve. In addition, this paper presents the analysis of the utilization of existing PSH in the form of full pumping and energy generation cycles (charging and discharging storage).