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BC Bugwood Envirochem Services Inc. transported to a refinery in the Vancouver area by train. The refinery will mix ethanol with gasoline (some provinces have made it mandatory to achieve a certain percentage of ethanol in gasoline), and pay close to the rack price for gasoline to the ethanol producer. The Vancouver rack price for gasoline was around 50 cents per litre in 2005 (see Figure 4.5.3). Ethanol has a lower energy content than gasoline, but enhances performance through its higher octane value, such that there is no energy penalty if ethanol is mixed with gasoline in quantities up to 10%. However, a 10% lower price is assumed as the revenue to remain conservative, i.e. $0.45 per litre. Co-products are sold into existing markets in Canada or the U.S. at the prices indicated in Table 4.5.1. The percentages in the table indicate the mass-based product streams as a share of feedstock input. As the bark represents about 10% of the stem, the yields per bdt of harvested wood are somewhat lower. The revenue is based on a preliminary mass balance, which should be replaced by actual Lignol process data with bugwood as the feedstock when a more detailed feasibility assessment is undertaken. The mass balance was established based on the Lignin yield provided by Lignol, which was then used to estimate the other product streams based on a presentation by Lignol Innovations given in 2004 [LI 2004]. The furfural yield was assumed to be the same as the yield used in the previous chapter on briquettes and prehydrolysis. The revenue from ethanol is composed of several elements: first, the market value is assumed to be close to the rack price of gasoline, i.e. $0.45 per litre. The Canadian federal government provides an ethanol consumption incentive of $0.10 per litre. Gasoline is taxed with between 14.5 and 20.5 ¢/litre in BC [MSBR 2005]. A provincial excise tax exemption for ethanol therefore reduces the price of ethanol by this amount when it is used as a transportation fuel mixed with gasoline in quantities between 5 and 25%. Assuming an average tax reduction of $0.17 per litre for the provincial gas tax, this adds another $0.27 to the market value of ethanol, to a total of $0.72 per litre ($0.90 per kg). No transport costs were taken into account for co-products in the calculations below, but their effect is deemed to be moderate, or they may be borne by the buyer. The precise amounts of ethanol and co-products that would be produced from bugwood are not even known to Lignol Innovation themselves, i.e. the numbers presented here are still very preliminary and based on default values obtained from mixed softwood residues from sawmills. Once a demonstration plant has been completed, testing with bugwood as a feedstock should be carried out to confirm these yields. Table 4.5.1 Ethanol Lignin Furfural Acetic acid Extractives TOTAL Expected Revenues from Sale of Products and Co-Products Co-product Amount per 35,000 bdt of bugwood Price per kg Revenue 7,875 t (25%) [LI 2006] 5,643 t (16%) [LI 2006] 1,540 t (4.4%) (see Chapter 4.2) 1,500 t (~4%) [LI 2004] 12% of total revenues [LI 2004] $0.90 $7,087,500 $1.32 $7,448,760 $1.12 $1,552,320 $1.20 $1,620,000 unknown $2,125,030 $19,833,610 As shown in Table 4.5.2, the plant does provide an ROI of 13.8%, even with the high price of bugwood as a feedstock. However, whether the plant performs that well depends largely on co- products yields and their market values. The quality (and hence, price) of lignin from bugwood is not known with certainty, and product quality may vary depending on the age of the dead trees that are harvested. The world lignin market is about 1.2 Mt per year, 25% of which in North America [TCG 2004]. This seems a large enough market to accommodate the quantities expected from several ethanol plants, but Lignol would have to compete with other companies Page 57PDF Image | IDENTIFYING ENVIRONMENTALLY PREFERABLE USES FOR BIOMASS
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