satellite is used at 50 percent of capacity (corresponding to a peak to average load q ratio of 2), each satellite provides roughly 40.3 X 10 kWh per year. This results in a marginal cost of energy at the satellite bus bar of 5.0 mills/kWh. Again, using the 20 percent conversion/transmission efficiency, the cost of laser-delivered energy is about 25.0 mills/kWh. Thus it appears that, at the present price of jet fuel, this salvage use does not have economic benefit. On the other hand, however, it is likely that the cost of jet fuel will continue to inflate at a rate which is somewhat above the level of general inflation. Thus it becomes interesting to consider the potential benefit of this salvage use at inflated jet fuel costs. If all oceanic aircraft shown in Table 4.1 made use of laser energy on the oceanic segment, a total 1.3 X 10^ kWh of energy would be supplied each year to these aircraft from SPS satellites. Taking an infinite horizon benefit approach and a 4 percent discount rate, this would yield a cost saving benefit of $3.3 billion (net present value referenced to the date at which the system is fully operational) per mill/kWh cost savings obtained by the use of SPS power over jet fuel. This breaks down to a benefit of $193 million per satellite. To continue the above example, if the price of jet fuel escalates to a level of $2 per gallon (1977 dollars), the benefit becomes $4.2 billion per satellite. Assuming that salvage to this use would occur at the end of the satellite’s nominal 30-year lifetime, the salvage value thus becomes this $4.2 billion amount discounted back to the initial operation date of the satellite (30 years). Accordingly the salvage value for this use, assuming $2 per gallon jet fuel, is $1.3 billion per satellite. It is interesting to note as an aside that this SPS satellite salvage use would make use of orbital positions over the ocean as opposed to over the continents and thus would not conflict with operational SPS satellites.
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