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Good ingredients but bad cocktail: Combining offshore wind and green hydrogen is still too expensive - Rystad Energy
13 Jan 2021
Several large-scale offshore wind farms are planned in the next five years in the North Sea. The area not only has plenty of ageing platforms and pipelines that could host production and transmission of hydrogen cheaply, but also salt caverns to store it at low cost.
Rystad Energy has therefore looked at the economics of blending green hydrogen production with offshore wind development. This hybrid approach offers promising elements, but the high costs – at least for now – remain a show-stopper.
Rystad Energy’s modelling is based on combining a green hydrogen project with an offshore wind farm of 1 gigawatt (GW), assuming that about half of the farm’s generated power is excess and used for hydrogen production. The analysis shows that at current break-even costs, the bulk of the hydrogen produced needs to be sold at EUR 5.1 per kilogram (kg), or
Combining offshore wind and green hydrogen is still too expensive January 14, 2021
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OSLO Several large-scale offshore wind farms are planned in the next five years in the North Sea. The area not only has plenty of ageing platforms and pipelines that could host production and transmission of hydrogen cheaply, but also salt caverns to store it at low cost.
Rystad Energy has therefore looked at the economics of blending green hydrogen production with offshore wind development. This hybrid approach offers promising elements, but the high costs at least for now remain a show-stopper.
Rystad Energy’s modeling is based on combining a green hydrogen project with an offshore wind farm of 1 gigawatt (GW), assuming that about half of the farm’s generated power is excess and used for hydrogen production.
Recently, British Petroleum (BP) went public in declaring that “peak oil demand” was reached in 2019. According to the oil major’s 2020 outlook, global oil demand will not regain levels reached last year, and that demand could soon fall rapidly, due to stronger climate action by countries, by at least 10% over the next 10 years, and up to 50% by 2040.
Demand for the fossil fuel has doubled over the past 50 years, reaching around 100 million barrels of oil per day (bopd) in 2019.
While earlier editions of BP’s outlook stated that global demand would continue rising steadily, peaking in the mid-2030s, the latest version sees the decline as much more dramatic, with peak demand already reached in 2019, and either slowing down or plateauing over the next three decades.