Recent developments in renewable energy prospects are pushing the borders of innovation in the sustainable energy industry. There are reports of the possibility of an extensive array of offshore wind generating firms. Prospects show that the next five years hold much promise for the North Sea. A majority of offshore wind turbines will be built and fully integrated into the national grid, offsetting the need for fossil fuels as expected. The region is suitable for handing this expansion of renewable energy ventures because of its prevalent occurrence of many ageing platforms and generating pipelines capable of supporting hydrogen fuel generation and supply at reasonable low costs.
Likewise, the region also provides opportunities through its salt caverns that hold innovation for the area. Resultantly renewable energy company Rystad Energy has explored the economic prospects of combining renewable and offshore wind output. The company has hopes to develop its hybrid approach that has the capacity to provide exciting components. However, the project is barred by reasonably high operational costs, leading to high acquisition prices, at least remaining at an impetus.
The company’s modeling scheme comes from the combination of current emerging prospects in green hydrogen and offshore wind generation schemes as well as a green shed project. The most prominent project is an offshore 1-gigawatt (GW) wind farm that provides half of the farm’s power. The company is also keen on using its infrastructure to venture into the manufacture of hydrogen. Further calculations show that the majority of hydrogen fuel generated must be sold at EUR 5.1/kg to register a profit. This price is recorded at around four times that of fossil fuel-based hydrogen. Looking at these prospects, it is evident that hydrogen fuel is a long way from realizing its break-even price level.
Further projections in such circumstances show that the wind farm’s assumed regenerative profit power price stands at EUR 85/ megawatt-hour (MWh). This figure is similarly close to the United Kingdom’s level of CfD (Differential Contract) auction price. The current CfD prices record at around 74.85/MWh according to theTriton Knoll case. However, further results following the on-site hydrogen processing prospect involve utilizing electric membrane exchange and storing protons in salt caverns. Comprehensively, experts in the renewable energy industry instruct that the union of green hydrogen prospects with offshore wind farms is not an efficient combination with other options.https://iranwpd.com/