Høvik, Norway based DNV GL has drawn attention to the cost-effective and long-term electricity storage benefits of hydrogen.
The latest research, ‘The promise of seasonal storage’ highlights that excess power generated from renewable sources and stored in form of hydrogen, derived from breaking water, is a reliable and cost-effective form of electricity storage system.
Experts reveal a swift rise in the total energy demand, especially due to the increase in number of electric vehicles and for buildings for cooling and heating. This change has further led to an increase in variable renewable generation, thus necessitating the urgency for long-term storage solutions.
For the latest research, team of DNV GL examined a case study modelling electricity generation and its demand for 58 different climate years. This highlighted the need and viability for the use of seasonal storage technology for electricity.
“When assessing the use and business cases for this long-term storage technology, DNV GL’s researchers concluded that the need for additional storage solutions is lower than expected and can be largely covered with available short-term storage technology such as battery storage systems,” according to a statement in a recent report.
According to sources, the increase in synthetic fuels such as hydrogen can further provide the base for using seasonal storage applications. Synthetic fuels in addition also enable in decarbonizing CO2 heavy sectors by creating hydrogen from low-priced, renewable-generated, electricity. This is then converted into e-fuels like ammonia.
The latest study confirms that long-term storage of electricity would become affordable, especially in markets such as Germany, owning to the country’s extensive capacity for low carbon electricity in the coming decades.
Furthermore DNV GL report confirms the price of seasonal storage with regards to compressed hydrogen would be cost competitive with alternative forms of long-term storage such as burning gas with regards to the rising incentivization of low-carbon technology.
The report also suggested the rise in carbon price from $25 to $60 per tonne CO₂ by 2050 in Europe.
Seasonal storage is a type of technology which changes during over-production of electricity from renewable energy sources during summer and discharges in winter. During the winter time, the demand for electricity is large, on the other hand, the production for renewable electricity production is low.
Seasonal storage is therefore a feasible solution for decarbonizing peak power generation, especially when the demand is high and the production of variable renewable energy production is low.