408. Techno-economic analysis of offshore salt-cavern hydrogen storage
Invited abstract in session MA-46: Hydrogen Production Planning and Operation, stream Energy Economics & Management.
Monday, 8:30-10:00Room: Newlyn 1.07
Authors (first author is the speaker)
| 1. | Gerardo Perez Valdes
|
| Sustainable Energy Technology, SINTEF Industry | |
| 2. | Raquel Alonso-Pedrero
|
| Sustainable Energy Technologies, SINTEF Industry |
Abstract
We present the application of the EMPIRE power system optimization model to assess the economic feasibility of offshore salt caverns for hydrogen storage in the Northern sea. The EMPIRE model integrates long-term investment decisions with short-term operational uncertainties. Our study focuses on the techno-economic analysis of utilizing offshore salt caverns for large-scale hydrogen storage, leveraging renewable energy sources such as wind and solar power. The seasonal aspect of both demand and renewable production gives an incentive to store large quantities of energy for long periods of time; green hydrogen can be a possibility.
Salt cavern storage is already used for hydrogen in pilot projects onshore; natural gas offshore storage is also a technical possibility with more studies behind it. The Hy4Get project, financed by the Norwegian Research Council, hopes to overcome challenges involving safety, geology, chemistry, and economy, supporting the transition to a low-carbon energy system.
In this work, we evaluate key techno-economic indicators, such as the Levelized Cost of Hydrogen (LCOH), initial investment requirements, and operational expenses. EMPIRE’s hydrogen modelling has been expanded to account for hydrogen storage movement, new goal locations, and salt-cavern-related technicalities to allow for a better understanding of the large, long-term storage potential.
Keywords
- Stochastic Optimization
- Energy Policy and Planning
- Natural Resources
Status: accepted
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