The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The economist did a nice review of the payment terms we have agreed with turbine companies in the this country in the last few weeks. One hopes it gets sorted.
It would be interesting to compare the cost of H2 stored and then released electricity with the price that a standby methane turbine electricity generator expects to be paid. I suspect H2 even with an efficiency of only 80% would still turn out cheaper. The H2 only has to compete with the standby generator not the core generator. Wind does that.
I'd hope for something more like 20kg per MWhr. which is he figure that the Berlin report used. https://www.itm-power.com/images/Investors/PresentationsAndResearch/First-Berlin-ITM_LN-2019-02-20_EN.pdf
Incidentally I should remind people that the main reason it is unattractive right now for wind farms to generate hydrogen at £2 per kg (£34 per MWh) is because instead of doing that with their oversupply they get paid £75 per MWh constraint payments to simple stop generating...totally ludicrous. Our rule-makers should be ashamed of themselves.
Great post Toneman.
You're right taskmaster, that is worrying. I assume you mean that it's worrying that the deputy director of the GWPF can be so wrong in his assessment.
Perhaps someone else can check my figures and I'll eat humble pie if I've got it wrong...
A 2MW wind turbine connected to a 2MW ITM electrolyser (forget the intricacies for the moment let's just stick with basic arithmetic) can generate 16.7 kg per MWh. Earlier in the year a Canadian company was testing the market for green hydrogen pricing it around £2 per kg (about 80% premium on grey hydrogen). So that would be £33.40 for your 16.7kg. So that's like saying you can receive £33.40 per MWh of generation which is almost exactly in line with current wholesale price for electricity. Hydrogen for transport is currently about £12 to £15 per kg so seems like a decent margin to me.
He's right that converting hydrogen back to electricity for grid usage makes more expensive electricity, but that should be a minor thing we're using it for and therefore can be justifiably more expensive.
The only thing I question going forward is the cost of heating homes from green hydrogen and I haven't done that calculation yet so I don't know how £2 to £12 per kg of hydrogen would equate to today's consumer gas grid prices.
Worrying.
Andrew Montford, deputy director of the Global Warming Policy Foundation think tank.
https://www.spectator.co.uk/article/boris-johnson-s-wind-power-pledge-won-t-be-cheap
Fair point taskmaster, they could have done more to help us in the right direction...give them a kick from me too.
Amen..tm...but I still want to put the boot in a bit harder if thats ok, they knew in 2006 and before, had the opportunity to change direction, BP even made PV in the 80s Ive got some on my barn still working.
“It’s time to go on a low-carbon diet,” BP wrote in bold letters on its website in 2006, with its “carbon footprint calculator”
Not to be trusted.
https://mashable.com/feature/carbon-footprint-pr-campaign-sham/?europe=true
I've got some sympathy for big oil like BP and Shell. Sure they've played their part through political lobbying which has delayed our advance over to renewable energy. But I blame the politicians for being dumb enough to fall for it rather than the oil companies themselves. Where big oil grew was not through an in-built desire to dig up fossils but from our demand for the products they were mining/drilling for. Now, for the last 5 years since the penny started to drop with the population, they're just in self-preservation mode. But it doesn't make sense to me that we blame them for our past demand for products, heat, light and travel.
The fact is that it's still us that can demand better from ourselves. Sign up to a renewables-only electricity tariff. Fit solar. Buy an EV. Tell your local car dealership that your next car is going to be electric, not the diesel he's offering today. Invest in green companies. Attend green company presentations. Sign up for green company newsletters. Subscribe to green podcasts and youtubes. As long as all these little things reach critical mass, there's no going back.
Sermon ends.
BP is now advising Aberdeen City Council on decarbonisation !
https://www.belfasttelegraph.co.uk/news/uk/activists-dump-manure-outside-bp-headquarters-in-aberdeen-39646957.html
how the fossil fuels industry hopes to change its image but not its practice .
https://www.redpepper.org.uk/greenwash/