Hydrogen has been identified as a key enabler for the UK, and global nations, to meet their net zero ambitions. The world needs to transition faster to meet the targets of the Paris Agreement, requiring an increase in renewable power, green hydrogen and synthetic fuels to power hard-to-abate sectors. Using offshore floating wind to produce green hydrogen is a hot topic, providing the solution to decarbonising the economy and solving the climate crisis. Not surprisingly, many companies are racing to be the first to deliver.
As with all new technologies, offshore floating wind requires significant investment to reduce costs. The Floating Offshore Wind Powered Hydrogen report by the Net Zero Technology Centre outlines the key areas where investment is required to enable the cost-effective production of green hydrogen. In addition, it investigates the UK supply chain’s ability to meet the government targets for 60% local content.
Driving down cost and scaling opportunity
By 2050 the Net Zero Technology Centre’s Integrated Energy Vision report predicts that the UK could need up to 253TWh of green hydrogen, accounting for 85% of domestic gas demand. If 50% of this is generated using electricity from floating wind, 31 x 1GW scale projects will be required costing £170bn. The Floating Offshore Wind Powered Hydrogen report highlights that the cost of floating wind must half to reach £40/MWh by 2050, matching the cost of its fixed offshore wind counterpart. Reducing these costs will also significantly reduce the cost of green hydrogen, as electricity makes up 70% of the production costs.
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