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The Future of Hydrogen Chapter 2: Producing hydrogen and hydrogen-based products As electrolyser operating hours increase, the impact of CAPEX costs on the levelised cost of hydrogen declines and the impact of electricity costs rises (Figure 12). Low-cost electricity available at a level to ensure the electrolyser can operate at relatively high full load hours is therefore essential for the production of low-cost hydrogen.10 In electricity systems with increasing shares of variable renewables, surplus electricity may be available at low cost. Producing hydrogen through electrolysis and storing the hydrogen for later use could be one way to take advantage of this surplus electricity, but if surplus electricity is only available on an occasional basis it is unlikely to make sense to rely on it to keep costs down. Running the electrolyser at high full load hours and paying for the additional electricity can actually be cheaper than just relying on surplus electricity with low full load hours. The relationship between electricity costs and operating hours becomes apparent when looking at electrolysers that use grid electricity for hydrogen production (Figure 13). Very low-cost electricity is generally available only for a very few hours within a year, which implies a low utilisation of the electrolyser and high hydrogen costs that reflect CAPEX costs. With increasing hours, electricity costs increase, but the higher utilisation of the electrolyser leads to a decline in the cost of producing a unit of hydrogen up to an optimum level at around 3 000–6 000 equivalent full load hours. Beyond that, higher electricity prices during peak hours lead to an increase in hydrogen unit production costs. Figure 13. 20 15 10 5 Hydrogen costs from electrolysis using grid electricity Area of lowest hydrogen costs 800 600 400 200 Hydrogen costs from: Electricity use CAPEX+OPEX Electricity price (right axis) 00 Full load hours Notes: CAPEX = USD 800/kWe; efficiency (LHV) = 64%; discount rate = 8%. Source: IEA analysis based on Japanese electricity spot prices in 2018, JEPX (2019), Intraday Market Trading Results 2018. Higher utilisation rates help to reduce the impact of CAPEX, but for grid-connected electrolysers this means higher electricity prices; the lowest hydrogen costs are achieved in mid-load operation. 10 Full load hours are an indicator of the annual utilisation of an electrolyser. Full load hours represent the number of hours within a year the electrolyser would have to run at its design capacity, i.e. at “full load”, to achieve a certain annual output. Full load hours of 8 760 h represent the maximum possible utilisation, meaning that the electrolyser would be running for all hours within a year at its design capacity. From given full load hours and electrolyser capacity, the annual hydrogen production can be calculated (taking into account the conversion efficiency, as the electrolyser capacity is typically measured in electricity input terms). PAGE | 48 IEA. All rights reserved. USD/kgH2 USD/MWhPDF Image | The Future of Hydrogen 2019
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