Assessing The Economic Viability And Fueling Capacity of Renewable Hydrogen: A Way Forward For Green Economic Performance And Policy Measures

Abstract

Energy security and environmental measurements are incomplete without renewable energy therefore there is a dire need to explore new energy sources. Therefore, the aim of this study is to measure the wind power potential to generate the renewable hydrogen including its production and supply cost. We used first order eneginnering model and net present value to measure the levelized cost of wind generated renewable hydrogen by using the data source of Pakistan metorological department and State bank of Paksitan. Results shows that the use of surplus wind and renewable hydoregn energy for green economic production is suggested as an innovative project option for large-scale hydrogen use. The key annual running expenses for hydrogen are electricity and storage cost, which have a major impact on the costs of renwable hydrogen. Also, the results indicates that project has the potential to cut CO2 pollution by 139 million metric tons and raise revenue for wind power plants by 2998.52 million dollars. The renewable electrolyzer plants avoided CO2 at a rate of 24.9–36.9 $/ton under baseload service, relative to 44.3 $/ton for the benchmark. However, in the more practical mid-load situation, these plants have a significant benefit. Further, the wind generated renewable hydrogen deliver a 6–11% larger than annual rate of return than the standard CO2 catch plant due to their capacity to remain running and supply hydrogen to the consumer through periods of plentiful wind and heat. Also, the measured levelized output cost of hydrogen (LCOH) was 6.22$/kgH2 and for the PEC system, it was 8.43 $/kgH2. Finally, its mutually agreed consensus of the environmental scientist that integration of renewable energy is the way forward to increase energy security and environmental performance by ensuring uninterrupted clean and green energy. Further, this application has the potential to address Pakistan’s urgent issues of large-scale surplus wind and solar-generated energy, as well as rising enegry demand.