31 °C Singapore, SG
April 20, 2021
Latest News
Loss of Arctic sea ice can spoil French wine harvest Southeast Asia to establish its own framework for green investments, but natural gas remains a feature Major Asian bank says it’s not practical in the short term to cut off clients in the coal business Volkswagen Reveals the ID.6 CROZZ and ID.6 X Guest post: How finance from rich nations could drive 40% of new coal plant emissions What’s Greener In Europe — A Train, A Plane, Or A Car? What’s Dirtiest? Polestar 0: A Truly Carbon-Neutral Car By 2030 University researchers raise a toast to biofuel prospects How can small renewable power producers help the Philippines reach its 35% clean energy target? New report hails the decade of renewables as 2020 hits capacity record Low Carbon Aluminum Boosted By Audi’s Use In Automotive First To avoid future pandemics, reverse the destruction of ecosystems Eni’s new treatment plant begins operations Smart energy managed service stations coming in Singapore Is 2021 when net zero targets become a central focus for world leaders? Australia ranked worst in world on Covid recovery spending on green options How wind power is leading America’s energy transition Indoor-Grown Weed Is Spewing Carbon Into the Atmosphere China selects Siemens Energy transformers for first 66kV offshore wind farm LG Energy Solution to invest $4.5bn in US battery production expansion Waning support for nuclear power 10 years after Fukushima Enterprises’ sustainable development contributes to Việt Nam’s prosperity: PM Grab is hatching a carbon-cutting plan Tata Power unveils blockchain-enabled solar trading for Delhi customers Construction set to start on Australia’s first lithium-ion battery manufacturing plant UK Ford Mustang Mach-E Buyers Get Big Charging Boost Via BP Pulse Network Solar power’s future could soon be overshadowed Why a managed shift away from fossil fuels is essential and urgent. Including for petrostates. Dangerous narratives and climate migration IEA releases India Energy Outlook 2021 report

Report: HVDC powerlines and green hydrogen are most cost-effective way to decarbonize global energy system

As countries move to decarbonize and adopt renewable energy, many are finding it difficult to do so cost-effectively due to fundamental limitations in solar and wind resources. For countries to fully decarbonize without breaking the bank, they must develop renewable energy carriers and build new zero-carbon energy supply chains, says Lux Research.

In the new report, “Evolution of Energy Networks: Decarbonizing the Global Energy Trade,” Lux Research examines renewable energy carriers as well as countries and companies developing them.

Lux evaluated the lifetime costs of 15 different renewable energy carriers from electricity, hydrogen, synthetic methane and ammonia to liquid organic hydrogen carriers (LOHCs), vanadium and aluminum.

Delivering energy via land-based infrastructure becomes expensive at long distances as a result of inefficiencies of powerlines and capital costs of pipelines. However, delivery via ship is much most cost-effective at long distances.

Lux’s analysis also found that across all renewable carriers, low-cost solar energy can be delivered to resource-constrained regions at 50% to 80% lower cost than generating solar locally.

Lux predicts the tipping point for deploying renewable energy import infrastructure will be in 2030, when imported electricity via new HVDC power lines becomes cheaper than low-carbon natural gas turbines. The next tipping point will occur in 2040, according to the report, when imported liquid hydrogen becomes cheaper than low-carbon stream methane reformation.

These predictions allow 10 years for companies to develop partnership and pilot projects to demonstrate such a transformative energy paradigm. Major companies like Kawasaki Heavy Industries, Mitsui & Co., Equinor, and Shell are already developing decarbonized energy trade routes in Europe, Japan and Southeast Asia.

Tim Grejtak, an analyst at Lux Research and the lead author of the report states that, “Countries representing $9 trillion of global GDP cannot meet their energy demands solely through domestic renewable energy production and will require the import of renewable energy from more resource-rich countries.”

“Our analysis shows the expanded buildout of AC and DC powerlines will be the most cost-effective way of importing low-cost solar energy from distant regions, though only up to roughly 1,000 km. At farther distances, other renewable energy carriers like synthetic fuels are less expensive. It’s important to note that imported energy costs can be competitive against other zero-carbon technologies, but no current energy carrier can offer costs low enough to completely replace liquid natural gas (LNG) or oil,” Grejtak adds.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *