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Lim, Hankwon
Sustainable Process Analysis, Design, and Engineering (SPADE)
Research Interests
  • Process analysis, Process design, Techno-economic analysis, Separation process, Reaction engineering, Computational fluid dynamics, Membrane reactor, H2 energy, Water electrolysis, Vanadium redox flow battery, Greenhouse gas reduction

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Techno-economic analysis of H-2 energy storage system based on renewable energy certificate

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Title
Techno-economic analysis of H-2 energy storage system based on renewable energy certificate
Author
Lee, BoreumLim, DongjunLee, HyunjunByun, ManheeLim, Hankwon
Issue Date
2021-04
Publisher
PERGAMON-ELSEVIER SCIENCE LTD
Citation
RENEWABLE ENERGY, v.167, pp.91 - 98
Abstract
A techno-economic analysis (TEA) was conducted to evaluate the economic profitability and feasibility for a H-2 energy storage system using an alkaline and a polymer electrolyte membrane water electrolysis for 1 MW water electrolysis operation. Many economic analysis methods such as itemized cost estimation, profitability analysis using a cumulative cash flow diagram, and uncertainty analysis employing a Monte-Carlo simulation method were utilized to perform a TEA. In particular, a renewable energy certificate (REC) was considered as an additional benefit of a renewable energy use. From itemized cost estimation, respective levelized costs of H-2 of 7.21 and 9.19 $ kgH(2)(-1) were obtained for both H-2 energy storage systems in an alkaline and a polymer electrolyte membrane water electrolysis by considering current economy situation and therefore it is still difficult to be cost-competitive compared to a commercial H-2 production cost. From profitability and uncertainty analysis results, an appropriate REC weight was confirmed in terms of discounted profitability criteria like a discounted payback period, a net present value, a present value ratio, and a discounted cash flow rate of return. In addition, a REC weight was affected on a net present value compared to a REC trading cost fluctuation. (c) 2020 Elsevier Ltd. All rights reserved.
URI
https://scholarworks.unist.ac.kr/handle/201301/50088
URL
https://www.sciencedirect.com/science/article/pii/S0960148120317924?via%3Dihub
DOI
10.1016/j.renene.2020.11.049
ISSN
0960-1481
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