Operational Economics of Renewable Energy-Hydrogen System With Hydrogen-Powered Transportation
Journal Publication ResearchOnline@JCUAbstract
Green hydrogen, produced from renewable energy sources, is undergoing a global resurgence as a clean energy solution driving decarbonization and fueling sustainable mobility. However, the major challenge facing the hydrogen economy is its scalability, particularly in the transportation sector. In response, this research develops innovative business models that utilize the low-emission attributes of green hydrogen to alleviate its financial constraints. The decrease in costs, in turn, can stimulate the growth of green hydrogen-powered transportation and facilitate the transition toward a carbon-neutral future. Key components of the proposed business workflow are elaborated, mathematical formulations of market parameters are derived, and case studies are presented to demonstrate the feasibility and efficiency of the proposed business models. Notably, the results demonstrate that the substantial costs associated with current hydrogen-powered transportation can be effectively subsidized in the proposed business models. Under current carbon emission prices of 92 USD/ton, the levelized cost of driving can be halved. Furthermore, these models create new opportunities for stakeholders across the entire hydrogen-powered transportation value chain, contributing to the overall prosperity and growth of the hydrogen industry. This highlights the significance and promising potential of the proposed business models within the green hydrogen credit framework.
Journal
IEEE Transactions on Smart Grid
Publication Name
IEEE Transactions on Smart Grid
Volume
16
ISBN/ISSN
1949-3061
Edition
N/A
Issue
1
Pages Count
10
Location
N/A
Publisher
Institute of Electrical and Electronics Engineers
Publisher Url
N/A
Publisher Location
N/A
Publish Date
N/A
Url
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Date
N/A
EISSN
N/A
DOI
10.1109/TSG.2024.3465505