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GREEN HYDROGEN COST REDUCTION Figure ES1. 6 5 4 3 2 1 0 A combination of cost reductions in electricity and electrolysers, combined with increased efficiency and operating lifetime, can deliver 80% reduction in hydrogen cost. 10 TODAY Note: ‘Today’ captures best and average conditions. ‘Average’ signifies an investment of USD 770/kilowatt (kW), efficiency of 65% (lower heating value – LHV), an electricity price of USD 53/MWh, full load hours of 3200 (onshore wind), and a weighted average cost of capital (WACC) of 10% (relatively high risk). ‘Best’ signifies investment of USD 130/kW, efficiency of 76% (LHV), electricity price of USD 20/MWh, full load hours of 4200 (onshore wind), and a WACC of 6% (similar to renewable electricity today). Based on IRENA analysis Figure ES2 illustrates the potential green hydrogen production cost reduction between 2020 and 2050 for a range of electrolysers cost and deployment levels. In the best-case scenario, green hydrogen can already be produced at costs competitive with blue hydrogen today, using low- cost renewable electricity, i.e. around USD 20 per megawatt-hour (MWh). A low electricity price is essential for the production of competitive green hydrogen, and, as illustrated in Figure ES2, cost reductions in electrolysers cannot compensate for high electricity prices. Combined with low electricity cost, an aggressive electrolyser deployment pathway3 can make green hydrogen cheaper than any low-carbon alternative (i.e.PDF Image | GREEN HYDROGEN SCALING UP ELECTROLYSERS
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