Economic Analysis of Hydrogen Production From Near-shore Wind Power

ith the establishment of dual carbon targets and the popularity of hydrogen energy vehicles in the future, a low-carbon hydrogen production method is required to meet the growing demand for hydrogen. Offshore wind-power hydrogen production technology has become the pivotal solution to this challenge. China's wind-power hydrogen production technology, however, is still at its early stage and encounters challenges such as low wind energy utilization rates and poor economic benefits. To address these issues, based on the wind speed data, various equipment models were established to determine the wind farm's output and hydrogen production. In addition, multiple profit scenarios were set up to determine an economic model that considers different electrolyzer capacities. Finally, a sensitivity analysis was conducted on various utilization schemes for offshore wind power. The results show that the utilization of offshore wind power for hydrogen production has certain economic feasibility. Meanwhile, the system's economics can be further enhanced by adjusting the electrolyzer capacity appropriately. The participation of oxygen in the system revenue holds a positive significance to the economics of hydrogen production mode. Still, the change in hydrogen price dominates the system economics, which is influenced by market supply and demand with inevitable uncertainty.