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According to research by the EY India-SED Fund, India would require 115 GW of renewable energy generating capacity and 50 billion liters of demineralized water supply to reach its objective of five million tonnes of green hydrogen by 2030.
The need for green hydrogen will be driven by industrial feedstock-based applications in this decade, according to a statement.
According to the EY-SED Fund paper titled “Accelerating Green Hydrogen Economy,” which was presented at the Bengaluru CII conference on “Green New Energy for a Net Zero India,” the rate and scope of transition would depend on the price parity between green and grey hydrogen production.
The paper emphasizes that India would require 115 GW of renewable energy generating capacity and 50 billion liters of demineralized water supplies to meet its goal of producing 5 million tonnes of green hydrogen by 2030.
As of May 2022, the installed capacity for renewable energy generating over all of India was 113 GW.
“The COVID-19 pandemic’s effects and the current world conflict serve as vivid reminders of how India’s reliance on imported energy and other goods tied to international supply chains might jeopardize its strategic interests. For India’s long-term energy security, sustainability, and independence, the advent of green hydrogen as a prospective low carbon feedstock and energy carrier for industrial applications is beneficial “Somesh Kumar, Partner and National Leader, EY India, remarked about power and utilities.
Currently, the Levelized cost of producing and storing green hydrogen (LCOH) is Rs 400/kg. According to the paper, the renewable energy power plant accounts for around 40–50% of this cost, the electrolyzer stack and system balancing, including the supply of demineralized water, for 30%–40%, and compressed storage accounts for 20%–30%.
Deputy Director of the SED Fund Sivaram Krishnamoorthy said, “It depends on the competitiveness of the green hydrogen supply chain and the supportive policy ecosystem to make this happen in the race to decarbonize energy-intensive sectors. In order to assist the sector in lowering production costs, state governments must play a critical role in implementing the recently announced green hydrogen policy and green energy open-access guidelines 2022 “.
It has been suggested that granting waivers of intra-state transmission fees, waivers, clarity, and certainty of open access charges, allowing banking of excess energy, and allowing fungibility of green hydrogen and renewable purchase obligations will lower the cost of renewable power generation and supply for the production of GH2.
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