Stochastic techno-economic analysis of H2 production from power-to-gas using a high-pressure PEM water electrolyzer for a small-scale H2 fueling station
Power-to-gas (P2G) technology has gained significant attention as one of the efficient methods to utilize surplus electricity inevitably produced from renewable sources. Coupled with the Korean government's efforts to increase the portion of renewable energy, P2G technology is considered as a promising candidate to produce H2 using surplus electricity for various industrial applications. Therefore, a comprehensive techno-economic analysis of H2 production from P2G technology using a high-pressure proton exchange membrane water electrolyzer (PWE) was conducted in this study in terms of itemized cost estimation and sensitivity analysis (SA). In particular, a stochastic approach was applied to reflect economic fluctuations possibly encountered in PWE, a premature technology. Respective H2 production costs of 4.33, 3.83, and 3.67 USD kg−1 were obtained for H2 production capacities of 300, 700, and 1000 m3 h−1, which are comparable to the current H2 market price of 5–6 USD kg−1 in Korea. Electricity was the most critical economic parameter in SA. Further studies using a Monte-Carlo simulation method of stochastic uncertainty analysis for a size factor's exponent, a major cost factor at scale-up, provide stochastic guidelines for P2G technology to be competitive and prove the economically attractive option of P2G technology using a high-pressure PWE for H2 production in Korea.