Maximizing Profitability and Sustainability: Unveiling the Potential of Renewable Electricity in Finland
Key Ideas
- Hydrogen should not be transported over long distances in Finland, emphasizing the importance of a comprehensive approach to developing new Power-to-X (P2X) infrastructure.
- The study highlights that producing P2X end products, like synthetic fuels, is more cost-effective in terms of transportation compared to electricity, carbon dioxide, or hydrogen.
- Finland could potentially produce up to 1,600 TWh of wind power annually, positioning itself to generate around ten percent of Europe's renewable electricity and aiding in EU's emission reduction targets.
- Establishing a stable regulatory environment for hydrogen production is crucial for creating hydrogen markets, with the need for subsidies, low interest rates, or low-cost electricity to enhance profitability.
A joint research project by LUT University, Tampere University, and the University of Eastern Finland, known as HYGCEL, offers new insights into optimizing the profitability and sustainability of energy production in Finland. The project sheds light on the significance of a system-level examination when developing new Power-to-X (P2X) infrastructure, with an emphasis on not transporting hydrogen over long distances. The study underlines the cost-effectiveness of producing P2X end products such as synthetic fuels over other alternatives like electricity, carbon dioxide, or hydrogen. It is suggested that Finland could potentially become a major player in renewable energy, with the capacity to produce a significant amount of wind power annually. The research also delves into the importance of setting up a stable regulatory framework for hydrogen production to facilitate the creation of hydrogen markets. Despite the challenges associated with profitable hydrogen production, the study advocates for leveraging subsidies and favorable economic conditions to improve sustainability. Additionally, considerations for nature, landscape values, and residents' needs play a crucial role in maximizing the utilization of renewable electricity potential. Future endeavors will focus on the comprehensive promotion of P2X production across Finland, aiming to further enhance the country's energy landscape.
Topics
Production
Renewable Energy
Chemicals
EU Regulations
Research Project
Wind Power
Synthetic Fuels
Energy Law
Electricity Infrastructure
Latest News