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1、OCTOBER 2022A RECKONING FOR RENEWABLE ENERGYTrends and Industry InsightsTable of ContentsIntroduction 1Low-Carbon Fuel Alternatives in the Maritime Industry 3Understanding the Hydrogen Value Chain 6How Will Renewable Energy Components Recover from the Supply Chain Crisis?9Whats Ahead for Solar Energ

2、y in Southeast Asia 12The Largest Barrier to Hydrogen May Be Transporting It 14About our Experts 16 A Reckoning for Renewable Energy 1INTRODUCTIONThe war in Ukraine and the climate emergency have created a reckoning for renewable energy In 2021,global renewable electricity generation rose by nearly

3、7%,reaching 28 7%in market share of total electricity generation with a growth of 0 4%The modest growth was due to soaring demand that came with the COVID-19 economic rebound,but droughts and low winds in parts of the world have hindered hydropower and wind generation While electricity generation ha

4、s made substantial progress in recent years,replacing fossil fuels with solar,wind,and hydro,the current growth rate is falling short of meeting the net zero target by 2050 But even more worrying are other sectors,including transportation,manufacturing,and heating,where the use of renewable energy i

5、s lagging behind other industries Accelerated efforts from the public and private sectors are needed if countries are to achieve energy independence and the net zero target Renewable technologies across the board must be deployed more quickly Yet unresolved issues differ from sector to sector and fr

6、om region to region In this eBook,we have compiled a handful of commentaries with expert insights into the current state of renewable energy development,offering a broad and insider perspective into this important market that will soon impact all our lives The first article,Low-Carbon Fuel Alternati

7、ves in the Maritime Industry,looks at marine transportation and the challenges shipping companies face to decarbonize,and the different kinds of low-carbon marine fuels with the potential to transform the industry Hydrogen is currently one of the biggest buzzwords in energy transition,as it enables

8、sector coupling and decarbonization beyond electricity generation Understanding the Hydrogen Value Chain explains the different colours of hydrogen,which denote its method of production,and the opportunities offered by the growing hydrogen market The supply chain disruption caused by COVID-19 has hi

9、t the offshore wind sector hard because of single sourcing How Will Renewable Energy Components Recover from the Supply Chain Crisis?answers some of the most pertinent questions on how companies are coping Renewable technologies across the board must be deployed more A Reckoning for Renewable Energy

10、 2There is enormous potential for solar generation in Southeast Asia In Whats Ahead for Solar Energy in Southeast Asia,we look at the situation in Thailand,Vietnam and Singapore along with their different approaches to meeting the growing demand In The Largest Barrier to Hydrogen May Be Transporting

11、 It,we discuss how the biggest challenge in incorporating hydrogen into the energy supply chain is its transportation Solving this puzzle would hold the key to the global energy transition These articles are excerpts from webcasts,roundtables,and teleconferences hosted by GLG Network Members to offe

12、r insights into the complex renewable energy market More events will be organized featuring these experts to help our clients stay ahead of this important development A Reckoning for Renewable Energy 3Marine transportation is an important transportation industry sector,rivaling aviation in size,and

13、its a significant carbon emitter.Three percent of carbon emissions come from the maritime industry The ship categories producing most of the emissions are bulk carriers,tankers,and container ships The industry faces an imperative need for decarbonization The current trajectory leads to a 20%increase

14、 in emissions.While shipping is a carbon-efficient mode of transport,it currently doesnt get a pass and must do its part in reducing man-made emissions To be in line with the well-known scenarios of the International Energy Agency,the so-called well-below-two-degrees warming scenario,or 1.5-degree w

15、arming,significant decarbonization would be necessary,and it hasnt happened yet Maritime Transport Lags in DecarbonizationThe marine sector lags behind others notably road and aviation There are many reasons,but the main one is that renewing ships and ship engines,which can burn only a certain type

16、of fuel,is a major and costly decision Ships are on the water for at least 20 years,often more Owners are eyeing solutions but find it difficult to choose.There is a tendency in the industry for a wait-and-see approach The trigger for change will be regulations The cost of fuel is 25%to 40%of the co

17、st of operating a ship Changing to a different fuel,which might be 50%more expensive,wont happen voluntarily Shipping is an international business,and youd expect the International Maritime Organization to take the lead on legislating a framework for decarbonizing marine fuels globally It is happeni

18、ng,but its taking a long time Meanwhile,Europe proposed the Fuels EU Maritime Initiative in July 2021 Its part of a package of proposals called Fit for 55,designed to reduce emissions by 55%Between 2030 and 2050,there will be a sea change in the use of energy carriers,away from fossil fuels and towa

19、rd decarbonization Different types of fuels,which may have the same energy content,will provide significantly different results in greenhouse gas reductions and carbon intensity.By selecting a carbon intensity target,regulators want to reward fuels and energy carriers that reduce emissions rather th

20、an simply reward the renewable fuel content,regardless of greenhouse gas reductions The trajectory is a 2%reduction by 2025,6%by 2030,and 75%by 2050 Another influence is corporations,including Amazon,Ikea,and Unilever,that have pledged to use only zero-carbon fuel by 2050 When you have big corporati

21、ons making commitments to decarbonize,it has an impact on their whole supply chain,including shipping LOW-CARBON FUEL ALTERNATIVES IN THE MARITIME INDUSTRYOLIVIER MAC,GLG NETWORK MEMBER AND OWNER AND PRINCIPAL AT BROADMANOR CONSULTINGThe marine sector lags behind others notably road and A Reckoning

22、for Renewable Energy 4What Makes a Good Marine Fuel?There are features to what makes a low-carbon marine fuel,and a handful that stand out are:Cost Energy density Sustainability Low-carbon intensity Safety Reliability Ease of use Compatibility with current fleet and infrastructureBiofuels and eFuels

23、,synthetic fuels from green hydrogen and captured carbon,make good marine fuels.You have natural gas and biomethane in the form of liquified natural gas(LNG)or bio-LNG,if the methane comes from biogenic feedstock Feedstock is any biological material used as fuel or converted to a fuel or energy prod

24、uct Biomethane/LNG is already proven Ship owners are converting to LNG or buying new LNG vessels Biomethane is easy to produce and cheap Its clean burning and compatible with fossil natural gas People equipping ships with LNG engines know theyll never run out of fuel Energy density isnt great,compar

25、ed with the incumbent marine gasoil and fuel oil To keep LNG in liquid form,it needs to be cooled to a low temperature,requiring bulky cryogenic equipment Then theres the cost and time to convert the fleet.Another problem with biomethane is the risk of leakage Methane is 30 times more potent than ca

26、rbon dioxide A small quantity of methane leaked into the atmosphere can have a major impact Bio-methanol is already used commercially as a marine fuel For example,Mrsk has invested a significant amount in methanol ships.One advantage is the number of ways to produce bio-methanol:for example,from bio

27、genic feedstocks,by gasification and reforming the syngas into methanol You can also produce methanol from green or blue hydrogen with carbon capture And,of course,there is fossil,or gray,methanol Youll never run out of fuel,and its clean burning Energy density is a drawback,as is cost and time to c

28、onvert Hydrogen and ammonia are grouped together because ammonia converts hydrogen energy into something easier to transport as a liquid Green hydrogen,from the electrolysis of water with green electricity,could be a long-term solution It has high sustainability credentials,theres no use of land,its

29、 clean burning,and theres no competition for feedstock However,hydrogen is a long way from being commercially available A key problem is the high cost of electrolyzers and green electricity Converting hydrogen to ammonia improves energy density,but it still doesnt compare favorably with current foss

30、il fuel Most importantly,handling and safety are an issue:ammonia is highly toxic Ultimately,biofuels are the most available and easiest to integrate Using biofuels delays risky decisions and helps shipping organizations start decarbonization Both renewable diesel and biodiesel also called fatty aci

31、d methyl ester(FAME)have been tested extensively to replace fossil marine gasoil,but the price is higher than the incumbent fuel Ultimately,biofuels are the most available and easiest to A Reckoning for Renewable Energy 5In the case of FAME,and renewable diesel using HVO,another drawback is feedstoc

32、k limitations The feedstock are lipids:fats and oils Regulators are curbing the use of food crops,such as palm oil,rapeseed oil,and soybean,and pushing the development of waste oils,such as used cooking oil.However,these are finite resources.Simply put,the world will run out of eligible lipids for b

33、iofuels for FAME and HVO One way to avoid that is to switch to eFuels,which may be the long-term solution However,the cost is currently prohibitive,and production capacity is small But as a long-term marine application,eFuels in the form of fully compatible e-hydrocarbons looking like a diesel or a

34、very clean fuel oil would have an advantage over the simple use of ammonia as a carrier for hydrogen energy There are additional possibilities,such as something that would be lower quality than HVO renewable diesel but good enough for marine engines We might well be describing bio-methanol,but other

35、 solutions are coming from some of the thermochemical conversion processes that are being developed to process other feedstocks beyond lipid such as biomass,municipal solid wastes,recycled carbon,and recycled plastics What about techniques such as pyrolysis,hydrothermal liquefaction?Could some of th

36、e byproducts of these processes be the perfect marine biofuel?As an example,Mrsk and Vertoro are developing biofuels made from lignin Lignin is a part of biomass that is difficult to process;in fact,it is the most difficult part from which to get useful products In other developments,U K-based Green

37、 Fuels Research recently did a pilot producing a marine biofuel from salmon farming waste These experiments and others could be a game changer if successful This energy industry article was adapted from the GLG Webcast“Low Carbon Fuels in the Maritime Industry.”Regulators are curbing the use of food

38、 crops and pushing the development of waste A Reckoning for Renewable Energy 6The global hydrogen market is experiencing significant change,as green carbon is introduced to a market long dominated by high-carbon hydrogen for industrial applications Predictions for green hydrogen growth are astronomi

39、cal Just how much growth depends on whom you ask I believe theres not going to be as much growth as others have predicted,but I see 50%CAGR That rapid growth is expected to occur as customers and shareholders pressure companies to lower their carbon footprints,clean air zones are introduced into cit

40、ies,and companies consuming large volumes of high-carbon hydrogen consider the possibility of countries decommissioning their natural gas networks There are two sources of hydrogen in the hydrogen value chain:high-carbon or low-carbon hydrogen Currently,99 9%of all hydrogen produced annually is high

41、-carbon hydrogen for the industrial sector It is a well-established market,totaling 77 million tons a year,using this hydrogen primarily for the refining and ammonia industries.In the medium term,a new market for green hydrogen for transport is developing,and long term there may be other application

42、s,such as the hydrogen gas grid The Colours of HydrogenThe hydrogen market is split into different colours,based on the method of production Brown hydrogen is the most prevalent hydrogen globally Simply put:take the methane from natural gas and put it through a reaction called steam methane reformat

43、ion(SMR),which splits hydrogen from natural gas Carbon is released as carbon oxide and vented into the environment Another option is gray hydrogen,made by the gasification of coal.Take coal,heat it in the presence of water,and you get a stream of hydrogen and a separate stream of carbon dioxide and

44、carbon monoxide Its low cost but carbon intensive Green hydrogen is what most people think of as low-carbon hydrogen,and it is produced by electrolysis Take low-carbon electricity,put it into an electrolyser,and split the water into hydrogen and oxygen Vent the oxygen and use the hydrogen The downsi

45、de is cost,which is roughly two to four times as much as high-carbon hydrogen It should be noted that the majority of hydrogen cost(70%to 80%)depends on electricity prices;to produce low-cost hydrogen,you need low-cost electricity UNDERSTANDING THE HYDROGEN VALUE CHAINDR.KRIS HYDE,GLG NETWORK MEMBER

46、 AND DIRECTOR OF HYDEROGEN,DIRECTOR AT HOLLINGWORTH DESIGN LIMITED,A CONSULTANT TO ZEMTECH AND ASSOCIATE TO THE EUROPEAN MARINE ENERGY CENTRE.Brown hydrogen is the most prevalent hydrogen A Reckoning for Renewable Energy 7Turquoise and purple hydrogen arent widely used,but turquoise in particular sh

47、ows promise for the future;rather than releasing carbon as carbon dioxide,it forms solid carbon powder.In theory,you can capture that powder and bury it or convert it in another process Because its a solid,it doesnt directly enter the atmosphere Purple hydrogen is a subset of green With purple,youre

48、 splitting off hydrogen from water,but electricity comes from nuclear power rather than a renewable source,such as wind Blue hydrogen is interesting Its seen by many governments as the answer to lowering their carbon emissions at a low cost Its essentially the same as brown hydrogen,but rather than

49、venting the carbon dioxide,its captured and used in an industrial process or pumped underground and stored in disused gas fields.Considering costs,youre taking SMR hydrogen(at about$2/kg)and adding another process(about$1.50/kg),so its going to be more expensive than brown or gray hydrogen,but cheap

50、er than green,which for most applications starts at$6/kg.The problem is its geographically dependent.Not every country can do this,because disused gas fields arent widely available.For those countries where it is an option,there has been a significant amount of government funding and economic invest

51、ment Blue hydrogen is popular with oil and gas companies because it fits their business model as they can still keep producing natural gas.Worldwide,there are a handful of blue hydrogen projects operating at scale,but there are continuing questions about methane leaks and whether carbon dioxide rema

52、ins sequestered Theres no doubt blue hydrogen will be a major part of future energy processes,but there are many unknowns A Look at Green HydrogenGreen hydrogen is my background The process is simple You start with renewable energy and power an electrolyser,which splits water into hydrogen and oxyge

53、n You often then feed the hydrogen into low-pressure storage,and then into a compressor,because most applications for hydrogen require greater pressure than electrolysers can produce There are several electrolyser technologies Liquid alkaline technology,the lowest cost,was commercialized around the

54、1930s and used at massive scale in the 50s and 60s It has a large footprint and doesnt respond quickly to changing power from,say,a solar panel However,most industrial applications require an input of hundreds of MW,and at this scale renewable power sources change slow enough for the alkaline electr

55、olysers to be an option PEM technology was developed for military and space applications and has been commercialized over the last decade It has a smaller footprint and responds quickly to changing power,but its costly and difficult to scale.Worldwide,there are a handful of blue hydrogen projects op

56、erating at A Reckoning for Renewable Energy 8 Solid oxide electrolysis is still at the prototype stage.Its strength is its high efficiency,a consequence of running at high temperatures But its costly and uses expensive,rare materials.Significant scale-up is required,but in 10 to 15 years,solid oxide

57、 technology may be used for industrial applications or centralized production Alkaline exchange membrane electrolysis has been in development the last few years and has some potential Its not at a commercial scale yet,but it may be so in another 10 years People often ask which technology is“the best

58、,”but each has strengths and weaknesses,leading them to be more suited to different applications and customers Electrolyser ManufacturersInvestment in these companies is significant and share prices have skyrocketed.The top-tier companies are split between big multinationals and smaller pure-play hy

59、drogen What differentiates top-tier companies is the quality of their partnerships and how many different electrolyser technologies they offer If a company marketed PEM,alkaline,and solid oxide(which presently none of them are),they could sell the best technology for a customers application rather t

60、han shoehorning one technology into every customers requirements Partnerships,particularly with EPCs,are crucial Each of the top-tier companies has partnered with an EPC:Linde Engineering is partnering with ITM Power;Nel has partnered with Wood;and Siemens has an in-house EPC,as do Thyssenkrupp and

61、Cummins In summary,the markets for hydrogen are growing rapidly,and there are many opportunities for to enter these markets,either directly or as a supplier or subcontractor This energy industry article was adapted from the GLG Webcast“Understanding Hydrogen Value Chain.” A Reckoning for Renewable E

62、nergy 9Prior to COVID-19,offshore wind was expected to compete with fossil-fuel-generated energy and significantly impact the energy transition.However,due to the current supply chain component shortage,the likes of Vestas and SGRE have more than 30 gigawatts of new global capacity at risk There are

63、 numerous challenges,but many companies are dealing with them remarkably well,according to Richard Turner,the former Chief Executive Officer at JDR Cables Group.“One thing thats consistent with everyone who operates in the space is that the pandemic fully tested their business continuity plans,and i

64、n many areas,it sort of exposed some weakness in them,and in particular,with procurement strategies”Sam Stopps,GLGs Manager of Client Solutions and Public Equities,spoke with Turner via a November 17,2021,teleconference,and the following is an excerpt from that broader conversation Can you discuss h

65、ow COVID-19 has impacted renewable energy supply chains and the current crisis in supply chains?For the last 10 years or so,offshore wind developers have been working collaboratively within the supply chain because there has been such a drive for cost reduction But this single sourcing or sourcing a

66、mong a handful of suppliers has caused issues whereby that business may have been particularly affected by the pandemic without a plan B Also,there were issues in installation stages with the timing of componentry arrivals There were different places with different lockdown policies at different tim

67、es on a global basis But the majority of companies were able to continue because they were deemed as essential workers,and therefore,able to weather the storm reasonably well on the whole During the pandemic,the biggest issue was logistical With the global shortage of drivers,shipping containers,and

68、 other resources,there was a pent-up demand exacerbated even further by a surplus of demand in the market This really hampered offshore companies for new construction projects and operations and management(O&M)activities in existing wind farms.Now that restrictions have eased,theres a scarcity of sk

69、ills because everythings drawn from the same resource pool Can you specifically discuss the shortages of wires and cables for offshore wind and potentially comment on how some of the major producers are positioned in this space?If you segment the market by medium and high voltage,there is no linear

70、relationship between the demand for medium voltage and the number of gigawatts of offshore wind thats deployed HOW WILL RENEWABLE ENERGY COMPONENTS RECOVER FROM THE SUPPLY CHAIN CRISIS?RICHARD TURNER,GLG NETWORK MEMBER AND FORMER JDR CABLES GROUP CHIEF EXECUTIVE OFFICERDuring the pandemic,the bigges

71、t issue was A Reckoning for Renewable Energy 10because the turbine is getting bigger Effectively,if your turbine is twice as big,then you have half as many of them per gigawatt of installed capacity Therefore,you technically need less array cable per GW That(MV)market is growing due to the increase

72、in global volume,but its not growing anywhere near as quickly as the high voltage(HV)sector because all of the wind farms need export cables That growth is further enhanced by the fact that wind farms are moving farther from shore and need more kilometers of cable along with changes in technology.Sp

73、ecifically,above a hundred kilometers,you go from HVAC to HVDC cable,which is required for efficiency,so theres a shift in the market to HVDC This puts it in competition with the interconnector cable market,which uses the same HVDC cables where you literally connect countries,or parts of countries,t

74、ogether with a massive,high-voltage cable The growth in the HV and the HVDC market is really quite significant,and the market capacity hasnt increased that much in recent years There have been some investment decisions,but not enough capacity has been added to really deal with what is going to be a

75、scarcity of supply All of the cable manufacturers will be extremely busy manufacturing for subsea,HVAC,and HVDC projects,and the majority of the facilities that the cable companies have are also producing power cable and HV cable for land applications There is this perfect storm of demand whereby yo

76、uve got massive offshore cable demand growth caused by mass deployment of wind farms and more widespread use of interconnected cables Plus,the grids in most countries need upgrades,and there is a lot of work ongoing with electrification of railways.This means a lot more power cables are needed,and t

77、hey are harder to get within a reasonable lead time Also,there have been a vast amount of insurance claims relative to cable failures This is not just because cable manufacturers dont make the cables correctly Its because they get cab damaged during installation,and once theyre installed,they can be

78、 damaged by trawlers,ships,anchors,and more There is a lot of intervention and repair work along with new cables being added to existing wind farms,so thats just another layer of demand into these cable facilities The world needs cable and will continue to need more as far ahead as I can see Can you

79、 discuss the impact these shortages have had on offshore wind project delays and how some of the worlds existing players are coping?There have been delays due to the reasons I mentioned previously,but wind farm projects have a long gestation period of more than 10 years.So the time frame of the pand

80、emic isnt(yet)that much in the grand scheme of the overall development of wind farms There has been a short-term impact caused by scarcity of componentry where COVID has been a factor,but the majority of developers have adapted very well to get things delivered They are more worried about the availa

81、bility of materials,the possibility for lockdowns,getting stuff moved around,mobilizing people in the execution phase of the project,and the technical issues that have a large financial impact on them.Overall,theyre in an industry that is growing incredibly rapidly,so the future pipeline and outlook

82、 for all of the developers,suppliers,and offshore wind is incredibly bright Can you discuss the current inventory supply of critical wind components,what the current inventory stocks look like,and if there are any specific components that you think will be shorter than others?The vast majority of co

83、mponents for wind are engineered and manufactured to order with a 15-plus-year design life,so a lot of whats available,and the cutting-edge technology available The grids in most countries need A Reckoning for Renewable Energy 11to these developers,changes dramatically throughout that period Theres

84、not much new stock sitting around in the industry at all,but what is emerging is in the O&M side where wind farms 10-plus years old need to be repaired,replaced,overhauled,repowered,etc A turbine can be brought onshore,refurbished,put into stock,and then put back in the supply chain and sold when on

85、e fails A strong area of the market thats emerging is how to repair,overhaul,maintain,upgrade,and remanufacture componentry,and then use it again like a recycling project Thats where I think there may have to be a level of inventory in the future,along with things like spare blades,etc,in case there

86、 is storm damage With the current crisis in supplies and project delays,do you believe this could lead to an increase in price for renewable energy,specifically offshore wind,or that the price wont be impacted by this?The price of components,raw material,and pretty much everything shot up of late,an

87、d that cost needs to go somewhere Many developers have already won contracts for differences(CFDs)at a strike price,and the cost of materials is what the price is(unless theyve managed to hedge or lock in prices with the supply chain),and theyll have to absorb it themselves.That could translate into

88、 a higher cost on the project and affect their return Ultimately,I dont see the strike price in auctions going up significantly.However,I dont expect it to go down as quickly as it has It couldnt possibly go down at the rate that it has in recent years I expect through innovation and economies of sc

89、ale,the cost of floating wind will come down from where it is because its at the“demonstrator”stage,and theres still quite a way for it to go I expect that will maintain a decent trajectory in terms of cost reduction But,in terms of fixed offshore wind,I think the price will stay relatively flat.Hop

90、efully,the price of componentry and raw materials will start to come down to a more manageable level as the world and the economies of the different countries,in particular in Europe,start to recover Do the current labor shortages impact the supply of renewable energy components?It has because the l

91、abor market for skilled employees in Europe is fairly buoyant Post-Brexit,it has been more difficult to recruit people from abroad,so thats had an impact.But I would say the biggest area where I have concern,in terms of our ability to deploy large volumes of gigawatts in the next 10 years,is the off

92、shore skillset There will be a need for people who are competent and qualified to go offshore and operate safely in a sort of customer-facing environment to do the technical aspects of installation This renewable energy industry article is adapted from the GLG teleconference“Renewable Energy Compone

93、nts Crisis.”The price of components,raw material,and pretty much everything shot up of A Reckoning for Renewable Energy 12The growth of solar electrical generation in the developed world Europe,the U S,Japan,and,to an extent,Australia has been phenomenal But in less-developed nations,and particularl

94、y Southeast Asia where electrical grids are not as mature and there is enormous unmet demand,solar growth potential is even greater For many years,solar generation was simply too expensive Subsidies helped the industry gain traction,and around 2010 there came a tipping point Power prices were relati

95、vely high,and economies of scale kept driving down the cost of renewable energy,helped by improvements in technology.Today,the cost of photovoltaic(PV)generation makes it not only competitive but also compelling Lets look at the opportunities in Thailand,Vietnam,and Singapore,which have different ap

96、proaches to meeting the growing demand for electricity Solar Energy in ThailandThailand is easily the longest-established Southeast Asian market for electricity generated by photovoltaic(PV)modules,with its involvement in solar going back to the 1990s.In the beginning,the government provided a level

97、 of subsidy and made licenses available very easily,but there werent many takers because the returns were so low Eventually the Solar Power Group Company saw an opportunity and started acquiring licenses to develop projects As the price of PV panels plummeted,solar farm projects became very attracti

98、ve,generating internal rates of return of 30%,40%,and 50%before the government curbed the incentives It was quite crazy Today,the solar-farm phase is over,generation has moved to rooftops,and pricing is more market driven.Developers are finding a big market because there are lots of very large rooft

99、ops on industrial sites Its very attractive for a developer to build a rooftop project on behalf of a building owner and sign a power purchase agreement(PPA)to sell them electricity at a discount.These discounts are somewhere in the range of 30%compared with the peak tariff Thailand has been a great

100、 example of how policymakers can be very proactive in promoting solar They are a stable group,they involve industry,have lots of discussion and interaction,and,luckily,seem to be insulated from politics Solar Energy in VietnamIn contrast to Thailand,Vietnam is a much newer market for solar Fueled by

101、 population growth,demand for electricity in Vietnam has been growing at a compound annual growth rate of 9 7%since 2010 The nations standard of living is rising,requiring a lot more electricity per person WHATS AHEAD FOR SOLAR ENERGY IN SOUTHEAST ASIACHRISTOPHE INGLIN,GLG NETWORK MEMBER AND MANAGIN

102、G DIRECTOR OF ENERGETIX PTE LTD.For many years,solar generation was simply too A Reckoning for Renewable Energy 13Based on the German model,Vietnam came out with a feed-in tariff set originally at 9 53 U S cents per kilowatt-hour for 20 years International bankers and analysts considered the contrac

103、ts unbankable at first,seeing a lack of acceptable guarantees from the state monopoly EVN as counterparty,but local entrepreneurs werent worried about the utility reneging,and entered the market The feed-in tariff dropped to 8 38 cents after the end of last year,and theres now talk of a much bigger

104、drop to under six cents Inevitably,Vietnam will switch to market-based prices,much the way India did years ago,the way Singapore has always operated,and the direction Thailand is headed today Solar Energy in SingaporeIn Singapore,the government has always avoided market-distorting subsidies The nati

105、on-states Energy Market Authority,the key regulator,has consistently welcomed all forms of regulation-compliant generation,but never offered feed-in tariffs Yes,there were initially some small grants and some payments for test-bed purposes,but there were never any subsidies in the actual market Beca

106、use of its size,Singapore doesnt have much land for solar farms,and private landed housing comprises only about 2%of the market Industrial and commercial rooftops in the private sector have been key to driving the market,as has the Housing Development Board(HDB),which has installed solar panels on t

107、housands of apartment buildings Since rooftop projects are much smaller than utility-scale solar farms,the problem in Singapore was reaching economies of scale to make borrowing money easier To solve the problem,the Economic Development Board of Singapore got together with the HDB and JTC,the govern

108、ment agency in charge of industrial development,to bundle rooftop packages of 50 to 70 megawatts,which are big enough to attract financial investment and bring down costs through economies of scale Recently,as Singapore became more interested in meeting its carbon goals and commitments to the Paris

109、Agreements,it has set some ambitious solar targets.Specifically,it intends to reach 1.5 gigawatts of PV capacity by the year 2025 and 2 GW by 2030.As of the first quarter of this year,nearly 450 megawatts are installed,leaving around 300 to 400 megawatts a year to reach the 2025 target This energy i

110、ndustry article is adapted from the GLG Remote Roundtable“Navigating the Solar Energy EPC and Developers Landscape in SEA.”Vietnams standard of living is rising,requiring more electricity per A Reckoning for Renewable Energy 14Hydrogen,a feedstock for many industrial processes,will enable the green

111、energy transition due to its capability for“sector coupling”But while hydrogen supplies may be plentiful,much of the challenges in incorporating this more sustainable fuel into the worlds supply will be in transporting it In specific regions of the world,costs of hydrogen will be close to$2 per kilo

112、gram within the next few years That doesnt include transportation costs,which can add another dollar per kilogram of hydrogen In Europe,it will be slightly higher,but we also have to consider the concept of energy independence Roughly 70%of the cost to produce affordable green hydrogen comes from el

113、ectricity prices For example,sun yields in the Gulf region or western Australia are better than in northern Europe There are good wind conditions at north or south shorelines such as Patagonia But in most cases,the coupled industry is far away We have to consider how to transport an ultralight molec

114、ule to where it will be utilized On the road,its relatively easy Hydrogen can be delivered in a compressed gas form,but only 500 kilograms can be transported in a 40-ton truck This is a hazardous material,after all In large land masses such as Europe,green and blue hydrogen can be transported throug

115、h pipelines,delivering roughly 10 times more power than an electrical line can deliver Its always better to transport molecules,essentially hydrogen,than electricity The advantage of a pipeline is simple:you have high up-front capital expenses,but the operating expenses are low There are plans to re

116、purpose existing natural gas grids step by step for the use of hydrogen In Germany,for example,theres an existing hydrogen pipeline grid of roughly 1,000 kilometers connecting chemical industries THE LARGEST BARRIER TO HYDROGEN MAY BE TRANSPORTING ITMANFRED WAIDHAS,FORMER CHIEF TECHNOLOGY OFFICER AN

117、D HEAD OF TECHNOLOGY AND INNOVATION AT SIEMENS HYDROGEN SOLUTIONS A Reckoning for Renewable Energy 15Of course,pipelines are restricted to a mainland connecting Australia to Europe is out of scope for any pipeline Lets consider Japan,an isolated location where 94%of the energy is imported via the se

118、a The country is currently thinking about how to import green and blue hydrogen It can be delivered in pure form,meaning you have to cool it down to minus 253 degrees C to liquefy it for transport But with this procedure,you lose one-third of the energy Other concepts are under discussion One of the

119、m is to transport using ammonia,at minus 60 degrees,so it liquefies even earlier and hence is easier to transport.This way can use existing transport vessels A third method is liquid organic hydrogen carrier These three concepts pipelines,cooled hydrogen via sea,and LOHC are currently competing,and

120、its still an open race There also exist concepts to blend hydrogen with natural gas As a rough rule,the production of green or gray hydrogen after production using natural gas is roughly$2 per kilogram at the start That means if you add mixed hydrogen to the natural gas grid,you degrade the value of

121、 hydrogen to its heating value only,ending up at$1 per kilogram.If you can keep it in its pure state and use it as a feedstock,itll stay in the range of around$2 per kilogram.Hurdles always existed for hydrogen,but whats changed now are the incentives to incorporate hydrogen into the energy supply.T

122、he first hype wave around hydrogen,in the 1990s,was concentrated on automotive propulsion and local emissions What is different now is the commitment of many countries to reduce their CO2 footprint,and hydrogen is a good solution until we fully transition to renewables This energy industry article i

123、s adapted from the GLG webcast“Hydrogen Latest Trends and Challenges.”There also exist concepts to blend hydrogen with natural A Reckoning for Renewable Energy 16OLIVIER MACOlivier Mac is owner and Principal at Broadmanor Consulting,a biofuels consultancy Previously,he worked in the downstream oil a

124、nd biofuels sectors for 31 years,holding various roles in refining,trading,supply and logistics,fuels,and lubricants sales,as well as renewable energy Olivier joined BP Biofuels at its inception and held various leadership positions,including Regional Director,Europe and Africa and Global Head of St

125、rategy,Regulatory Affairs and Communication Olivier was Biofuels Director,Europe Fuels at BP,responsible for the biofuels commercial performance in the entire region DR.KRIS HYDE Dr Kris Hyde is a leading U K authority on hydrogen technologies and the hydrogen market and has 18 years of experience i

126、n this space He was recently a senior manager at ITM Power Plc,where he worked in the key teams of Science,Engineering,and Commercial,giving him a broad understanding of hydrogen technologies.He is currently a director of consulting firm HYDErogen,Director at Hollingworth Design Limited,and a consul

127、tant to the European Marine Energy Centre(EMEC)Ltd.and ZEMtech.RICHARD TURNERRichard Turner is Chief Executive Officer of Bel Valves and Bel Engineering.Before this,he was the JDR Cables Group Chief Executive Officer and Chief Operating Officer.Prior to this,Richard was the Technip Umbilical Systems

128、 Vice President of Global Manufacturing Richard is a leading executive on the market for subsea cables and offshore wind CHRISTOPHE INGLINChristophe Inglin is the Managing Director of Energetix Pte Ltd,which he co-founded in August 2015 with two colleagues from Phoenix Solar From December 2006 until

129、 July 2015,Christophe was Managing Director of Phoenix Solar Pte Ltd,which he co-founded in late 2006 as a joint venture with local partners and the German company Phoenix Solar AG Prior to that he was the Managing Director of Shell Solar Mr Inglin is also Vice Chairman of the Sustainable Energy Ass

130、ociation of Singapore(SEAS),where he also chairs the Renewable Energy Committee MANFRED WAIDHASManfred Waidhas is an independent consultant in the energy industry,advising on the hydrogen technologies,power-to-X,and energy storage space Previously,Manfred was Chief Technology Officer and Head of Tec

131、hnology&Innovation in Siemens Hydrogen Solutions Division(2015-2019).Before this,Manfred was Chief Executive Officer of Siemens Hydrogen Solutions(2015-2015)and Program Manager of Energy Storage at Siemens(2005-2010).ABOUT OUR EXPERTS The Worlds Insight Network Powering every great professional deci

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