Of Thanks to Floudopoulos
As it became known yesterday, PPC together with Motor Oil Hellas signed a memorandum of cooperation on joint activity in the field of green hydrogen.
According to the MoU, the two companies will create a joint venture, in which MOH will have 51% and PPC 49%, with the aim of leading the hydrogen economy in Greece.
It is noted that the joint venture is not related to the White Dragon project in which PPC and MOH participate or to the Blue Med project in which MOH participates.
On the contrary, the aim of the memorandum is to create a joint company, following the model of PPC’s cooperation with the German RWE in the field of RES, which will result in specific projects which it will develop at a later stage.
Essentially, the goal of the memorandum is to utilize the know-how of PPC in Renewable Energy Sources and the MOH group in the market of conventionally produced hydrogen, in order for the joint scheme to start the production of green hydrogen, ie hydrogen that will be produced with energy from RES.
What is green hydrogen? It is hydrogen produced by the electrolysis of water with electricity derived from RES. This process currently accounts for only 0.1% of the world’s hydrogen production, as it has high costs, significant energy consumption and losses.
In contrast, so-called “gray” hydrogen is produced from fossil fuels, such as natural gas (which is the basis for 75% of world production) or coal, through cracking or steam reforming, and emits significant amounts of CO2. It is noted that MOH currently produces hydrogen in its refinery, which is “gray” since it is not produced from the use of energy from RES.
According to ILO data, in 2018 the cost of producing hydrogen from natural gas ranged from $ 0.9-3.2 per kilo, from coal to $ 1.2-2.2 per kilo, and from RES to $ 3-7.5 per kilo.
The International Organization estimates that by 2030 the cost of green hydrogen production could be reduced by 30%, due to the reduction in the cost of RES, the capex of electrolytes, and the wider scale of technology. Finally, according to a study by the Hydrogen Council, estimates for cost reduction by 2030 reach 50%.
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Source From: Capital
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