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Abstract
The synthesis of methane from hydrogen and carbon dioxide creates an energy resource that is suitable for long-term storage. Once this process is powered by renewable electricity, it produces a clean fuel for producing electricity and heat and supports large-scale renewable energy deployment, energy transition and climate change mitigation. This paper proposes a pragmatic approach to assessing the economic potential of synthetic methane-based power. Today, natural gas plays an important role in the Baltic region due to the existing infrastructure, which includes a transmission and distribution pipeline network, gas power plants and a large underground storage reservoir. Replacing natural gas with synthetic methane would fulfil carbon emission reduction ambitions. In this paper, we simulate electricity producers’ actions at market conditions and consider the generation portfolio in the Baltics and the interconnections with Scandinavia and Poland operating in the NORDPOOL electricity market. As a result of these calculations, we obtain the volume of the synthetic gas, the production costs, the volume of gas storage, the installed capacity of the gas power plant, and the investments required to ensure energy transition and system adequacy. These results are essential for the informed decisions made by policymakers, investors and system operators.
Highlights
The climate crisis calls for immediate action for introducing mitigation measures and diminishing the amount of greenhouse gas emissions into the atmosphere
Yuka concludes that the biggest challenge lies in reducing costs, because the Analysis ofaround technologies us tohigher the conclusion the readine methanation cost in 2030 wouldbrings still be much than the pricesthat of liquefied natural gas (LNG)
Further proliferation of renewable energy is challenged by the ability to ensure power system adequacy
Summary
The climate crisis calls for immediate action for introducing mitigation measures and diminishing the amount of greenhouse gas emissions into the atmosphere. Methane placed in underground gas reservoirs that reach billions of cubic meters in volume can provide the necessary amount of storage for an all-renewable system Such storage would enable renewable proliferation, potentially shifting energy even seasonally, for example, from high solar power seasons to high demand seasons. The result of the calculations consists of the volume and costs of the produced gas, the capacity of a gas power plant required to ensure system adequacy, the necessary number of investments and the resulting energy costs. This investigation requires the development of mathematical models and the implementation of optimisation algorithms. The results should be of particular interest to energy policymakers, investors and implementation bodies
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