Recent advances in Power-to-Gas technologies in terms of acquisition cost and conversion efficiency have been accompanied by the availability of inexpensive surplus electricity fromvolatile wholesale power markets at select times. Here we examine the economics of reversible Power-to-Gas systems that can convert electricity to hydrogen or operate in the reverse direction to deliver electricity during times of high power prices. Our model framework is applied to the current market environment in both Germany and Texas. We find that the reversibility feature of solid oxide fuel cells makes such systems already competitive at current hydrogen prices, provided the fluctuations in electricity prices are as pronounced as currently observed in Texas. We project that if recent technological improvements for solid oxide cells continue over the coming decade, the flexibility inherent in reversible Power-to-Gas systems would leave investments in such systems economically viable even at substantially lower hydrogen prices.
Keywords:Power Markets, Hydrogen, Power-to-Gas, Energy Storage
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