The business case for offshore wind can be improved by developing whole system solutions that combine renewable energy with other technologies, such as hydrogen and battery storage, RenewableUK’s virtual Global Offshore Wind conference heard today.
Arup director of business and investor advisory Filippo Gaddo (pictured) said whole system solutions have been less explored so far by developers, but will be of critical importance in the next five, 10 and 15 years to help meet net zero goals.
“As an investor you need to start thinking about do i want create a portfolio of investment to improve my business case for offshore wind by investing also in hydrogen and battery solutions as well,” he said.
Gaddo said that bringing different technologies together in whole system solutions would increase returns for wind energy as it would help address issues, such as intermittency of supply from renewables.
“Whole system solutions are probably the best way to get to the net zero outcome,” he added.
Graham Cooley, chief executive of ITM Power which manufactures electrolysers to make hydrogen, said as renewables deployment increases there will be more demand for energy storage.
“The development of the renewable power industry and the green hydrogen industry are mutually supporting,” he said.
He added that the company has seen the number of tender quotes for its technology “rapidly increasing” in the last 12 months.
The increase is because the macro picture for green hydrogen has been accelerating, he said.