Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact
This study examines the integration of an offshore wind farm and green hydrogen production as a strategy to enhance the Faroe Islands' energy independence and reduce its carbon footprint. Utilizing the EnergyPLAN tool and market economic simulations, including Levelized Cost of Hydrogen and Net...
Published in: | International Journal of Sustainable Energy Planning and Management |
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Online Access: | https://vbn.aau.dk/da/publications/9f00049a-253d-4625-b9c0-3e5bfa7c5f8f https://doi.org/10.54337/ijsepm.8057 https://vbn.aau.dk/ws/files/708271791/IJSEPM8057.pdf http://www.scopus.com/inward/record.url?scp=85192246409&partnerID=8YFLogxK |
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ftalborgunivpubl:oai:pure.atira.dk:publications/9f00049a-253d-4625-b9c0-3e5bfa7c5f8f 2024-09-15T18:05:35+00:00 Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact Petersen, Marianne Andreae, Elisabeth Skov, Iva Ridjan Dahl Nielsen, Frederik You, Shi Cronin, Aidan Mortensen, Henrik Bach 2024-04 application/pdf https://vbn.aau.dk/da/publications/9f00049a-253d-4625-b9c0-3e5bfa7c5f8f https://doi.org/10.54337/ijsepm.8057 https://vbn.aau.dk/ws/files/708271791/IJSEPM8057.pdf http://www.scopus.com/inward/record.url?scp=85192246409&partnerID=8YFLogxK eng eng https://vbn.aau.dk/da/publications/9f00049a-253d-4625-b9c0-3e5bfa7c5f8f info:eu-repo/semantics/openAccess Petersen , M , Andreae , E , Skov , I R , Dahl Nielsen , F , You , S , Cronin , A & Mortensen , H B 2024 , ' Vision of Offshore Energy Hub at Faroe Islands : The Market Equilibrium Impact ' , International Journal of Sustainable Energy Planning and Management , vol. 40 , pp. 115-130 . https://doi.org/10.54337/ijsepm.8057 Faroe Islands Offshore wind Hydrogen EnergyPLAN Market economic simulations article 2024 ftalborgunivpubl https://doi.org/10.54337/ijsepm.8057 2024-09-05T14:36:16Z This study examines the integration of an offshore wind farm and green hydrogen production as a strategy to enhance the Faroe Islands' energy independence and reduce its carbon footprint. Utilizing the EnergyPLAN tool and market economic simulations, including Levelized Cost of Hydrogen and Net Present Value calculations, the research evaluates the economic viability and environmental impact of transitioning to renewable energy sources by 2030. The analysis explores various scenarios, ranging from dedicated offshore wind for in-turbine hydrogen production to platform-based electricity and hydrogen distribution. Results indicate that integrating offshore wind with green hydrogen production can significantly reduce CO2 emissions and dependency on imported fossil fuels. However, financial viability hinges on supportive mechanisms such as investment subsidies. The study's findings suggest that achieving economic feasibility requires strategic policy frameworks. This research contributes to the discourse on sustainable energy planning by offering insights into the dynamics of system integration, market economic simulations, and the role of support mechanisms in facilitating the green transition. Article in Journal/Newspaper Faroe Islands Aalborg University's Research Portal International Journal of Sustainable Energy Planning and Management 40 115 130 |
institution |
Open Polar |
collection |
Aalborg University's Research Portal |
op_collection_id |
ftalborgunivpubl |
language |
English |
topic |
Faroe Islands Offshore wind Hydrogen EnergyPLAN Market economic simulations |
spellingShingle |
Faroe Islands Offshore wind Hydrogen EnergyPLAN Market economic simulations Petersen, Marianne Andreae, Elisabeth Skov, Iva Ridjan Dahl Nielsen, Frederik You, Shi Cronin, Aidan Mortensen, Henrik Bach Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact |
topic_facet |
Faroe Islands Offshore wind Hydrogen EnergyPLAN Market economic simulations |
description |
This study examines the integration of an offshore wind farm and green hydrogen production as a strategy to enhance the Faroe Islands' energy independence and reduce its carbon footprint. Utilizing the EnergyPLAN tool and market economic simulations, including Levelized Cost of Hydrogen and Net Present Value calculations, the research evaluates the economic viability and environmental impact of transitioning to renewable energy sources by 2030. The analysis explores various scenarios, ranging from dedicated offshore wind for in-turbine hydrogen production to platform-based electricity and hydrogen distribution. Results indicate that integrating offshore wind with green hydrogen production can significantly reduce CO2 emissions and dependency on imported fossil fuels. However, financial viability hinges on supportive mechanisms such as investment subsidies. The study's findings suggest that achieving economic feasibility requires strategic policy frameworks. This research contributes to the discourse on sustainable energy planning by offering insights into the dynamics of system integration, market economic simulations, and the role of support mechanisms in facilitating the green transition. |
format |
Article in Journal/Newspaper |
author |
Petersen, Marianne Andreae, Elisabeth Skov, Iva Ridjan Dahl Nielsen, Frederik You, Shi Cronin, Aidan Mortensen, Henrik Bach |
author_facet |
Petersen, Marianne Andreae, Elisabeth Skov, Iva Ridjan Dahl Nielsen, Frederik You, Shi Cronin, Aidan Mortensen, Henrik Bach |
author_sort |
Petersen, Marianne |
title |
Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact |
title_short |
Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact |
title_full |
Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact |
title_fullStr |
Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact |
title_full_unstemmed |
Vision of Offshore Energy Hub at Faroe Islands:The Market Equilibrium Impact |
title_sort |
vision of offshore energy hub at faroe islands:the market equilibrium impact |
publishDate |
2024 |
url |
https://vbn.aau.dk/da/publications/9f00049a-253d-4625-b9c0-3e5bfa7c5f8f https://doi.org/10.54337/ijsepm.8057 https://vbn.aau.dk/ws/files/708271791/IJSEPM8057.pdf http://www.scopus.com/inward/record.url?scp=85192246409&partnerID=8YFLogxK |
genre |
Faroe Islands |
genre_facet |
Faroe Islands |
op_source |
Petersen , M , Andreae , E , Skov , I R , Dahl Nielsen , F , You , S , Cronin , A & Mortensen , H B 2024 , ' Vision of Offshore Energy Hub at Faroe Islands : The Market Equilibrium Impact ' , International Journal of Sustainable Energy Planning and Management , vol. 40 , pp. 115-130 . https://doi.org/10.54337/ijsepm.8057 |
op_relation |
https://vbn.aau.dk/da/publications/9f00049a-253d-4625-b9c0-3e5bfa7c5f8f |
op_rights |
info:eu-repo/semantics/openAccess |
op_doi |
https://doi.org/10.54337/ijsepm.8057 |
container_title |
International Journal of Sustainable Energy Planning and Management |
container_volume |
40 |
container_start_page |
115 |
op_container_end_page |
130 |
_version_ |
1810443124974026752 |