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Newer threats to the hydrocarbon model-IV: Government support or carbon pricing will be the catalyst, says new research
Nov 14: Fossil fuels will remain competitive until a point where a tax on carbon is initiated.
8Overall, a combination of direct process electrification and use of storable hydrogen-rich chemicals and fuels manufactured from electricity may offer the greatest potential for renewables uptake by various industries.
8Electricity is costlier to store than heat, but is much easier to transport if connected to the grid.
8Hydrogen-rich chemicals are easier to store and transport than both heat and power, and this advantage may compensate for the energy lost in successive conversions of renewable power, provided all vectors are used to their best advantage.
8With current technology costs, however, using hydrogen or chemicals as fuels would entail additional costs
8The fact that manufacturing hydrogen from renewable electricity is becoming competitive with producing it from fossil fuels does not imply that this hydrogen can compete with fossil fuels for producing heat, power or traction – at least not yet.
8While hydrogen-rich chemicals could ultimately enable nearly complete electrification of the global economy, they will likely require government support -- unless of course carbon prices are sufficient to discourage the use of fossil fuels.
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