Hydrogen is currently the only solution to decarbonize some industries, RWE exec says

RWE headquarters in Essen, Germany.

Fabian Strauch | image alliance | Getty Images

The incoming CEO of German utility RWE confused on Tuesday the necessary position hydrogen may play in the decarbonization of power intensive industries.

Speaking to CNBC’s Joumanna Bercetche, Markus Krebber — who is currently RWE’s chief monetary officer — described hydrogen as “definitely one of our long-term growth areas.”

“What makes us so optimistic is that, currently, hydrogen is the only technical solution to decarbonize parts of … energy intensive industry, aviation, maritime, but also heavy-duty transportation,” Krebber stated, including that his firm was “very well placed to play a very relevant role.”

Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a various vary of purposes and could be deployed in sectors akin to trade and transport.

Hydrogen could be produced in quite a few methods. One technique contains utilizing electrolysis, with an electrical present splitting water into oxygen and hydrogen.

If the electrical energy utilized in the course of comes from a renewable supply akin to wind or photo voltaic then some describe it as “green” or “renewable” hydrogen.

In current years, quite a few main industrial corporations have introduced plans to combine inexperienced hydrogen into their operations.

In addition, main economies akin to the European Union have laid out plans to set up not less than 40 gigawatts (GW) of renewable hydrogen electrolyzers by 2030.

Krebber caveated it could be some years till RWE’s first important funding and revenue contribution from its hydrogen enterprise.

He went on to clarify how RWE was, along with the authorities, discussing the regulatory framework required to “kickstart” what he described as “the evolving hydrogen economy.” 

“We produce green electricity, we can store (and) transport hydrogen, we can offer customers offtake solutions,” he stated.

On Tuesday, Essen-headquartered RWE stated that in 2020 its adjusted earnings earlier than curiosity, taxes, depreciation and amortization hit 3.2 billion euros ($3.81 billion).

By the finish of subsequent yr it needs to enhance its wind and photo voltaic capability to 13 GW, up from greater than 9 GW right now. The firm says it is already concerned “in some 30 hydrogen projects.” Shares of RWE slipped 1.5% by the shut on Tuesday.

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