The economic play for hydrogen today is not in producing electricity. The wholesale value of electricity is at near historical lows. Once hydrogen is produced from electricity, its highest value use is likely as a transportation fuel. The cost per BTU of transportation fuels is far higher than the value of wholesale electricity. In other words, we will likely only be depending on fuels from electricity to produce electricity as we near 80 or 90% renewables on the system. Batteries are a far more energy efficient means of storing electricity at about 90% compared with round-trip efficiency of power to fuels to power, which clocks in at about 42% at best.
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