Techno-Economic and Business aspects of Long-term Hydrogen Storage for Low Carbon Systems

Increasing penetration of intermittent Renewable energy sources (RESs) and advanced technologies in the power systems has increased the complexity of its management. The futuristic grid operation would require several options like increasing generation, transmission capacity, grid-scale storage, backup support, demand-side-management, and virtual energy storage systems for efficient operation. Of all the above, a grid-scale long-term storage system is a feasible solution for better grid operation utilizing seasonal intermittent renewable resources. Recently, hydrogen as a fuel has become an omnipresent thing. Even in power systems, it is gaining much acceptance for its usage as long-term storage, offering better techno-economic solutions. As this technology is still at a developmental stage, a proper understanding of different facets of the whole system certainly helps to research further in this field. So, this paper briefly reviewed long-term hydrogen storage (LTHS) systems by discussing their components, usage, and energy management techniques with their financial feasibility considerations, which were not found in the literature. Furthermore, this manuscript also provides a detailed analysis of the storage system business models and a brief current worldwide scenario for the upcoming times to increase its practical scalability and further research.