Distributed power generation with fuel cells – will they change utility portfolios in Europe like in the US and Korea?

摘要

Well ahead of the market introduction of fuel cell electric vehicles, stationary fuel cell technology has become (a small) part of the power generation mix in the US, South Korea and Japan. Although still only a small fraction of the global market for distributed generation equipment, data collected for our annual Fuel Cell Industry Review suggest that current shipments – of about 200 megawatts annually – continue to increase. Most of the installations to date were on the back of incentives to cut carbon emissions, such as the Self Generation Incentive Program in California. Fuel cells, turning natural gas into electricity at efficiencies of up to 60% practically independent of scale, are usually a cleaner alternative than conventional technology. Based on this rationale fuel cells running on natural gas are counted in Renewable Portfolio Standards (RPS) in several States in the US as well as in South Korea, where utilities invest substantially into large multi-megawatt fuel cell parks. Fuel cells are also an attractive onsite power supply for commercial end customers. Fuel cell companies have partnered with finance organisations and power utilities to create power purchase agreements (PPA) for final customers. This way fuel cell companies can generate revenue through product sales, the buyer can profit from tax credits where they are available, and the final customer can avoid the currently high upfront investment. Fuel cells have taken comparatively little time to enter the power generation arena. Although cost reduction may not be as dramatic and fast as for example in photovoltaics, the numbers so far are much smaller, and programmes in Asia and the US have enabled significant progress to get closer to cost-competitiveness with conventional power generation technologies. This is why, despite the lack of substantial incentive programs, large stationary fuel cells are likely to become an increasingly viable option for investors and utilities in Europe too. In the coming years, fuel cells could become an important factor in the transition to more distributed generation portfolios of European utilities with impacts on traditional power generation equipment providers.