The energy transition will see us moving to more sustainable ways of generating, transporting, and using energy. It’s not the first energy transition we have experienced, even in living memory, but it is the most significant and all encompassing.
Right now, we know precisely how to generate energy renewably, through sources like wind, the sun, thermal sources and even tidal movement. But storing, transporting, and using this energy is more complicated.
Power to X, or P2X, is the intermediary step between renewable energy and its transport and use in molecular form, whether that be as ammonia, methanol, or some other hydrogen derivative. It is, and will increasingly be, a critical step in our energy supply chain.
Right now, cost of product and market expectations are mismatched. In some applications, such as maritime fuel and aviation, that mismatch could be as high as 50%. Achieving target cost is therefore critical to allow the market to develop and for the energy transition as a whole to succeed. Here are 5 things to be considered to make this happen.