This paper explores various policies to support climate-neutral hydrogen production, focusing on their interaction with energy markets and cap-and-trade systems such as the EU emission trading scheme. We develop and deploy a state-of-the-art equilibrium model to examine the effect of hydrogen support policies on the interactions between hydrogen, electricity and emission markets. Our analysis shows that mechanisms remunerating hydrogen production can distort spot prices of electricity and hydrogen more strongly than mechanisms that remunerate hydrogen production capacity. Hydrogen support mechanisms furthermore promote renewable electricity production and deter investment in conventional generation assets. The associated decrease in emissions in the power sector leads to an increase of emissions in the industrial and hydrogen sector due to the waterbed effect in the EU emission trading scheme. Our case study on an emission-capped area inspired by the EU shows that the operational distortions that production-based mechanisms exhibit, typically increase costs more than the investment distortions that capacity-based mechanisms entail.

中文翻译：

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不同绿色氢能支持政策的相互作用与扭曲


本文探讨了支持气候中和氢生产的各种政策，重点关注它们与能源市场和总量控制与交易系统（如欧盟排放交易计划）的互动。我们开发和部署了一个最先进的均衡模型，以检查氢支持政策对氢、电和排放市场之间相互作用的影响。我们的分析表明，与氢生产能力的补偿机制相比，氢生产补偿机制更能扭曲电力和氢的现货价格。氢支持机制进一步促进了可再生电力生产，并阻止了对传统发电资产的投资。由于欧盟排放交易计划中的水床效应，电力部门排放量的相关减少导致工业和氢能部门的排放量增加。我们受欧盟启发的排放上限地区的案例研究表明，基于生产的机制所表现出的操作扭曲通常比基于容量的机制带来的投资扭曲更能增加成本。