Techno-economic analysis of underground hydrogen storage in Europe

Hydrogen storage is crucial to developing secure renewable energy systems to meet the European Union's 2050 carbon neutrality objectives. However, a knowledge gap exists concerning the site-specific performance and economic viability of utilizing underground gas storage (UGS) sites for hydrogen storage in Europe. We compile information on European UGS sites to assess potential hydrogen storage capacity and evaluate the associated current and future costs. The total hydrogen storage potential in Europe is 349 TWh of working gas energy (WGE), with site-specific capital costs ranging from $10 million to $1 billion. Porous media and salt caverns, boasting a minimum storage capacity of 0.5 TWh WGE, exhibit levelized costs of $1.5 and $0.8 per kilogram of hydrogen, respectively. It is estimated that future levelized costs associated with hydrogen storage can potentially decrease to as low as $0.4 per kilogram after three experience cycles. Leveraging these techno-economic considerations, we identify suitable storage sites.