<b>Bijsluiter</b>. De hyperlink naar het originele document werkt niet meer. Daarom laat Woogle de tekst zien die in dat document stond. Deze tekst kan vreemde foutieve woorden of zinnen bevatten en de opmaak kan verdwenen of veranderd zijn. Dit komt door het zwartlakken van vertrouwelijke informatie of doordat de tekst niet digitaal beschikbaar was en dus ingescand en vervolgens via OCR weer ingelezen is. Voor het originele document, neem contact op met de Woo-contactpersoon van het bestuursorgaan.<br><br>====================================================================== Pagina 1 ======================================================================

<pre>13963493
     NortH,
     Project Outline, Status and Next  Steps
     NortH.                      Draft
                                             0683
</pre>

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<pre>13963493
     Contents
            The case  for  kickstarting  the green  hydrogen economy
            NortH2  Objectives   & Project Overview
            Demand, Initial Design & Cost Estimate
            Economics &    Competitiveness
            Closing the Value   Gap
            Outlook to Beyond    2030
            Conclusions   Feasibility Study Phase 1
     NortH-
                                                                     0684
</pre>

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<pre>13963493
     Climate and energy transition                      targets
     Urgent action  is needed to realise climate targets
                 Global
                   »  In 20135, 195 countries agreed in Paris  to reduce the emission of  greenhouse   gasses   by 80 —
                                                                                                                        95% in 2050.
                 Europe
                   »  Green   Deal, by 2050, Europe aims   to become the world’s first climate-neutral continent.
                           »  European  Climate Law to enshrine the 2050    climate-neutrality objective into EU law
  | |              »  In
                           »  2030 Climate  Target Plan to further reduce net  greenhouse   gas emissions   by at least 55%
                          2030, EU has the ambition to realise 2x40 GW electrolyser capacity in EU-27 and neighbouring
                      countries. In 2024, Europe shall have installed 6 GW of green hydrogen production capacity
                                                                                                                            by 2030
                 The Netherlands and       Germany
                   »   NL: Ambition to realize 3-4 GW of   electrolyser capacity  in 2030 anchored into Climate Accord and NL H2
                      Strategy
                   »  Germany: Target    5 GW installed electrolyser capacity  in 2030 as  per German H2    Strategy
     NortH-
                                                                                                                                     0685
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<pre>13963493
     Why hydrogen?
     The inevitable role for    hydrogen   in the energy transition
       Hydrogen      will play a key  role in:                         There is  an urgent  need for:
        »   Enabling    decarbonisation    of  hard  to  abate          » Large scale      projects   to   trigger  cost  reduction
            Industrial  sectors and    heavy duty    and   long           electrolysers
            range  transport                                            » Breaking chicken-egg cycle for supply and      demand of
        »   Providing    balance  and    storage capacity for             green hydrogen to realize the ambitions for    2030-2050
            Intermittent   renewable    energy to achieve     a           for industry and transport
            reliable energy  system  at lowest societal cost            » Volumes for green    hydrogen   that enable infrastructure
                                                                          development
                                                                      Ha    tH
                                                                    p Ae [foe [Tg
                                 olecuiar
                                                                                                        = [Tesiged],
                                 energy
     NortH-
                                                                                                                                     0686
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<pre>13963493
     System changes required                                towards       deep     decarbonisation in 2050
     Introduce H2       as new       pillar and trigger radical changes in the energy system
      2020                                                                         2050
       Market    (production       and  use)                                        Market
        »   Fossil based, NG for energy and grey H2 for feedstock                   Renewable based           (energy and feedstock),
        »   Hydrogen production at end-user location (captive)                      +
                                                                                       Hydrogen traded as commodity, transported over     backbone
        »   No  commodity      market for H2                                        *
                                                                                       Fully functioning hydrogen market (merchant)
                                                                                    System
       System                                                                       Focus      on energy     system decarbonisation
        »   Focus   on electricity market decarbonisation
                                                                                    *
                                                                                       Integrated energy system for electrons and molecules
        »   No  transport infrastructure for hydrogen
                                                                                    +
                                                                                       Large scale hydrogen supply, storage and backbone
                                                                                   —Cost
       Cost                                                                         «
                                                                                       Green    hydrogen       a  competitive  supply of energy and
        »   Delivery  of green     hydrogen  to end customers expensive                feedstock
                                                                                            ®
                  »       (10)(1c)                                                                   (10)(1c)
     NortH-
                                                                                                                                                    0687
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<pre>13963493
     The      development of a large-scale integrated green hydrogen                                           value chain        can
                      the system change
    Kick-start
                                                        ...
       .. and provide the basis and   platform for further exponential growth of the hydrogen  economy
                       Industrial scale value chain
                       Supply:        Additional offshore wind for   hydrogen production  in 2030,  on  top of existing plans
                       Conversion: Dedicated electrolysis for conversion of additional wind power to hydrogen
                       Transport:      Using the hydrogen backbone to connect to all industry clusters
                       Storage:        Using salt caverns to balance demand and supply and provide affordable green energy
                       storage
                       End use:        Decarbonize industry and heavy duty transport by a secure supply of affordable green
                                       hydrogen
                       Kickstart the value chain
                        »  Resulting in large cost reductions for components by rapid scaling and standardisation
                        »  Developing an integrated value chain for green hydrogen production and supply
                        »  Driven by and enabling development of effective long-term policies directing the transition         from
                           fossil to green hydrogen
                        Lowest societal cost for the energy transition
                         »  By smart reuse of gas infrastructure and optimized    expansion  of the electricity transmission network
                         »  Lowering the cost of green hydrogen early in the transition process
                         » Targeting industries for which hydrogen is either an opportunity or       the  only competitive long-term
                            option, enabling new and protecting existing industries
     NortH-                                                                                                                           6
                                                                                                                                        0638
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<pre>13963493
     Partnering            will be     key to success
                                              Common           objectives
                                              Meeting   the Paris Agreement targets and timeframe to
                                              decarbonise industrial sectors at the lowest cost to society
                   Governments                Approach
                                               » Broad    and   inclusive consortium   reflecting the Northwest
                                                 European scale of the project: cross-border, multi-country, multi-
                                                 company, public-private
                                                 Transparent    business  case  In open    dialogue   with  market,
                                                 governments    and  knowledge centers
                   Cross-border
                                                 Coordinated investments and   developments by    all parties along
                    Partnership
                                                 the value chain
                                                 Facilitated  by targeted government policies, regulations      and
        Developers              Customers
                                                 subsidies
                                                 Kickstarting the decarbonising of industrial sectors and
                                                 enabling the development of new green chemical) industries,
                                                 strengthening economic activity in Northwest Europe
                                                                                                                    0689
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<pre>13963493
     Contents
            The case for kickstarting the green hydrogen economy
            NortH2  Objectives   &  Project Overview
            Demand, Initial Design & Cost Estimate
            Economics &   Competitiveness
            Closing the Value  Gap
            Outlook to Beyond   2030
            Conclusions  Feasibility Study Phase 1
     NortH-
                                                                 0690
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<pre>13963493
     NortH2       as a    kick starter of the green                hydrogen economy
     Realising a platform  for further exponential growth of the green hydrogen economy
     What is NortH2?                                                 What does the platform  enable?
                      Installation of 4 GW of wind power and
                                                                                    Create necessary markets and scale to
                      electrolysis, dedicated for hydrogen                          drive down cost and enable the green
                      production by    2030 and 10+ GW in
                      2040.
                                                                                    hydrogen  economy
                      Transport   of Hydrogen  via the Backbone                     Trigger development an open access
                      based   on  converted gas infrastructure                      hydrogen transport and storage system
                      towards key industrial clusters in NWE
                      Supporting policy framework for parallel                      Robust  commercial, financial and policy
                      development of supply and demand at                           framework for future development of
                      Industrial scale                                              supply and demand.
     NortH-
                                                                                                                             0691
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<pre>13963493
     NortH2          Development Staircase
     NortH2 contribution 10+ GW wind and 800 kt H2 in 2040
                   4
                                                        Phasing                      mm——
                                                                                                           BE"    Ue    ERRATA [Te [V1 e Mo [(=T-19
                                                                         mmm                      “a             2     PANEL ER     PA
                                                        NortH2
                                                                ”
                                                                   _»~                                   \
        production                                            ’
                                                                                   PHASE 2
                                                                                     +6 GW Wind
                                                                                                             \
                                                                                                              i
                                                                                                               -
        hydrogen                                                             0137
                                                                                        600 kton H2
                                                                                To] (CH SAT  { (J VET ES
                                                                                                           /
                                                                                                            /
                                                                                                             |
        Gre n                               !           PHASE   1
                                                                                                         /
                                                                                                                   Initial focus
                                            I
                                            I
                                                         +  4 GW Wind
                                                                 |
                                                                                                 J                 foror FID FID(s)
                                            \
                                                           400 kton H2
                                                                                            4
                                              \Y  Onshore  electrolysis                 id
                                                                                 a
                       Green H2 Pilot projects iJ                              ”
                                                                             i
                                            2027
                                                  Soo ay py             2050                           2040                                    F050 10
     NortH-
                                                                                                                                                       0692
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<pre>13963493
     The north of the Netherlands                          as    the     perfect        incubator
     The north of the Netherlands Is     uniquely positioned    for the   development     of the green   hydrogen    value chain
                     Proximity   to resources
                     The north of the Netherlands is   closely located to prospective offshore wind areas, has the
                     required port infrastructure in place and space can be made available for large scale green
                     hydrogen production to overcome limitations on power grid capacity (p.e. energy transport from                                              aE
                     North to South/West).
                                                                                                                                                        nd
                     Transport   &  Storage Capacity
                     The main scenario of the   hydrogen   backbone   development starts in the   Northern part of the
                     Netherlands, which enables NortH2's green      hydrogen to be transported   to the main demand
                     centres in NL and   Germany. The North of the Netherlands also      has excellent conditions for
                     large scale storage of hydrogen in salt caverns or depleted gas     fields.
                     Access to   knowledge, suppliers & markets
                     From the North green hydrogen can be easily distributed to North-West European markets,                a ll
                                                                                                                           —
                     predominantly in the Netherlands and Germany. The Netherlands and in particular the province            “7%
                     of Groningen are a hub of energy grids and locates knowledge institutes and companies that
                     have extensive knowledge about natural gas and hydrogen.
                     Security  of supply   can be assured from the start,                                                   Current gas transmission infrastructure,
                     which is      for            to switch from    fossil basis to green                                    indicating the high density of pipelines
                              key      consumers                  a                        hydrogen.                                in the Groningen region.
                                                                                                                                                                   0693
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<pre>13963493
     Value Chain
     From     source   to customer       -
                                           an  integrated   value chain from renewable power to green     hydrogen distribution
                                                   C1¢=1=11 ll 5  V-               Transport       &
         Offshore Production
                                                   2d (oYo [TTe3 16]               Storage
       »    Construction of                        Dedicated        electrolyser   Dedicated     Hydrogen        »  Delivery   of green
            additional wind farms in               directly coupled        to      Infrastructure in the            hydrogen     to consumers
           the North    Sea,                       wind farm                       Netherlands and                  In Northwest     Europe.
            dedicated for H2                       Green     hydrogen              Northwest     Europe to       »  Initially to high grade
       »    Mega   offshore wind                   production initially     in the large  industrial clusters       industrial heat and
           farm, 4 GW in 2030 and                  Eemshaven          moving       Hydrogen Storage                 feedstock’      and later
            growth  to 10+ GW In                   towards offshore                facilities at salt caverns       also to   heavy duty
            2040                                   beyond       2030               In the north of The              transport and built
                                                                                   Netherlands                      environment.
     NortH-         !                                                                                                                         12
                      Without carbon requirements
                                                                                                                                                 0694
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<pre>13963493
                                                                                                                                                                                                                                                     a
                                                                                                          North Sea wind farms
                                                                                                              generate power
                                                        2                                                                                                              100% green
                                                                                                                                                                         pPowCr
Europe’s largest green hydrogen project
NortH,:     One   single integrated     chain in which renewable power        generated by
offshore wind farms is used for          large-scale green    hydrogen production, transmission,             The cleotec       d                       Eemshaven
                                                                                                                                                                                                                            ©
                                                                                                               RE  ECO Sel produces
storage and supply. With this ambitious initiative, Gasunie, Groningen Seaports and                                      rom 190%
Shell Nederland will help achieve the targets from the Dutch Climate Agreement.                                hydrogen
                                                                                                                 renewable power
We will be      supplying large quantities green hydrogen to industry in the Netherlands
and Northwestern Europe, reducing carbon emissions by 7 megatons per year.
This initiative will     give the green   hydrogen   market    a  real boost!
                                                                                                                          100% green
   Scale-up       in 2040:                                                                                                 hydrogen
   More                    wind farms and      electrolysis                                                                                                                                               Hydrogen   stored
             pu                                                                                                                                                                                       in underground    caverns
  Aig    »
   Scaling      up green hydrogen
   production from 100%
                                                               —
                                                                  50 GW
                                                                                                       Amsterdam
                                                                                                        >=
                                                                                                                 Q
                                                                                                                             Industry
                                                                                                                            hydrogen
                                                                                                                                       uses  green
                                                                                                                                      as a resource
                                                                                                                            and for process   heating
                                                                                                                                                                                                                         Reuse of gas  pipelines for
                                                                                                                                                                                                                          transporting hydrogen
                                                                                                                                                                                                                          eliminates the need for
                                                                                                                                                                                                                      additional power
   new     wind power                                          —
                                                                  40 GW                                                                                                                                            |
                                                                                                                                                                                                                                         grid upgrades
          North
   I                                                           ~
                                                                  30 GW
          Other
   Bl             projects                                                                     Zeeland
                                                                                                              Antwerp
                                                                                                 a      ll Fo
                                                                                                               —_
      2024          2027        2030        2040       2050                                                                                                                                                              800,000 tonnes of green
                                            —                                                                                           \             ==                   Q                                             hydrogen reduces carbon
                                                                                                                                                                                                                      emissions  by 7 megatons a year
                                                                                                                                                                                                                   |
   Hydrogen supply            to                    Green
   various sectors                                  H, usage
      —
              -
                                                          Lar
                                                              ge =%C ale
                                                    mm    usage
    |  Iransport   & mobility         |
       Built ermvironment
                                                                                                                                      Hydrogen    buffer to compensate                                                   Wind farm   scale-up from
                                                                                                                                         for fluctuations in solar and          NortH,  creates extra jobs                4GW in 2030 to 10+ GW
              2024    2027    2030   2040    2050                                                                                                                             HRUCEEIEF  aU      EOE
                                                                                                                                            wind power   generation                         =U          ETT ES                     in 2040
                    A
</pre>

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<pre>13963493
     Contents
            The case  for kickstarting the green hydrogen economy
            NortH2  Objectives   & Project Overview
            Demand, Initial Design & Cost Estimate
            Economics &    Competitiveness
            Closing the Value   Gap
            Outlook to  Beyond   2030
            Conclusions   Feasibility Study Phase 1
                                                                  14
     NortH-
                                                                     0696
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<pre>13963493
     Heating            and feedstock               as   primary          markets
     The    feasibility study compared      the  switching   costs to  hydrogen (LCOH)     with full electrification, for existing natural gas         users.
                          Heating
                                                                                                                   m Ability 1
                          High grade heating can most economically be performed by using
                                                                                                                   m Ability 2
                          hydrogen. The major advantage of switching to hydrogen is that existing                  m Ability 3
                          processes can be retrofitted, whereas switching to the all-electric option
                                                                                                                               !
                                                                                                                 abd
                          requires replacement of equipment.
                          Feedstock
                         Also feedstock     applications   without carbon   can  be retrofitted to green                                Fol          =
                                                                                                                                 Cluster Rotterdam   .
                          hydrogen.  Part of refineries    hydrogen supply    for hydro cracking or hydro                           -
                                                                                                                                       yi —
                                                                                                                                                .
                                                                                                                                                   a
                         treatment  (p.e. naphtha cracking or desulfurisation)        can  be
                         decarbonised.
      Ability      LCR CR ELC        Process/equipment                            EVEN  Le [oleKe gga   le
                   [yr]                                                           [BCM]
      1            <5                Indirect heating
                                     Feedstock without carbon  requirement
      2            <10               Direct heating                               11
      B            <10               Gas turbines for power generation            25
      4            >10               Feedstock with carbon requirement            4
                                     Gas  engines
     NortH,                                                                                                                                                 15
                                                                                                                                                               0697
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<pre>13963493
     Initial     Design      Characteristics
     Feasibility study assumptions     for the first 4 GW to be installed       by  2030
                              Base    case  for wind farm north of Gemini    (average  distance 130km from    shore)
                              1 GW per year to be realized in the      period  2027-2030
                              12 MW turbines for the first 2GW and 15 MW turbines for the second 2GW
                              Dedicated offshore power infrastructure to Eemshaven and           partial connection to HV-grid
                              Electrolyser    located in Eemshaven in 50 to 100 MW modules
       Electrolyser
                              Alkaline Water     Electrolysis
                           4  For the Hz transmission backbone        currently              regime  between 50 and 30 bar is defined
      Compression                                                               a pressure
      He-U EES             A  Backbone that connects all       major industrial clusters in Netherlands and interconnectors to Germany   and Belgium
                           4  4 Salt            with    total storage capacity of 900 GVWh
      Ye] glo [=                       caverns        a
                              Initially targeting  industrial segments such    as high grade  heat and feedstock without carbon  requirement
                                                                                                                                                     16
                                                                                                                                                        0698
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<pre>13963493
     Value Chain Investment                                           —
                                                                             initial          configuration, partially optimized
     NortH. Investment! in Billion Euro                      —
                                                                partially optimized
              Storage
                 Billion Euro
                  Cost estimates for  electrolysis and power infra are 40% accurate, other costs are 20% accurate
              al
                  Offshore power infra assumed to be subsidized to create a level playing field
                  Including onshore cable(s) and compression of hydrogen before it enters the backbone                                                                                                            17
     NortH-       Total          of the
                        capacity        hydrogen backbone will be shared with other hydrogen projects as well, e.g. blue hydrogen production  in other industry clusters. To distribute the costs of the backbone
                  fairy among these   different projects, a capacity tariff for hydrogen transportation is charged to the project as an OPEX.                                                                        0699
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<pre>13963493
     LCOH reduction for                 an  optimized          and     integrated          value chain
     Reduction of the LCOH from NortH2      can  be realised  by optimization   and  integration of the value chain components
                      Programmatic approach
                      Scale-up to a 4 GW project in 2030 and integration of the value chain through a programmatic
                      approach allows for potential cost reductions of the individual assets (wind turbines and
                      electrolysers).
                      Commercial      optimization
                      Adding a connection    to the electricity grid allows for  a commercial   optimization of the green hydrogen
                      production
     NortH,                                                                                                                        18
                                                                                                                                      0700
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<pre>13963493
     Programmatic approach                         for entire 4GW chain to minmise the LCOH
     The    programmatic approach    is a  long-term and strategic umbrella program of interlinked projects        and  components along the
     entire H2 value chain that aim at     achieving large-scale impacts based on strategic partnerships.
                      4GW Scale   (rather than 4 x 1GW):
                      Due to scaling effects, standardization (product rather than project) approach, LCOH reductions are estimated for the large
                      components in the NortH2 value chain:
                      End-to-end   integrated   program:
     NortH,                                                                                                                                       19
                                                                                                                                                     0701
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<pre>13963493
     Commercial                       optimization
     A   electricity grid connection allows for commercial optimization of green hydrogen production by buying                                                                                     or    selling      additional
     green electricity, thereby optimizing the load hours of the electrolyser.
                                                                                                                                                                              h
                             LCOH reduction of                        ERE
                                                                                  through:                                                                                           18%   |     19%    |  5%
                                                                                                                                                                                                                |         1%
                               »    A    1     GW       connection,              to   support        the       network and                without additional   grid
                                    extensions.
                               »    Buying        from the        grid      if green    electricity        and     electrolyser capacity            available.                 )
                                                                                                                                                                               o
                                                                                                                                                                                                                 Copachy
                                                                                                                                                                                                                actor of the
                               »    Selling       to the     grid     if the    electricity price           is  high.                                                                                           electrolyser
                                                                                                                                                                               ]
                                                                                                                                                                                                                   -57%
                                                                                                                                                                                           |
                             Considerations:
                              »    The combination of available                            electrolyser capacity                      and    supply  of
                                   green       electricity (PV) currently                  limits     a  further reduction in LCOH.
                                            »     An LCOH reduction in the                                                    (10)(1¢)                       g
                                                 BRB      range could be achieved                        moving beyond                   Solar Power
                                                                                                                                                             z
                                                  from NL                                                                                                    S
                              »    The      impact of the operating strategy and scale of NortH2 on the
                                   electricity market price is not yet known
                              »    Beneficial support of the electricity system by balancing (not                                                                     |           |            |                        |
                                                                                                                                                                  Buying      Buying       Selling      Buying      Buying   Base case
                                   quantified)                                                                                                                      mix       green                    mix and    green and
                                                                                                                                                                                                        selling     selling
                                                                                                                                                                 Fr
                                                                                                                                                                 7      Uncertainty of market influence
                    *
                                                                                                                                                                                                                                      20
     NortH:           Calculations based  on  hourly forecasted electricity prices (PLEXOS with availability of green electricity in 2030-2045)
                                                                                                                                                                                                                                         0702
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<pre>13963493
     Contents
            The case  for kickstarting the green hydrogen economy
            NortH2  Objectives   & Project Overview
            Demand, Initial Design & Cost Estimate
            Economics &     Competitiveness
            Closing the Value   Gap
            Outlook to  Beyond   2030
            Conclusions   Feasibility Study Phase 1
                                                                  21
     NortH-
                                                                     0703
</pre>

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<pre>13963493
     Optimized Green LCOH                                                      for NortH2 4GW                                  Program by                        2030
     Programmatic approach                          and value chain                optimization             can     reduce green LCOH from                                  (10)(1¢)           EUR/kg
                            [EUR/MWHh]                                                                             (10)(1c)
                                                                                                                                                                                                  [EUR/kg]
                                                                                                                                                                                                  LCOH
                            LCOH
             Based    on  the         capital expenditures (CAPEX), operational expenditures (OPEX), lifetimes of the individual assets and efficiencies,      the  integral  cost to produce, transport, store, and
             deliver  a  unit of        hydrogen (kgH2) is calculated. This cost is expressed as the levelized cost of hydrogen (LCOH). The LCOH is the        ratio between the discounted     outgoing cash flows
             over  the  lifetime divided by the discounted sum of the actual energy delivered.
             The LCOH shown in the               graph below    are in real terms and on an   after-tax basis. As such, the LCOH allows for a comparison with present-day prices     of competing commodities   (e.g.
             electricity, blue         hydrogen, natural gas    and carbon capture and   storage)
     NortH-                                                                                                                                                                                                           22
             Assuming     a    level     playing field for the offshore power infrastructure.
             LC OH levels        are     40% accurate
                                                                                                                                                                                                                         0704
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<pre>13963493
     Competitive landscape                                         for decarbonisation                                       options
     The cost of hydrogen               (LCOH)        is  compared            to full electrification            or   decarbonized gas               options     for industrial         heating.
                             The rudimental              comparison performed in the feasibility study between the indirect and direct heating
                             processes’ showed that hydrogen is a promising alternative to full electrification, but cannot compete                                                                          with
                             natural gas® with a CO»-price (i.e. ‘value gap’). Cost of green hydrogen produced by NortH2 is
                             comparable to blue hydrogen?
                                                                                                                  (10)(1c)
            "The additional costs of modifications have been included in the heating options
            2
              Costs of blue hydrogen  are estimated from natural gas price (25 EUR/MWh),   conversion efficiency (75%)  and CCS costs (120 EUR/ton), and increased with the same transportation and storage costs as for
     NortH- NortH2                                                                                                                                                                                                       23
            *
              Natural gas includes transportation fee of ~1.65 EUR/MWh and CO: costs.
                                                                                                                                                                                                                            0705
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<pre>13963493
     Competitive landscape                                         for decarbonisation                                        options
     The cost of hydrogen               (LCOH)        is  compared            to full electrification            or    decarbonized gas               options     for industrial         heating.
                             The rudimental              comparison performed in the feasibility study between the indirect and direct heating
                             processes’ showed that hydrogen is a promising alternative to full electrification, but cannot compete                                                                           with
                             natural gas® with a CO»-price (i.e. ‘value gap’). Cost of green hydrogen produced by NortH2 is
                             comparable to blue hydrogen?
                                                                                                                 (10)(1c)
            "The additional costs of modifications have been included in the heating options
            2
              Costs of blue hydrogen  are estimated from natural gas price (25 EUR/MWh),   conversion efficiency (75%)   and CCS costs (120 EUR/ton), and increased with the same transportation and storage costs as for
     NortH- NortH2                                                                                                                                                                                                        24
            *
              Natural gas includes transportation fee of ~1.65 EUR/MWh and CO: costs.
                                                                                                                                                                                                                             0706
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<pre>13963493
     Value gap to natural gas
                              (10)(1c)
     NortH-
                                       0707
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<pre>13963493
     Contents
            The   case  for kickstarting the green hydrogen economy
            NortH2    Objectives   & Project Overview
            Initial Design   & Cost Estimate
            Hydrogen     Demand &     Competitiveness
            Closing    the Value   Gap
            Outlook to    Beyond   2030
            Conclusions     Feasibility Study Phase 1
                                                                    26
     NortH-
                                                                       0708
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<pre>13963493
     Existing policy              measures              insufficient to close the gap
     Policy measures increase competitiveness             to different  degrees—existing    ones seem more    suited to smaller scale     projects
     as existing ‘caps’ limit their contribution.
                      »
                          Exploitation subsidy could strongly contribute to cost reduction when no budget
                          and no prioritization of technologies are applied, however, current set-up makes
                          significant contribution to reduce costs far less likely.
                      »   Investment grants directly contribute to lowering capex, but size of NortH2 project
                          does not align with existing budgets
                      »   Accelerated depreciation and Energy Investment Allowance both reduce the
                                ORD
                      »
                          Hydrogen Ready equipment policies increases competitiveness of hydrogen
                          compared to electricity slightly, indicating conversion costs are a small component.
        H-            »   A carbon levy may lower the difference with natural gas, but needs to be
                          considerable         (10)(1c)  to close the gap.
                                                                                                                                 (10)(1c)
                        The combined      policy   measures  for cost reduction lower the LCOH
                                                                                               by
                                                                                                EEC
     NortH-
                >       (realistic optimistic).
                                                                                                                                                   27
                                                                                                                                                      0709
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<pre>13963493
     Key Policy         Asks to close the gap
     Policies required to realise NortH2 ambitions
                  Dedicated licence for  offshore-wind-for-hydrogen development      of 4 GW in 2030 and 10 GW in 2040
                  Reimbursement of offshore    transport infrastructure costs to create  a level playing field
                  Policies enabling hydrogen purchases    at competitive cost,  e.g. CfD
                  Market incentives for customers to switch to green    hydrogen  for decarbonisation
                  Development    of the hydrogen  backbone   by TSO Gasunie
     NortH-
                                                                                                                       0710
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<pre>13963493
     Contents
            The case  for kickstarting the green hydrogen economy
            NortH2  Objectives   & Project Overview
            Demand, Initial Design & Cost Estimate
            Economics &    Competitiveness
            Closing the Value   Gap
            Outlook to   Beyond    2030
            Conclusions   Feasibility Study Phase 1
                                                                  29
     NortH-
                                                                     0711
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<pre>13963493
     Beyond          2030
     Explore North2 economics for increased installed offshore                                      capacity        towards 10 GW
                         LCOH reduction due to:
                          »    Scale up                                  —
                                                                            Additional 6 GW
                          »    Learning       curve    effects           —
                                                                            More mature         supply     chains
            A
                          »    Offshore H2         production               Lower offshore infrastructure cost
                                                                                                                                                                                           Towards \
                                                                          —
                                                                                                                                                                                           2030
                             rst order estimates indicate that after 2030:                                                                                          J
                         A     LCOH       highly dependent            on   Offshore factor;
                                                                                                                                                                                    dll
                                                                                                                                                                                    i
                                                                                                                                                                                    |
                                                                                                                                                                                        7
                                                                                                                                                                                            ul
                               Break-even           distance        for   onshore!       vs     offshore       hydrogen production
                               currently      range between 100 and 250 km based                            on varying the offshore
                               factor from 1.5 to 2.0.
                          »    Offshore       hydrogen production             is less sensitive to distance to shore.
                          »    The offshore factor will differ between island and                         platform       solutions.
                          »     Island    or  platform currently         result in    comparable         LCOH.
                         Offshore       hydrogen production             may lead to cost savings beyond 2030, as the
                         offshore power infrastructure remains a significant cost component. These
                         cost savings depend significantly on the possibility to keep the EPC and O&M
                         costs of offshore          electrolysis      vs   onshore      electrolysis      low.
                         More work needed in the next                   phase     to  clarify   offshore      (marinization)         factor.
     NortH-   "The offshore factor does not have to be the same for hydrogen production on islands and platforms. Either option has cost components that raise or lower its offshore factor.         30
                                                                                                                                                                                                        0712
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<pre>13963493
     Contents
            The case  for kickstarting the green hydrogen economy
            NortH2  Objectives   & Project Overview
            Demand, Initial Design & Cost Estimate
            Economics &    Competitiveness
            Closing the Value   Gap
            Outlook to  Beyond   2030
            Conclusions    Feasibility Study   Phase 1
                                                                  31
     NortH-
                                                                     0713
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<pre>13963493
     Conclusions
     The NortH2 approach   has   potential    to meet its ambitions and     goals,  based    on the outcomes of the       pre-feasibility study
                   Technical feasible
                     » Wind farm    developments,    green  hydrogen production  and infrastructure  can  be realized in the envisioned
                       time frame
                     » No  showstoppers,     but innovation and scale  required to realize the ambitions
                   Market
                    »  Potential  large  market for conversion of industrial heating (direct and indirect) from natural gas to hydrogen
                    »  Potential alternative market for feedstock with    only H2 demand as alternative for blue hydrogen
                    »  Confirmed    by first interviews with the market
                   High  initial costs but    potential to reduce
                    »  Main cost components in windfarms and electrolysis; result in a base case price of approx.            IEEE
                    »  Programmatic approach to lower component costs and allow optimization over the value chain to approx.               (10)(1¢)
                    »  Reimbursement of electrical infrastructure (level playing field policy) could reduce the LCOH to           (10)(1¢)
                    »  Existing policy measures could help to close the value gap, but are not yet fit for purpose
                   Next  steps
                    b  Validate outcomes and      assumptions   with relevant stakeholders
                    »  Start programmatic planning      towards  implementation
     NortH,                                                                                                                                         32
                                                                                                                                                       0714
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<pre>13963493
     Back-up -
               Project Deliverables
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<pre>13963493
     Deliverables             phase                1a
             a #  Topic                                                                                       Work stream           Format
               0  Integrated    Narrative                                                                     All                   memo
               1  AC / DC Cable Discussion         (Electricity transmission    options)                      Offshore wind         memo
               2  Technical    maturity   of the supply  chain   description                                  Offshore wind         Powerpoint presentation
               3  Scope   and cost estimate & cost       projections   of major components                    Offshore wind         memo
               4  Optimal capacity     factor and sensitivities to uncertainties incl.    overplanting        Offshore wind
               5  Rapid scale-up potential       and  supply  chain   (includes Impact   assessment   North2) Electrolysis          Powerpoint presentation
               6  State-of-the-Art                                                                            Electrolysis          Powerpoint presentation
               7  Terms of Reference summary                                                                  Electrolysis          Powerpoint presentation
               8  Optimal electrolyser      dimensions in   conjunction    with wind firm size                Electrolysis
               9  H2 Backbone       development description                                                   Transport  & Storage  memo
               10 Flexibility needs and      storage                                                          Transport  & Storage  memo
               11 Pressure    regimes electrolyser vs. transport (Compressor deployment)                      Transport  & Storage  memo
               12 H2 End-user     technology description                                                      Market               Combined   memo    and database spreadsheet
               13 Description    of H2 Premium markets        (prioritization)                                Market
               14 Key policy    enablers                                                                      Market                Word document
               15 Model Structure and        Functionality Description    in the Model                        Business Case         Prepared   in the Excel Model
               16 Reporting    on  key  results  (LCOH2)                                                      Business Case         in the Narrative
               17 Value   Gap Description                                                                     Business Case         in the Narrative
               18 Role of  Hydrogen      in the future energy mix of NL                                       Role of H2            Memo
               19 Benefits from H2     as   part the future energy    system   to society                     Role of H2            In PowerPoint Presentation
               20 Why   do  we   have to do this in the North      (ppt)                                      Role of H2            In the Narrative  (and Ppt.)
               21 Why large    scale  project   now                                                           Role of H2            In the Narrative  (and Ppt.)
     No rtH-                                                                                                                                                                   34
                                                                                                                                                                                  0716
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<pre>13963493
     Deliverables             phase            1b
            MEE
                #  | Topic                                      Work stream              Format
            1B
                1    Integrated Narrative                       All                      report
                2    Narrative presentation                     All                      Powerpoint presentation
                3    business  case  model                      All                      excel document
                4    Programmatic Approach                      Programmatic Approach    memo
                5    Commercial   optimization                  Commercial  optimization Powerpoint presentation
                6    Beyond  2030  -
                                     Memo                       Beyond  2030             memo
                7    Beyond  2030  -
                                     Calculation model          Beyond  2030             Excel document
                8    Marketing Strategy                         Market                   Powerpoint presentation
                9    Interview summaries                        Market                   memo
                10   Quantification of Policy Enablers          Business Case            Powerpoint presentation
                11   Role of Hydrogen   in 2030 -
                                                  OPERA results Role of H2               PPT and  memo
     NortH-
                                                                                                                 0717
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