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Michael STAVY, Senior Advisor on Renewable Energy Finance
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When in Chicago, ride the CTA

Innovations in Energy Efficient City Transit
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The 2017 Chicago Climate Charter and the 2015 Paris Climate Accord
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I help Propery Owners Develop their Wind Assets

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33 Papers and Counting

List of Michael STAVY'S Published Papers and Presentations
see my co-authors

My August 2002 JSEE Paper is Specifically Cited in 11 Papers


C U in Hamburg!

PAPER at WindEurope 2018 Conference, 25-28 September, Hamburg
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PAPER at WindPower 2018, 7-10 May, Chicago
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PAPER at Solar Power International 2017, 10-13 September, Las Vegas
Nice Seeing you at SPI13

PAPER at Solar Power International 2013, 21-24 October, Chicago
Warsaw, Poland

Paper at the 2010 European Wind Energy Conference, 20-23 April, Warsaw Poland
Nice meeting with you in Marseille

PRESENTATION at the EWEC 2009 Marseille, France 16 - 19 March 2009

Paper at the 2009 Michigan Wind Conference 3-4 March 2009, Cobo Hall, Detroit, MI
See you in Chicago

WINDPOWER 2009, May 4-7, Chicago, IL USA

Press for the CHICAGO EDITION of my 2009 EWEC Paper
día bueno

PRESENTATION at the 2008 Latin American Wind Energy Conference, November 5-7, Guadalajara, MX

PRESENTATION at WINDPOWER 2008, June 1-4, Houston, TX

PRESENTATION at the 2008 European Wind Energy Conference, 31 March-3 April, Brussels. Belgium
Nice seeing you in LA

PAPER, "The Economics of Storing Wind Electricity as Hydrogen" at WindPower 2007 June 3-6 Los Angeles, CA USA
Kellogg Graduate School of Management Class of 1969

QUOTED in the Northwestern Alumni Magazine, Winter, 2007
Storing Wind Electricity as Hydrogen

PAPER "The Technology of Storing Wind Electrcity as Hydrogen" at the European Wind Energy Conference, 7-10 May, 2007, Milan, Italy
Storing Wind Electricity as Hydrogen

PAPER at the POWER GEN Renewable Energy and Fuels Conference, March 6-8, 2007, Las Vegas, NV
Spoke to Reporters

PRESENTATION "Reporting the Wind Story" At the Seminar "Reporting Energy Issues in the Midwest", Sponsored by the Foundation for American Communications, Urbana, IL September 14, 2006
Spark, November 2005

Letter to the Editor of SPARK, November, 2005
Clear Creek Public Radio

"US Energy Sources and Uses" October 29, 2005 Interview on KYGT, Clear Creek County, CO Public Radio
Illinois’ Voluntary Renewable Portfolio Standard

MY 2005 COMMENTS to Illinois Commerce Commision Concerning lllinois' Renewable Portfolio Standard (RPS)
Indiana Dunes National Lakeshore

MY ANSWERS to Certain Questions Concerning Illinois' 2005 RPS (Renewable Portfolio Standard)
Quoted Comments

COMMENTS Quoted in Newspapers or Magazines

PUBLISHED "January 3, 2005 Letter to the Editor" in Crain's Chicago Business
Journal of Solar Energy Engineering

PAPER "Carbon Content of Hydrogen Vehicle Fuel" in the February, 2005 Journal of Solar Energy Engineering
The Cost of Wind Electricity

PAPER "Worksheet to Compute the Cost Wind Electricity", World Renewable Energy Conference-VIII, Denver, CO USA, August 29-September 3, 2004
Fuel Cell Vehicle

PAPER California Climate Change Center's First Annual Conference on Climate Change, June 9-10, 2004, Sacramento, CA
Fuel Cell Vehicle

PAPER, National Hydrogen Association 20O4 Convention, April 26-30, 2004, Los Angeles, CA
Paper on Kyoto Protocol

PAPER-Global WINDPOWER 2004 Conference, Chicago, IL USA, 28-31 March 2004
Levelized Cost and Carbon Content of Hydrogen Vehicle Fuel

PAPER-United States Association for Energy Economics-NCAC-Washington, DC, Friday, December 19, 2003
Fuel Cell Vehicle

PAPER-Illinois Economics Association's 33rd Annual Meeting, October 17-18, 2003, Chicago, IL
Fuel Cell Vehicle

PAPER-American Solar Energy Society's SOLAR 2013 Conference, 21-23 June, Austin,TX
Yak Yak Yak

PAPER-International Solar Energy Society-SOLAR WORLD CONFERENCE 2003-14-19 June 2003,Goteborg, Sweden
Pure Hydrogen Flame

PAPER-European Wind Energy Association-2003 EUROPEAN WIND ENERGY CONFERENCE 16-20 June 2003-Madrid,Spain
Journal of Solar Energy Engineering

PAPER "Worksheet to compute the Levelized Cost of PV electricity", Journal of Solar Energy Engineering, August 2002
From Paris on Route N-7

PAPER, 2002 Global Windpower Conference, 2-5 April, Paris France


  PAPER-American Solar Energy Society's SOLAR 2013 Conference, 21-23 June, Austin,TX

Michael STAVY  
Senior Advisor on Renewable Energy Finance  
300 N STATE ST APT 4434  
Chicago, Illinois USA 60654  

I presented my paper; A Financial Worksheet for Computing the Levelized Cost (US$/gasoline gallon Equivalent) of Hydrogen "Vehicle Fuel" generated at a Model Wind Electric Powered Hydrogen Electrolyzer Plant, at the American Solar Energy’ Society’s SOLAR 2003 Convention, June 21-26, 2003, in Austin, TX.



If you did not have not have time to meet with me in Austin, TX or if you did not attend the Solar 2003 Convention, you can arrange an appointment at my office in Chicago.


Chicago has great hotels and restaurants. It is convenient to fly to Chicago from all over the planet.


I am a fee based consulting energy economist in private practice.



This paper discusses the technical, financial and economic principles underlying the levelized cost method of computing the cost of hydrogen vehicle fuel produced by a wind electric powered hydrogen electrolyzer plant. Topics include the conventional methods of generating industrial hydrogen, carbon free hydrogen generation, hydrogen generation efficiency, gasoline gallon equivalent, levelized cost method, depreciation, capital cost, cost of capital, fixed and variable operating and maintenance costs.

This paper is written in response to the August, 2002 Journal of Solar Energy Engineering Discussion Paper, Comments Dealing with Fuel Cell Energy Policy and Renewable Energy. Kreith and Isler’s major comment was that "with current available technologies from natural gas, the use of hydrogen fuel cells in automobiles will actually increase the generation of greenhouse gases unless the hydrogen was produced by electrolysis using electric power generated from non-polluting sources such as solar thermal or wind". These authors’ position was it was becoming "more important to place serious R&D effort on reducing the cost of producing hydrogen vehicle fuel from solar sources that produce less greenhouse gases than fossil fuels".

In this paper, the financial worksheet from my August, 2002 Journal of Solar Energy Engineering  Technical Brief, "A Financial Worksheet for Computing The Cost (¢/kWh) of Solar Electricity Generated at a Grid Connected Photovoltaic (PV) Generating Plant" has been reorganized to compute the levelized cost per gasoline gallon equivalent of hydrogen vehicle fuel generated from wind electricity.

The paper includes the worksheet, "Levelized Cost (US$/gasoline gallon equivalent) of Hydrogen Vehicle Fuel Generated by a Model 1 MW Rated Wind Electric Powered Electrolyzer Plant" with benchmark values for the independent variables. The benchmark values are for a model plant located in Iowa.

The paper discusses these benchmark values and the worksheet algorithm as it analyzes the worksheet’s constants: 1 MW electrolyzer power rating, energy conversion constant of 36.65 kWh/gasoline gallon, 100% plant availability factor; independent variables: electrolyzer capital cost-US$/MW, cost of capital-%, physical life-yr, electrolyzer hydrogen generation efficiency-%, fixed and variable O & M cost; and the dependent variable: levelized cost (US$/gasoline gallon equivalent) of hydrogen vehicle fuel generated.

The number of gasoline gallons equivalent of hydrogen generated per year equals the quotient of the MWh per year that the electrolyzer consumes divided by the constant, MWh per gasoline gallon equivalent, times the electricity to hydrogen electrolyzer efficiency per cent. The cost of the wind electric energy used to generate one gasoline gallon equivalent of hydrogen equals the product of the cost of the wind electricity per MWh times the constant, MWh per gasoline gallon equivalent, divided by the electricity to hydrogen electrolyzer efficiency per cent.

The benchmark values for the paper’s model electrolyzer are: US$ 800,000 per MW (US$ 800/kW) electrolyzer capital cost, 10% cost of capital (interest/ROI), $35 per MWh wind electricity cost, 25 year physical life, 70% electricity to hydrogen electrolyzer efficiency, US$ 24,000 a year annual fixed O & M cost (3% of the electrolyzer’s capital cost) and 10 cents per gallon equivalent variable O & M cost.

The benchmark values result is a levelized cost of US$ 2.60 a gasoline gallon equivalent for hydrogen vehicle fuel verse a December 9, 2002 spot wholesale price of US$ 0.80/gallon for unleaded premium gasoline. The benchmark values are optimistic to encourage Kreith and Isler’s goal of "serious R&D effort on reducing the cost of producing hydrogen vehicle fuel from solar sources that produce less greenhouse gases than fossil fuels"

To check the progress of the nation’s R&D effort, the reader can replace the worksheet benchmark values with his/her own independent variable values and compute his/her own levelized cost (US$/gasoline gallon equivalent) of wind generated hydrogen vehicle fuel.

February 1, 2003 Abstract as a "Mini-Paper" subject to change. 

October 21, 2004

                   Fuel Cell Vehicle

Michael STAVY, Senior Advisor on Renewable Energy Finance 

Wind, Solar, Energy Storage, Hydrogen, Carbon Mitigation Credits and Taxes 


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