Green Hydrogen Opportunity Expands in EU

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The recent surge in European gas prices has pushed green hydrogen — using electrolyzers and renewable power — to priority status, increasing its importance within the EU's toolkit as a long-term option to cut reliance on Russian fossil fuels. Since the start of the year, there has been a notable increase in the number and scale of announced green hydrogen projects in Europe, reflecting improving cost dynamics between green and blue hydrogen, which requires expensive natural gas and carbon capture and storage. Europe-based electrolyzer manufacturers including Norway’s Nel and Germany’s Sunfire told Energy Intelligence that momentum for green hydrogen has never been greater, and their order books are expanding rapidly. On the demand side, German utility E.On said "the ramp-up of the hydrogen economy is an absolute priority and must proceed even faster in the future." This supported its March decision to ink a memorandum of understanding with Australian green hydrogen supplier Fortescue Future Industries for up to 5 million tons per year of green hydrogen into Europe by 2030. EU Green Deal chief Frans Timmermans said earlier this month it was unlikely that the EU would ever produce enough green hydrogen to be self-sufficient and would probably require sizable import volumes. Recently, Timmermans and European Commission President Ursula von der Leyen have been discussing external EU partnerships with India and Turkey for green hydrogen.

Hydrogen, Renewable Electricity , Energy Storage, Electricity Prices, Gas Prices, Low-Carbon Policy
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