Levelised cost of hydrogen in USD/ kg

I'm pleased to share insights from Worley Consulting's report, showing latest trends in the hydrogen market. Over the past month, we've seen a significant decline in production cost for hydrogen driven by various factors.

From our results we can infer that, the reduction in natural gas prices has played a major role in lowering production expenses for grey and blue hydrogen pathways. Grey hydrogen now averages USD 1.8/kg globally, resulting in a 5% month-over-month drop, while blue hydrogen remains at USD 2.3/kg. Notably, green hydrogen costs have also decreased thanks to falling capital costs for electrolyzers and the increasing scale of renewable energy development to meet market demands.

Despite these positive shifts, green hydrogen, still costs between USD 3.5-7.2/kg maintaining a premium compared to fossil-fueled production routes. However, the long-term trend indicates a promising future for green hydrogen costs as they are expected to fall further on both capital expenditures and operating costs.

In the European market, blue hydrogen holds a competitive edge over carbon-intensive grey hydrogen, especially with carbon pricing reaching historical maximums under the EU Emissions Trading Scheme. Even with the additional carbon capture expenses, blue hydrogen remains competitive.

I want to extend my gratitude to Rituraj Jha and Siddhant Jain for their valuable contributions to this report, providing comprehensive insights into this evolving landscape. For those keen on delving into the full details, feel free to reach out and sign up to Worley latest market perspective report, with detailed regional cost benchmarking.

The energy transition is undeniably exciting, and as we navigate this expanding market, let's stay informed and collaborate in driving sustainable solutions.

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