December 2020 global hydrogen summary

2 Min Read

During December, hydrogen cost variations depended greatly on location. In Texas, gas and electricity prices fell in tandem whilst UK benchmarks saw an increase across the board.

A sharp peak in US power futures in early December was reflected in US green hydrogen benchmarks before a decline towards the end of the month. The rally in UK natural gas and power was subject to some volatility but sustained itself until towards the new year.


SMR w/o CCS £1.598
SMR w CCS £1.528
AEM    £4.497
PEM £4.565

EUA futures continued a positive run to widen the gap between UK blue and grey hydrogen. Natural gas rose to push both benchmarks higher.

Electricity prices rose in a similar fashion seeing Green hydrogen gain significant ground since mid November.


SMR w/o CCS $0.802
AEM $1.576
PEM $1.704

A volatile Henry Hub price led to an unpredictable Texas grey hydrogen benchmark. It approached the end of the month having lost ground since October's highs.

Green hydrogen lost any of December's gains in the second half of the month, closing at its lowest point since September.


SMR w/o CCS (Oct) $1.071
AEM $2.625
PEM $2.770

The Grey hydrogen benchmark in California jumped in September to its highest level in 2020 but gave up some ground in October.

California green hydrogen mostly followed Texas throughout December but ends the month on a slightly more bearish note.

All benchmarks are per kg H2 and include CAPEX. Benchmarks are correct at time of writing.

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