Gas and power prices mostly declined after peaks in December and January in the Northern hemisphere, with green, grey and blue hydrogen costs following them lower.
Some locations saw dramatic changes towards the end of January. Alberta's green hydrogen cost assessments bucked the trend by rising by more than 50% in a single week.
EUA futures flattened off into the new year, maintaining the gap between UK blue and grey hydrogen.
Power and gas prices in the UK peaked sharply, with both rising by more than 30% in less than a week, before returning to their previous levels almost as quickly.
Power prices saw a more pronounced fall towards the end of the month with green hydrogen excl. capex falling back below £4 for the first time since early December.
Since Germany's addition in mid-January, grey and blue hydrogen have remained stable owing to little fluctuation in gas prices. Electricity was more volatile and, in the two weeks since it's addition, the cost assessments for green hydrogen have shed more than 10%.
The Netherlands assessment's mostly tracked Germany's, with a slight premium for gas and power leading to higher levels across the board.
An exception to the rule, Henry Hub ended the month slightly higher, taking grey hydrogen with it.
Green hydrogen costs have remained somewhat flat since the end of November as electricity prices saw little change.
The Grey hydrogen benchmark in California ended October at its highest point so far in 2020.
In contrast, electricity prices have declined fairly steadily since mid-December seeing PEM and AEM hydrogen end January at their lowest points since the introduction of the cost assessment in September.
Heading into Winter, the grey hydrogen benchmark was pushed higher with a gently rising cost of natural gas.
Green hydrogen benchmarks rose dramatically by more than 50% in the last week of January, based on a significant increase in Alberta's electricity pool price.
Cost assessment figures have been redacted.
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Information correct at time of writing.