November saw global hydrogen cost benchmarks fluctuate before ending the month mostly flat or down slightly from October's levels. In North America, both natural gas and electricity prices peaked at the turn of the month, fell during early November, and recovered slightly towards the end of the month. The UK saw some fluctuation in feedstock prices in late November, but they end the month with little change.
SMR w/o CCS £1.239
SMR w CCS £1.220
A modest increase in EUA futures sees UK blue hydrogen continuing to undercut grey with a slightly widening margin. Natural gas had little impact as it ends the month mostly unchanged.
Green hydrogen saw a small decrease with some fluctuation due to a dip in electricity prices towards the end of the month.
SMR w/o CCS $0.902
Texas grey hydrogen followed Henry Hub ~7% lower as it remains the cheapest benchmark.
Green hydrogen fell similarly undercutting Europe by a greater margin, compounding systemically lower power prices.
SMR w/o CCS (August) $0.916
August saw a fall in California's grey hydrogen cost benchmark to its lowest levels in 2020. September data is likely to see California natural gas citygate prices fall further.
California's green hydrogen cost benchmarks fell the most across the board by ~12%. This is directly attributable to a consistent decrease in power prices in the state.
All benchmarks are per kg H2 and include CAPEX. Benchmarks are correct at time of writing.
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