{"id":16416,"date":"2024-05-10T12:44:54","date_gmt":"2024-05-10T11:44:54","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=16416"},"modified":"2025-04-16T10:25:28","modified_gmt":"2025-04-16T09:25:28","slug":"hydrogen-compass-may-2024","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/subsectors\/hydrogen\/hydrogen-compass-may-2024","title":{"rendered":"Hydrogen Compass – May 2024"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][nectar_animated_title heading_tag=”h6″ style=”color-strip-reveal” color=”Accent-Color” text=”MAY 2024″][vc_column_text]In April, the Northwest European hydrogen market saw a flurry of noteworthy developments, spanning from funding initiatives, project setbacks, and major infrastructure progress announcements. This month, we will focus on the latest developments from the European Hydrogen Bank, delve into the persistent challenges surrounding offshore hydrogen, and shed light on the ongoing delays facing the German hydrogen market.<\/p>\n

Are the results of the European Hydrogen Bank\u2019s pilot auction promising for the wider European hydrogen economy?<\/strong><\/h3>\n

The European Hydrogen Bank (EHB) launched its first \u20ac800mn pilot auction in November 2023, drawing significant attention by potentially offering more substantial subsidy support than the US Inflation Reduction Act\u2019s $3\/kg production tax credit. The pilot auction attracted immense interest, receiving 132 bids from 17 countries covering 8GW of electrolyser capacity. The results, announced in April, revealed that seven electrolysis projects, totalling 1.5GW, secured funding with bid prices ranging from \u20ac0.37-\u20ac0.48\/kg \u2013 significantly lower than the announced ceiling price of \u20ac4.50 ($4.81)\/kg.[\/vc_column_text][image_with_animation image_url=”16428″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]\n

Bid Prices for EHB Pilot Auctions
\nSource: European Commission<\/h6>\n[\/vc_column_text][vc_column_text]Despite the low subsidy support, project developers are evidently finding ways to make electrolytic projects economically feasible. One potential explanation is the willingness of offtakers to pay a premium for renewable electrolytic hydrogen, perhaps signalling that mandates such as the EU\u2019s requirement for 42% of hydrogen used in industry to be renewable by 2030, are propelling industrial offtakers to transition.<\/p>\n

It is not surprising that five of the winning bids, totalling 1.3GW, are in Portugal and Spain, with the remaining two projects in Norway and Finland \u2013 countries that boast ample renewable resources and low electricity prices. However, this raises questions about whether developers in other European nations will be able to secure necessary government funding if the existing mechanism favours projects that can progress with such minimal support. While the results underscore the potential economic viability of near-term electrolytic hydrogen projects, it prompts consideration of whether funding mechanisms need restructuring to foster broader participation and reach.<\/p>\n

Evidence for the uncertainty of offshore hydrogen projects continues to build<\/strong><\/h3>\n

RWE\u2019s AquaVentus is Germany\u2019s largest proposed hydrogen project, aiming to install up to 10GW of electrolyser capacity in the North Sea alongside offshore wind farms by 2035. It includes the pilot AquaPrimus project, a 300MW \u2018proof of concept\u2019 expansion, and AquaDuctus, a proposed 400km offshore hydrogen pipeline that aims to evolve into a cross-border \u2018Hydrogen Highway\u2019, connecting to offshore hydrogen infrastructure from other European countries bordering the North Sea.[\/vc_column_text][image_with_animation image_url=”16423″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]\n

Map Of Proposed Aquaventus Initiative Including Potential Interconnectors
\nSource: GASCADE<\/h6>\n[\/vc_column_text][vc_column_text]However, the future of AquaVentus is in limbo following the exclusion of its pilot project, AquaPrimus, from the third round of IPCEI funding in April. This setback puts the project\u2019s timeline at risk, as ambitious projects of this scale rely on subsidies for progress. Moreover, offshore electrolysis projects face numerous challenges, including decisions on platform design, electrolyser degradation, high operating costs, and hydrogen transportation requirements. Without successful demonstrations projects to mitigate these complexities and provide evidence for potential commerciality, developers may hesitate to pursue such ventures further.<\/p>\n

Prior to this announcement, AquaPrimus had been classified as \u2018Risked\u2019 of reaching FID by Westwood in its Hydrogen Project Certainty Assessment[1]<\/a><\/sup><\/strong>. Subsequent phases of AquaVentus were also deemed \u2018Risked\u2019, further reinforcing uncertainties surrounding the project\u2019s future.<\/p>\n

This situation mirrors a broader trend in offshore hydrogen projects, exemplified by Vattenfall\u2019s decision to abandon its pilot project in March. Originally intended to connect an electrolyser to one of its 8.8MW turbines in the Aberdeen Offshore Wind Farm by 2025, Vattenfall cited inefficiencies in resource utilisation as the primary reason for discontinuing the project.[\/vc_column_text][image_with_animation image_url=”16421″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]\n

AquaPrimus Project Certainty Assessment
\nSource: Westwood Hydrogen<\/h6>\n[\/vc_column_text][vc_column_text]\n

German delays and cancellations are halting progress and ability to meet ambitions<\/strong><\/h3>\n

Everything points to Germany being a major player in the global and EU electrolytic and low-carbon hydrogen markets. Germany views hydrogen as central to decarbonising its economy, with the Federal Minister of Economic Affairs stating that \u201cinvesting in hydrogen is an investment in our future\u201d[2]<\/a><\/sup><\/strong>. The focus is on its highest emitting sectors of power, transport and industry (steel, chemicals and cement).<\/p>\n

With high ambitions it is no surprise that the country boasts the highest hydrogen production target in the EU of 10GW of electrolyser capacity by 2030. However, according to the German National Hydrogen Council, Germany should expect to import 50-70% of its expected 56-93TWh (6.4-10.6GW) of demand by 2030. It is taking a diversified approach in sourcing imports (even funding projects outside its borders), relying on its European neighbours as well as countries further afield with MoUs and partnerships announced with Canada, Chile, Namibia, Australia and South Africa.<\/p>\n

Yet even in the last few months, across the key enablers of the industry\u2019s development \u2013 demand, funding and infrastructure \u2013 significant delays and cancellations have plagued the German hydrogen development pathway.[\/vc_column_text][image_with_animation image_url=”16426″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]\n

Key Delays & Cancellations For German Hydrogen Market Since November 2023
\nSource: Westwood Hydrogen<\/h6>\n[\/vc_column_text][vc_column_text]Notable stories include Germany\u2019s Federal Constitutional Court ruling in November 2023, which renders the use of \u20ac60bn of unused COVID-related debt for the Climate and Transformation Fund (CTF) as unconstitutional. The ruling has significant consequences, requiring the search for alternative sources of funding to support the hydrogen strategy and industrial decarbonisation programmes, or a scaling back of spending altogether.<\/p>\n

Delays and revisions to demand-side and infrastructure targets have also been prevalent, with the reduction of planned subsidies in August 2023 from the CTF to construct 23.8GW of hydrogen sprinter (plants that convert pure hydrogen or ammonia to electricity), hybrid (combined renewable power, hydrogen storage and H2<\/sup> power plant), and hydrogen-ready gas power plants, to the updated target of only 10GW of hydrogen-ready plants in February of this year. The planned construction of the \u20ac20bn 9,700km hydrogen pipeline network has also been delayed by five years to 2037, which raises eyebrows on Germany\u2019s ability to meet its import expectations by 2030, with more near-term project developments in question \u2013 Salzgitter and Uniper have recently forged a preliminary agreement for the supply of green hydrogen, set to commence in 2028. The collaboration emphasises the need for a pipeline connection between Uniper’s 1GW Green Wilhelmshaven project and Salzgitter, a necessity underscored in a joint statement released in April, where both parties expressed an urgency to establish this vital link as quickly as possible.<\/p>\n

Further delays will only put Germany\u2019s ability to achieve its hydrogen targets at even greater risk in what is an already uncertain environment where ambition can start to turn in the direction of infeasibility. Great ambition requires ongoing accelerated progress – Are Germany\u2019s ambitions out of reach?[\/vc_column_text][vc_column_text][1]<\/a> Westwood\u2019s Hydrogen Project Certainty Assessment provides the likelihood that a project will reach FID based on nine criteria and categorised into three project certainty statuses: Risked, Possible and Probable.<\/em>
\n[2]<\/a> German National Hydrogen Strategy<\/em>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][nectar_animated_title heading_tag=”h6″ style=”color-strip-reveal” color=”Accent-Color” text=”Key Northwest European Project Watch”][vc_column_text]Key project announcements and developments in April[\/vc_column_text][vc_table][align-left]Project,[align-left]Update|[align-left]AquaPrimus,[align-left]RWE%E2%80%99s%20pilot%20project%2C%20part%20of%20the%20wider%2010GW%20AquaVentus%20initiative%2C%20was%20excluded%20from%20the%20third%20round%20of%20IPCEI%20funding.|[align-left]Skipavika,[align-left]Skiga%20secured%20financial%20support%20for%20its%20117MW%20project%20in%20Skipavika%2C%20Norway%2C%20from%20the%20European%20Hydrogen%20Bank%2C%20with%20a%20winning%20bid%20of%20%E2%82%AC0.48%2Fkg.%20The%20produced%20hydrogen%20will%20be%20used%20to%20manufacture%20around%20100ktpa%20of%20ammonia.|[align-left]Green%20Wilhelmshaven%3B%20SALCOS,[align-left]Salzgitter%20AG%20and%20Uniper%20have%20entered%20into%20a%20preliminary%20contract%20for%20the%20annual%20supply%20of%20up%20to%2020kt%20of%20hydrogen%20starting%20in%202028%20from%20Uniper%E2%80%99s%20new%20200MW%20electrolysis%20plant%20in%20Wilhelmshaven%20to%20Salzgitter%E2%80%99s%20SALCOS%20programme%2C%20which%20aims%20to%20produce%20green%20steel.|[align-left]MosaHYc,[align-left]A%20final%20investment%20decision%20(FID)%20has%20been%20taken%20on%20the%20%E2%82%AC100mn%20Franco-German%20hydrogen%20pipeline%20project%2C%20MosaHYc%2C%20which%20is%20scheduled%20to%20be%20commissioned%20in%202027.%20FID%20is%20still%20dependent%20on%20state%20funding%20from%20the%20German%20government%2C%20according%20to%20gas%20network%20operator%20Creos%20Deutschland.|[align-left]H2Maasvlakte,[align-left]Uniper’s%20flagship%20green%20hydrogen%20project%20in%20the%20Netherlands%20is%20experiencing%20delays%2C%20pushing%20the%20first%20100MW%20phase%20to%202028%2C%20two%20years%20later%20than%20planned.%20Primary%20reasons%20include%20the%20failure%20to%20secure%20a%20power%20purchase%20agreement%20(PPA)%20and%20inadequate%20offshore%20wind%20availability.%20Consequently%2C%20Uniper%20had%20to%20return%20subsidies%20granted%20by%20the%20EU%2C%20as%20a%20PPA%20was%20a%20condition%20for%20receiving%20the%20grant.[\/vc_table][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]If you have any project updates that you would like to share with Westwood’s Hydrogen team, please contact Jun using the contact details below.<\/p>\n

Jun Sasamura,<\/strong> Senior Analyst \u2013 Hydrogen<\/em>
\njsasamura@westwoodenergy.com<\/a>[\/vc_column_text][divider line_type=”Full Width Line” line_thickness=”1″ divider_color=”default” custom_height=”50″][divider line_type=”No Line”][vc_column_text]View all issues of Hydrogen Compass here:<\/strong>[\/vc_column_text][nectar_btn size=”medium” button_style=”regular” button_color_2=”Accent-Color” icon_family=”none” text=”Hydrogen Compass Listing” url=”https:\/\/www.westwoodenergy.com\/subsectors\/hydrogen\/hydrogen-compass”][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#3756a5″ scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” id=”form” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” gradient_type=”default” shape_type=””][vc_column column_padding=”padding-3-percent” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid” column_padding_type=”default” gradient_type=”default”][nectar_animated_title heading_tag=”h6″ style=”color-strip-reveal” color=”Accent-Color” text=”Sign-up to receive the latest Hydrogen insights”][vc_raw_html css=””]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[\/vc_raw_html][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

Westwood\u2019s monthly digest covering Northwest Europe\u2019s latest hydrogen market and project developments<\/p>\n","protected":false},"author":6,"featured_media":16531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,430,471,555,791,551],"tags":[605,354,606,604,660,509],"class_list":{"0":"post-16416","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-energy-transition","9":"category-energy-transition-insights","10":"category-hydrogen","11":"category-jun-sasamura","12":"category-new-energies","13":"tag-blue-hydrogen","14":"tag-energy-transition","15":"tag-green-hydrogen","16":"tag-hydrogen","17":"tag-hydrogen-scale-up","18":"tag-renewable"},"acf":[],"yoast_head":"\nHydrogen Compass - May 2024 - Westwood<\/title>\n<meta name=\"description\" content=\"This month, we will focus on the latest developments from the European Hydrogen Bank, delve into the persistent challenges surrounding offshore hydrogen, and shed light on the ongoing delays facing the German hydrogen market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.westwoodenergy.com\/subsectors\/hydrogen\/hydrogen-compass-may-2024\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hydrogen Compass - May 2024 - Westwood\" \/>\n<meta property=\"og:description\" content=\"This month, we will focus on the latest developments from the European Hydrogen Bank, delve into the persistent challenges surrounding offshore hydrogen, and shed light on the ongoing delays facing the German hydrogen market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.westwoodenergy.com\/subsectors\/hydrogen\/hydrogen-compass-may-2024\" \/>\n<meta property=\"og:site_name\" content=\"Westwood\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-10T11:44:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-16T09:25:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.westwoodenergy.com\/wp-content\/uploads\/2024\/06\/Webpage-Header-H2Compass.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oliver Solly\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oliver Solly\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.westwoodenergy.com\/subsectors\/hydrogen\/hydrogen-compass-may-2024\",\"url\":\"https:\/\/www.westwoodenergy.com\/subsectors\/hydrogen\/hydrogen-compass-may-2024\",\"name\":\"Hydrogen Compass - 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