April 2021 global hydrogen summary

2 Min Read

Compiled 04/05/2021

North American and European energy prices rose throughout April. In some locations, power and gas prices added more than 30%, approaching winter's highs.

As EUA futures continue their steady rise into May, blue hydrogen looks like the more attractive option for natural gas derived hydrogen in Europe.

Globally, the continually changing price differentials between cost benchmarks emphasises the importance of keeping a close eye on hydrogen production cost movements.


Throughout April, UK power and natural gas prices continued to rise. A particularly sharp increase at the end of the month saw all hydrogen cost benchmarks surpass winter averages.

For the sixth month in a row, EUA futures rose consistently, approaching €50/tonne. Blue hydrogen can now be cheaper to produce than grey, even when accounting for significantly higher capex.


German energy prices rose sharply during April - more than 20% across the board. As a result, all hydrogen cost benchmarks have reached new highs for the year.

The Netherlands

A small gap remains between Dutch and German blue & grey hydrogen but has narrowed with a greater increase in Dutch gas prices during April. A larger disparity remains for green hydrogen.


April has been a positive month for energy prices in Texas, leading to higher hydrogen cost benchmarks across the board. Grey hydrogen has fluctuated this year but remains within a range established since the end of 2020.

Green hydrogen costs have spiked more markedly due to a sudden increase in electricity prices, at one point even passing February's peak.


Volatile electricity prices jumped by more than 30% after a negative first quarter. This pushed green hydrogen benchmarks above $3 for the first time this year.


With increasing natural gas costs, Alberta's grey hydrogen cost benchmark rose above $1 for the first time in February.

Green hydrogen benchmarks increased steadily throughout April after a 50% crash in March.

Cost assessment figures have been redacted.

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Information correct at time of writing.

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