September 24, 2021

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UK hydrogen strategy welcome step for industry, but details needed for investment – S&P Global

The UK government's hydrogen strategy, published Aug. 17, will give the market confidence, i.......

The UK government’s hydrogen strategy, published Aug. 17, will give the market confidence, industry leaders said, but details will be needed as soon as possible for companies to make investment decisions on project feasibility.

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The strategy reinforces the government’s aim of developing 5-GW of low-carbon hydrogen by 2030, and launches consultations on market structure, carbon intensity measures and blending hydrogen into gas grids, as well as indicating roles for hydrogen in industry and transport.

But details on contracts for difference and a hydrogen production strategy will not be released until 2022.

The strategy “will definitely improve market confidence”, UK Hydrogen and Fuel Cell Association CEO Celia Greaves told S&P Global Platts. “But whether a project is feasible will depend on the detailed numbers. So we do need those as soon as possible.”

Equinor, which is developing one of the world’s first large-scale blue hydrogen projects at H2H Saltend in the UK, said: “The Strategy is a welcome step forward but, as expected, will not be enough to make final investment decisions.”

Greaves said the funding and subsidies required were hugely dependent on the types of business models the government brought forward, adding that targets for specific sectors could be useful once further details around that, the production strategy, market mechanisms and carbon standards were determined.

Siemens Energy UK and …….

Source: https://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/081721-uk-hydrogen-strategy-welcome-step-for-industry-but-details-needed-for-investment