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Projected green offshore hydrogen costs in Europe 2021

Published by Lucía Fernández, Jan 25, 2023
Green hydrogen produced at offshore wind farms could sell for a retail price of 5.1 euros per kilogram in 2021. Assuming current market conditions for producing hydrogen through electrolysers and storage at sea, green offshore hydrogen would be significantly more expensive than global average hydrogen production costs from fossil fuels such as natural gas and coal.
Late 2020 and early 2021 has seen announcements from various electric utilities and wind turbine manufacturers in Europe, planning to establish a market for hydrogen from offshore wind.

Projected breakeven power price and production costs of green hydrogen produced from offshore wind farms in Europe in 2021 and 2030* (in euros)

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Release date

January 2021

Region

Europe

Survey time period

2021

Supplementary notes

* Based on modeling by the source, with the following underlying assumptions for 2021: green hydrogen production at a 1GW offshore wind farm where half of its generated power goes towards producing hydrogen; breakeven power price of 85 euros per megawatt hour; proton exchange membrane (PEM) electrolysers; storage in offshore salt caverns for 70 euros per megawatt hour.

Underlying assumption for 2030: breakeven power price of 61 euros per megawatt hour; negligible change to salt cavern storage costs.

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