FINWIRES · TerminalLIVE
FINWIRES

Policy Support Needed for Low-Emission Hydrogen Sector to Move Forward, IEA Says

By

Governments should bolster low carbon hydrogen production capacity as one way to increase both energy and food security, as investment in the fuel starts to flag over its relatively high cost, the International Energy Agency said on Thursday.

The Middle East conflict has disrupted global production of hydrogen-based products, the agency said in a summary of a new report, something which jeopardizes stability in the production of fertilizer, oil refining and chemicals production.

Although the crisis has also increased interest in hydrogen and hydrogen-based fuels as options to bolster energy security, low-emission hydrogen is not currently available at a scale that would make it a back-up in a period of crisis, the IEA said.

Global hydrogen demand exceeded 100 million tonnes in 2025, but low-emission hydrogen, despite 20% growth in a year, accounted for only 1 million tons of that volume.

Low-carbon hydrogen's high cost, uncertain demand, complex regulations and lack of infrastructure remain barriers to its development and will hamper the achievement of governmental 2030 emission targets for some countries as a result.

IEA Executive Director Fatih Birol said that the crisis, whose resolution is not yet certain pending confirmation of a reopened Strait of Hormuz waterway, underscores how dependent economies worldwide are on hydrogen-based products, for fertilizer, fuel and industrial feedstocks.

He said low-emission hydrogen can make energy flows more resilient and diversified but that its development will need to accelerate with much stronger policy support "before it can make a meaningful contribution at scale".

The Middle East accounts for about one sixth of global hydrogen production and it has a significant role in the trade in ammonia, urea, methanol and refined products, the report said.

Urea prices for one, doubled between January and May due to the Iran war, while natural gas prices rose and export restrictions limited availability. The knock-on increase in fertilizer costs is a risk for food production, particularly in import-dependent economies with a large farming sector.

While low-emission hydrogen production will climb to a new record in 2026, this will take it only above 1% of total hydrogen. Weaker investment momentum in hydrogen in 2025 will slow low-emission hydrogen's growth, the report notes.

The pipeline of projects for low-emissions hydrogen due by 2030 has actually shrunk by one quarter, due to project cancellations or delays, given its relatively higher cost versus more carbon-intensive sources of hydrogen.

The pipeline of projects likely to become operational by 2030 has decreased to just above 6 million tonnes, down from 10 million in an assessment last year.

There is also doubt in terms of demand, with only about 20% of newly-signed volumes backed by firm offtake agreements. Developers say this has given them pause for thought over new investments, the report said.

China still holds the leading position in electrolyser capacity development, claiming about 75% of the four gigawatts of new installations in 2025 globally.

Policy support is sustaining momentum in Europe to an extent, particularly in terms of hydrogen's use in refining but slow implementation of regulations is delaying investment.

There are also signs of growth emerging in North America, India and Japan but uncertainty remains over regulations, incentives and future demand.

Related Articles

Commodities

Clean Energy Fuels Wins 2 Puerto Rico LNG Contracts Supporting 10 MW of Power Capacity

Clean Energy Fuels (CLNE) secured two contracts in Puerto Rico to support 10 megawatts of installed power capacity through liquefied natural gas infrastructure projects, the company said Tuesday.The agreements mark Clean Energy's first LNG supply infrastructure projects in Puerto Rico and expand the company's energy services business beyond its traditional transportation fuel market.One contract covers LNG station equipment and installation for a global healthcare products supplier, which selected natural gas infrastructure to support reliable power for its pharmaceutical manufacturing operations.Separately, Clean Energy signed an agreement with PR Energy Partners to design and construct an LNG supply station to serve a 6 MW combined heat and power plant that supports residential and hotel properties in Puerto Rico.The company said the two projects will provide energy security and resiliency for both customers' operations in Puerto Rico."Being chosen as the trusted partners and experts in natural gas and LNG supply systems is a confirmation of our expansion into different energy services," Sean Columbia, general manager of CE Technologies at Clean Energy, said."These projects demonstrate the reliability and scalability of our engineered LNG solutions and will help strengthen energy resilience on the island," Columbia added.Clean Energy said its modular LNG infrastructure can provide primary and backup power for applications including manufacturing facilities, hospitals, data centers, ports, industrial sites and power generation projects, while offering lower emissions than diesel and fuel oil.

$CLNE
Commodities

US Natural Gas Update: Futures Fall as Tropical Storm Threatens Gulf Coast LNG Exports

US natural gas markets are weighing the potential impact of Tropical Storm Arthur on Gulf Coast LNG exports, while cooler-than-expected weather and a sizable storage build are adding downward pressure on prices.The front-month Henry Hub contract and the continuous contract fell by 2.50% to $3.158 per million British thermal units.Tropical Storm Arthur, the first named storm of the Atlantic hurricane season, is expected to bring heavy rainfall to portions of the US Gulf Coast on Wednesday, including areas that host major LNG export facilities, multiple news outlets reported. According to the National Hurricane Center, the storm was located west-southwest of Lake Charles, Louisiana, on Wednesday afternoon and was moving northeast.While forecasters do not expect Arthur to strengthen significantly, the storm is expected to bring dangerous flash flooding across parts of the Gulf Coast. The National Hurricane Center said rainfall totals of 5 to 10 inches (12.7 to 25.4 centimeters) are expected through early Friday, with isolated areas potentially receiving up to 20 inches.Any disruption to liquefaction facilities could temporarily reduce overseas shipments of US natural gas, leaving more supply available in the domestic market and weighing on prices.Longer-term weather forecasts are also contributing to bearish sentiment. Commodity Weather Group said forecasts have shifted toward cooler conditions, with below-average temperatures expected across much of the Midwest through June 26, potentially reducing demand for electricity used for air conditioning.Meanwhile, traders are preparing for another strong weekly storage injection. The US Energy Information Administration's storage report, due Thursday, is expected to show an increase of roughly 80 billion cubic feet for the week ended June 12, according to market estimates. That would exceed the five-year average build of 73 Bcf for the period.A Wall Street Journal survey projected an average storage increase of 82 Bcf, with analyst estimates ranging from 66 Bcf to 117 Bcf, the Energy Buyers Guide said Wednesday. A build near consensus levels would expand the surplus of natural gas inventories relative to the five-year average to about 160 Bcf, up from 151 Bcf the previous week. However, inventories would remain roughly 20 Bcf below year-ago levels, compared with a deficit of 5 Bcf a week earlier, it said.Market data also pointed to ample supply. BNEF estimates, cited by Barchart, show US dry gas production at 110.1 Bcf/d on Wednesday, up 2.2% from a year earlier.Domestic gas demand was estimated at 69.4 Bcf/d, down 5.9% from the same period last year. Power sector demand softened as well. Celsius Energy estimated natural gas consumption by power generators at 23.2 Bcf late Wednesday, down 1.2 Bcf from the previous day and 2.3 Bcf below year-earlier levels.LNG demand remained strong despite storm concerns. BNEF estimated net gas flows to US LNG export terminals at 19.5 Bcf/d on Wednesday, up 12.9% from the previous week.

Commodities

PJM Capacity Market Needs Reset as New Gas Project Returns Weaken, Enverus Says

PJM's current capacity market structure does not provide sufficient economics to support new gas-fired generation at today's construction costs, Enverus said Wednesday.Enverus Intelligence Research, or EIR, said capital costs for new combined-cycle gas turbine projects have increased sharply from about $1,000 per kilowatt before 2024 to between $2,000/kW and $3,000/kW today.At current construction costs, merchant gas projects in PJM struggle to generate double-digit returns. EIR said returns drop below 10% once capital spending reaches $2,000/kW, while debt coverage metrics also come under pressure.Long-duration bilateral agreements could help finance some new projects, particularly where development costs remain near $2,000/kW, according to EIR.Even with capacity prices held at PJM's current market cap during the first 15 years of operation, developers face financing challenges when project costs rise to $2,500/kW or more, the report found.EIR's sensitivity analysis showed a plant costing $2,500/kW would require capacity prices of roughly $500/MW-day to reach commercially viable financing levels, well above PJM's existing cap of $333.44/MW-day."PJM needs new dispatchable capacity, but the economics of building it have moved faster than the market design," Principal Analyst Scott Wilmot said. "Bilateral contracts and capacity-market parameters will need to reflect the true cost of new entry, or developers may continue to favor existing assets over greenfield projects."