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Energy Crisis in Europe Surges Hydrogen Gas Prices

Energy Crisis in Europe Surges Hydrogen Gas Prices

Energy Crisis in Europe Surges Hydrogen Gas Prices

  • 19-Oct-2022 6:40 PM
  • Journalist: Bob Duffler

Hydrogen Gas prices in the European market continued to rise because of the natural gas shortage. An increment in the price of Hydrogen Gas by nearly 4% was observed in the Netherlands market. The European Union must come forward with a plan to stabilize the energy crisis. One notable exception that might keep the European Union dependent on natural gas and energy costs is high. The European Commission has updated the energy policies since Russia started cutting off the gas supply to Europe.

According to the European Commission, the demand for the required gases has declined. This reduction is further anticipated to follow the southward momentum, and a decline of 60% may occur in the next five years. In June, the European Commission brought up the REPowerEU energy plan. According to the program, the European Union will bring out strategies for energy conservation, clean energy production, and supply diversification. Additionally, some European countries have increased building retrofit programs and accelerated the banning of gas boilers, which will drastically cut the demand for natural gas.

As per the European Commission, Hydrogen Gas is one of the least demanded gases in Europe. Hence, some efforts to introduce Hydrogen gas as part of the package's plans to move away from gas have been severely hampered. According to the data, around 99% of the Hydrogen gas produced is derived from fossil sources, primarily natural gas in Europe. When less expensive, more effective alternatives are available, no European government will waste inadequate gas on such an ineffective technology for creating Hydrogen.

According to ChemAnalyst, the European Commission will not contribute much to saving Hydrogen Gas prices and will focus more on utilizing other essential gases. The concept of producing Hydrogen Gas from fossil fuels has become outdated, and green Hydrogen is not a great plan.

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