[SMM Weekly Review on the Cost of Hydrogen Production via Electrolysis of Water] 2025-03-13

This week, the cost of hydrogen production via water electrolysis remained stable, with a slight decrease due to declining electricity prices. Considering that the nationwide power grid electricity prices in March generally ranged from 0.4 to 0.7 yuan/kWh, the corresponding hydrogen production cost via water electrolysis was concentrated between 5.38 and 7.2 yuan/m³. In a few areas of north-west China, power grid electricity prices were relatively low, ranging from 0.49 to 0.55 yuan/kWh, resulting in lower hydrogen production costs in these regions, with an average price range of 4.76 to 5.98 yuan/m³.

In the hydrogen trading market, the circulation volume of hydrogen produced via water electrolysis was relatively low, and delivery prices showed no significant changes. According to frontline survey data, the price range for hydrogen produced via water electrolysis (including subsidies and transportation costs) in Beijing was 9.5 to 12.5 yuan/m³, while in Yunnan, the price ranged from 8.0 to 9.2 yuan/m³ (also including transportation costs), with transportation costs accounting for approximately 25% to 30%.

Below is an overview of the average prices of hydrogen produced via water electrolysis across provinces:

Shanghai: 6.84 yuan/m³

Jiangsu: 6.47 yuan/m³

Beijing: 6.4 yuan/m³

Tianjin: 7.0 yuan/m³

Hebei: 6.53 yuan/m³

Shanxi: 6.02 yuan/m³

Inner Mongolia: 5.3 yuan/m³

Liaoning: 6.37 yuan/m³

Jilin: 6.77 yuan/m³

Heilongjiang: 6.25 yuan/m³

Zhejiang: 6.28 yuan/m³

Anhui: 6.48 yuan/m³

Fujian: 6.17 yuan/m³

Jiangxi: 6.7 yuan/m³

Shandong: 6.86 yuan/m³

Henan: 6.99 yuan/m³

Hubei: 6.63 yuan/m³

Hunan: 6.98 yuan/m³

Guangdong: 6.6 yuan/m³

Guangxi: 5.81 yuan/m³

Chongqing: 7.2 yuan/m³

Hainan: 6.93 yuan/m³

Sichuan: 6.92 yuan/m³

Guizhou: 6.41 yuan/m³

Yunnan: 5.36 yuan/m³

Shaanxi: 5.75 yuan/m³

Gansu: 5.09 yuan/m³

Qinghai: 4.86 yuan/m³

Ningxia: 4.84 yuan/m³

Xinjiang: 5.08 yuan/m³

Please note that the cost of hydrogen production via water electrolysis is influenced by various factors, including equipment utilization hours, renewable energy electricity prices in certain regions, and labor costs. Therefore, the above cost data is for reference only.