SMM Weekly Review of Electrolytic Water Hydrogen Production Costs: March 27, 2025

Published: Mar 27, 2025 14:00

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The cost of hydrogen production via water electrolysis remained stable this week. Considering the general range of electricity prices in the national power grid in March was 0.4-0.7 yuan/kWh, the corresponding hydrogen production cost was concentrated between 5.38-7.2 yuan/m³. In a few areas of north-west China, the power grid electricity prices were lower, ranging from 0.49-0.55 yuan/kWh, resulting in relatively lower hydrogen production costs in these regions, with an average price range of 4.76-5.98 yuan/m³.

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

The following is an overview of the average prices of hydrogen production via water electrolysis in various 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 generation prices in some regions, and labor costs. Therefore, the above cost data is for reference only.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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