SMM Weekly Review of Electrolyzed Water Hydrogen Cost: April 24, 2025

The cost of hydrogen production via water electrolysis showed relatively small changes this week. The mixed fluctuations in power grid electricity prices led to minor variations in hydrogen production costs, but the overall change was relatively small. In April, electricity prices in Beijing, Shanghai, Guangzhou, Shenzhen, and eastern regions generally increased by 0.01-0.06 yuan/kWh, driving up the cost of hydrogen production via electrolysis by 0.01-0.05 yuan. In northern and western regions, electricity prices decreased, but the reduction was limited, with a maximum decrease of 0.01 yuan/kWh, leading to a maximum reduction of 0.4 yuan/m³ in hydrogen production costs. Based on this, the cost of hydrogen production via electrolysis in April generally ranged from 5.5 to 6.5 yuan/m³, while in regions with electricity prices below 0.4 yuan/kWh, the cost was 4.8 yuan/m³.

In the hydrogen trading market, the circulation of hydrogen produced via electrolysis was limited, and delivery prices showed no significant changes. According to first-hand survey data, the price range for hydrogen production via electrolysis in Beijing (including subsidies and transportation costs) 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 production via electrolysis by province:

Shanghai: 6.85 yuan/m³

Jiangsu: 6.48 yuan/m³

Beijing: 6.45 yuan/m³

Tianjin: 6.74 yuan/m³

Hebei: 6.33 yuan/m³

Shanxi: 5.47 yuan/m³

Inner Mongolia: 5.34 yuan/m³

Liaoning: 6.36 yuan/m³

Jilin: 7.01 yuan/m³

Heilongjiang: 6.35 yuan/m³

Zhejiang: 6.34 yuan/m³

Anhui: 6.48 yuan/m³

Fujian: 6.3 yuan/m³

Jiangxi: 6.69 yuan/m³

Shandong: 6.71 yuan/m³

Henan: 6.8 yuan/m³

Hubei: 6.46 yuan/m³

Hunan: 6.98 yuan/m³

Guangdong: 6.26 yuan/m³

Guangxi: 5.84 yuan/m³

Chongqing: 7.2 yuan/m³

Hainan: 6.99 yuan/m³

Sichuan: 6.89 yuan/m³

Guizhou: 6.41 yuan/m³

Yunnan: 5.45 yuan/m³

Shaanxi: 5.73 yuan/m³

Gansu: 5.08 yuan/m³

Qinghai: 4.86 yuan/m³

Ningxia: 4.84 yuan/m³

Xinjiang: 5.05 yuan/m³

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