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RENEWABLES: Germany Ditches €350mn for Hydrogen Projects

RENEWABLES
CEEMEAEurozoneEnergy BulletsGermanyBulletPower BulletsCommodities

Germany has dropped its plans to finance €350mn for the construction of hydrogen projects in the country as the EC and the government failed to agree on terms, according to Bloomberg.

  • The decision was made as there were “very tight specifications,” the country’s Economy Ministry said in an email explaining the decision.
  • Germany was permitted to distribute its subsidies to bidders that lost out in the first EU bidding process in April – with a price ceiling set at €1.44/kg.
  • However, many firms suggested that this was too low amid high domestic power prices.
  • “While we understand that the cap has been introduced to avoid over-funding projects and distorting the market, it has not been helpful for German companies,” said Kerstin Andreae, chair of the country’s BDEW energy association.
  • The funds will instead go into the building of other renewable projects or back into the state budget.
  • The country plans to install 10GW of hydrogen capacity by the end of the decade.
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Germany has dropped its plans to finance €350mn for the construction of hydrogen projects in the country as the EC and the government failed to agree on terms, according to Bloomberg.

  • The decision was made as there were “very tight specifications,” the country’s Economy Ministry said in an email explaining the decision.
  • Germany was permitted to distribute its subsidies to bidders that lost out in the first EU bidding process in April – with a price ceiling set at €1.44/kg.
  • However, many firms suggested that this was too low amid high domestic power prices.
  • “While we understand that the cap has been introduced to avoid over-funding projects and distorting the market, it has not been helpful for German companies,” said Kerstin Andreae, chair of the country’s BDEW energy association.
  • The funds will instead go into the building of other renewable projects or back into the state budget.
  • The country plans to install 10GW of hydrogen capacity by the end of the decade.