Green hydrogen and other power-to-X projects may struggle to prove creditworthiness
Green hydrogen competes with big business for renewable PPAs
Corporate and utility buyers are seen as more credible counterparties in increasingly competitive market
Green hydrogen projects could find it difficult to source additional renewable electricity supply owing to growing competition for power purchase agreements (PPAs). Rather than adding to the investment case for new subsidy-free renewables projects, green hydrogen and other power-to-X projects may struggle to prove creditworthiness in comparison to large corporates and utilities. “Renewables in general are already in a post-subsidy world,” says Rommero Carrillo, business development director at PPA software and advisory firm Pexapark. “In a lot of mature markets, projects are coming off without subsidies and with just PPAs. In more developed markets, we are even seeing merchant assets coming
Also in this section
5 December 2025
European Commission highlights rapid growth of Chinese production this year, as it retains strict procurement rules in latest European Hydrogen Bank subsidy auction
2 December 2025
Oil major cites deteriorating demand and a planning debacle as it abandons one of UK’s largest blue hydrogen projects
1 December 2025
Project at Emden in northwest Germany due online in 2027, but wider ramp-up of clean hydrogen sector in Germany will require overhaul of government policy, company warns
25 November 2025
The northwest African country’s vision of integrating green power, molecules and steel is alive and kicking, and serves as a reminder of hydrogen’s transformative potential
