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Green (electrolytic) hydrogen, electrolysers run on renewable power to split water into hydrogen. Not a regulated network but a spread business, and a hard one: the dominant cost is electricity, so the margin is the thin gap between the H2 price and the power needed to make it, an early-stage, often-subsidised, offtake-contracted asset. Pick a real project below and follow it through the development, the model and a working returns model.
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Drag the sliders to see what earns the money, the electrolyser size, the H2 price and the load factor (renewable availability), and watch the power cost, the dominant line, drain the spread.
Green hydrogen is a spread business, and an unusually hard one. An electrolyser turns electricity and water into hydrogen, and the engine is the gap between the H2 sale price and the cost of the electricity it consumes (~55 kWh per kg). Power is the dominant cost, typically most of the cost base, so the margin is thin and acutely power-cost-sensitive, lower than wind or solar. At a low H2 price or a high power price the spread collapses and EBITDA turns negative. That is why green H2 leans on a stack of support: capital grants (IPCEI), production credits (the IRA 45V PTC), and a contracted offtake floor (H2Global-style). The projects that work pair all of this with the cheapest possible renewable power, which is why MENA, Chile and Australia lead, and Europe leans hardest on subsidy.
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See also the Hydrogen project simulator, build and stress-test a green-H2 project, and the Cash-flow & DCF model.