Downloaded from Capital IQ by Michael Bond (
[email protected]) at S&P Global Market Intelligence Inc. on Thursday Feb 25 2021 12:18:30 AM, Sessionid:mkkfvya5qfganwbs4xuhec1o Europe Equity Research 23 February 2021 EMEA Hydrogen A revolution in need of realism; separating the opportunity from the optimism Alternative Energy - Hydrogen Patrick Jones AC (44-20) 7742-5964
[email protected] Bloomberg JPMA PJONES <GO> J.P. Morgan Securities plc ESG & Sustainability Research Jean-Xavier Hecker AC (33-1) 4015 4472
[email protected] J.P. Morgan Securities plc European Autos Jose M Asumendi (44-20) 7742-5315
[email protected] J.P. Morgan Securities plc CEEMEA Oil & Gas Alex Comer (44-20) 7134-5945
[email protected] J.P. Morgan Securities plc European Utilities Javier Garrido (34-91) 516-1557
[email protected] J.P. Morgan Securities plc US OFS Sean C Meakim, CFA (1-212) 622-6684
[email protected] We believe a Hydrogen Revolution is quickly gathering momentum to J.P. Morgan Securities LLC drive energy transition across several ‘hard-to-abate’ sectors. However, European OFS investors should also be wary of over-optimism given H2 adoption for James Thompson some end-uses appears more challenging and less economic vs other low (44-20) 7134-5942
[email protected] CO2 alternatives. Our proprietary policy and economic analysis shows J.P. Morgan Securities plc green H2 could be cost competitive across most regions by 2030E, but blue H2 could be lower cost in North America.