Wasserstoff-Wende: Make-or-Break-Faktoren für P2X

Hydrogen and Power-to-X Projects Does P2X Have That Certain "Something"? These Three Factors Make Hydrogen Projects Successful

2026-06-15 Source: EY/VDMA 3 min Reading Time

ERNST & YOUNG GmbH Wirtschaftsprüfungsges. Steuerberatungsges.

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Wasn't there something about hydrogen? For a while, it seemed as if – at least in industry – nothing could move forward without the green "miracle gas." Today, disillusionment prevails in many places. Will the hydrogen transition actually happen? Here are the make-it-or-break-it factors for P2X projects…

In theory, hydrogen can do (almost) everything. However, in practice, the 'miracle gas' is falling short of expectations. Is this just a case of teething troubles, or is the situation more serious?(Source: frei lizenziert / Pixabay) — In theory, hydrogen can do (almost) everything. However, in practice, the 'miracle gas' is falling short of expectations. Is this just a case of teething troubles, or is the situation more serious?
(Source: frei lizenziert / Pixabay)

The miracle substance hydrogen – it wasn't long ago that no task seemed too difficult for the lightest element in the periodic table. And today? Today, many projects are falling short of expectations, according to strategy consultancy EY-Parthenon and the VDMA. Many project plans were based on overly optimistic assumptions – low electricity prices, high full-load hours, and rapid permitting processes.

In the meantime, reality has proven to be significantly more demanding. Electricity prices remain volatile, grid connections are delayed, and capital costs have risen. The result: The market is consolidating. Projects without a resilient economic foundation are losing momentum, while ventures with substantial location, infrastructure, or off-take advantages are prevailing, explain the authors of the Power-to-X Barometer.

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