GaugeH₂ Iberian Green Hydrogen Cost Index
A reproducible, hash-anchored benchmark for the levelised cost of green hydrogen in the Iberian Peninsula.
Iberian (ES + PT) modeled LCOH index
€9.60/kg H₂
CF 50% · as-of 2026-11-09
A best-case wholesale floor, not a delivered cost. Why this is a floor →
Spain (ES)
€9.68/kg
Portugal (PT)
€9.52/kg
What this is
This index shows how the estimated cost of producing 1 kg of hydrogen changes when the wholesale electricity price changes. To keep the comparison consistent, it always uses the same reference plant: a 10 MW PEM electrolyser with a 50% capacity factor and constant technical and financial parameters.
The electricity price is updated every week with OMIE day-ahead market data. The index therefore tracks the impact of the electricity market on the LCOH, but it does not represent the final cost of a specific project, nor does it include all supply costs.
Wholesale price history
Daily OMIE day-ahead price for the Iberian market: baseload (simple daily mean) against the price-following floor (the cheapest 50% of hours, CF 0.50). The shaded gap is a best-case flexibility premium — a theoretical upper bound, not a delivered saving.
Verify a specific day. Iberian is the ES+PT mean — or to select and verify a specific day.
The flexibility premium (shaded) = baseload − price-following. It is a theoretical upper bound that assumes perfect price foresight — a best-case floor, not a saving a real plant achieves. Price-following averages the cheapest 50% of each day’s periods (CF 0.50); DST days keep their real 92/100 periods. The ES–PT spread (toggle) is the daily price-following difference — MIBEL market decoupling. Source: OMIE day-ahead market (omie.es). Modeled by GaugeH2 — not an official OMIE figure.
Capacity-factor band
| Capacity factor | Spain (ES) | Portugal (PT) | Iberian (ES + PT) |
|---|---|---|---|
| 40%3504 h/yr | 10.48 | 10.32 | 10.40 |
| 50%headline4380 h/yr | 9.68 | 9.52 | 9.60 |
| 60%5256 h/yr | 9.31 | 9.15 | 9.23 |
all values €/kg H₂
Provenance & verification
Methodology
index-v1.1
Window (30 delivery days)
2026-10-11 → 2026-11-09
methodology_sha256
6771d3bc624efb9c659452a5a336be8d9c6f4849c0018055a7e90b38e62d9b1b
content_sha256
6a751338b7d7c805d3edb84ffcdf9937fa971cef938866882b9c32b5cfecfdf7
This row is self-verifying: it stores the complete payload (zones, window, frozen plant parameters, and the per-snapshot OMIE chain of custody) that produced content_sha256. To verify the methodology anchor, download the doc and SHA-256 it — it must equal methodology_sha256 above: index-methodology-v1.1.md · .sha256.txt.
Methodology change on 11 Oct 2026 (index-v1.1): the discount rate of the reference plant moved from 8% (index-v1.0, no recorded source) to 6%, the default cost of capital of the European Hydrogen Observatory LCOH calculator. At €55/MWh and CF 50% this lowers the modeled LCOH from €6.78 to €6.39/kg. Values published under index-v1.0 keep their version and hashes; a series spanning both versions has a methodological step on that date, not a market move. See the methodology note (PDF).
Disclosures
- Modeled LCOH index of a reference PEM plant (frozen, public parameters), with OMIE day-ahead wholesale electricity as the sole variable input. It is not an all-in delivered cost, does not represent an RFNBO-compliant profile, and should be read as a complement to all-in indices.
- The electricity price is wholesale: it excludes access tariffs, balancing charges, taxes, and green premiums / Guarantees of Origin. The real delivered electricity cost is higher; the index underestimates it by design.
- best-case floor
The price-following rule assumes perfect price foresight: it is a best-case floor, not the cost a real plant achieves. - Electricity price: OMIE (day-ahead market). Index modeled by GaugeH2; not an official OMIE figure.
- Geographic scope: the Iberian Peninsula only — mainland Spain and mainland Portugal. The index does not model the island or other non-peninsular electricity systems (Balearic and Canary Islands, Ceuta, Melilla, Azores, Madeira), nor any other EU country.
Canonical disclosures (ES) live in the methodology document, anchored by methodology_sha256 above.
Data source & attribution
marginalpdbc) is used under free use with attribution per OMIE’s Aviso Legal (omie.es/es/aviso-legal). Coverage: 2026-10-11–2026-11-09. This index is modeled by GaugeH2 from OMIE prices — it is not an official OMIE figure and is not endorsed by OMIE.