10 MW running 4,818 h/yr produces 884 t of hydrogen a year at a levelized cost of 4.52 €/kg (biggest component: Electricity). That is below your 6 €/kg sale price, so the margin is positive.
Hydrogen production
884t/yr
2,422 kg/day average · 183 kg/h at full load
Levelized cost (LCOH)
4.52€/kg
136 €/MWh (LHV)
Electricity used
48.2GWh/yr
54.5 kWh/kg incl. degradation
Efficiency
61.2%
LHV · 72.3% HHV
Water consumption
13,262m³/yr
15 L/kg (stoichiometric 8.9)
Oxygen by-product
7,020t/yr
Stack replacements
1
every 16.6 years (80,000 h)
Total capex
€16,000,000
1,600 €/kW
Project NPV at sale price
€15,247,042
6 €/kg, 7% WACC
CO₂ avoided vs grey H₂
8,841t/yr
≈10 kg CO₂ per kg from unabated SMR
Equivalent uses
7,368 FCEVs
or 5,013 t ammonia · 2,959 m³ diesel-equivalent
Electrolyzer technologies (typical 2023–2025 values)
| Technology | System kWh/kg | Efficiency (LHV) | Stack life (h) | Installed capex (€/kW) | Notes |
|---|---|---|---|---|---|
| Alkaline (AEL) | 50–55 | 61–67% | 60,000–90,000 | 1,400–2,000 | mature, cheapest, slower ramping |
| PEM | 52–58 | 57–64% | 50,000–80,000 | 1,700–2,500 | compact, fast response, uses iridium/platinum |
| SOEC | 37–42 + heat | 75–85% | 20,000–40,000 | 2,500–4,000+ | high temperature, best with waste heat/steam |
| AEM | 50–57 | 58–66% | <30,000 | early market | no PGMs, small units |
- LCOH = (capex × CRF + PV of stack replacements × CRF + O&M + electricity + water + heat) ÷ kg per year. Taxes, grid fees, storage, transport and subsidies are excluded.
- Real plants rarely run at a flat capacity factor. On variable renewables, minimum-load limits and ramping cut output, while buffer storage or a grid top-up raises utilisation.
- Capex ranges are wide and moving fast, and Chinese alkaline systems are quoted far below Western installed costs. Check the latest IEA Global Hydrogen Review figures.