Q3 2023 Financial Highlights & Renewable Capacity Update
Power-to-X: Renewable hydrogen & e-fuels updates for Q3 2023
Signals for significant market growth
STO
Critical regulatory developments in the EU
Critical regulatory success has been achieved in the EU by
getting visibility on the definition of renewable hydrogen and
with the introduction of binding targets for hydrogen in industry
and transport, mandates for e-fuels in shipping and aviation,
and introducing new direct funding instruments.
Ørsted Power-to-X (P2X) highlights during Q3 2023
FlagshipONE (FS1) maturation
Ground broken at the 50,000tpa
e-methanol Swedish project in May 2023.
Once operational in 2025, FS1 will be one
of the largest commercial-scale electrofuel
facilities in the world.
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Increasing ambitions at a national level
44 countries now have a hydrogen strategy with a combined
electrolyser target of approx. 115 GW by 2030. Germany
updated its national hydrogen strategy with ambitious plans
to double the electrolyser target to 10 GW by 2030 and
establish Germany as a hydrogen technology provider.
Tangible signs of hydrogen & e-fuels demand
Continued tangible signs of demand in shipping and steel
sectors (incl. steel majors taking FID on green steel
production equipment and >150 new dual-fuel methanol
fuelled container vessels on order); however, rate of
green hydrogen FIDs indicates caution on supply side.
Ørsted-P2X ambition and strategy
Announced our ambition to deliver +2 GW
gross electrolyser installed capacity by 2030
from a project pipeline of approximately 4
GW across priority markets.
Project development
Ørsted Power-to-X continues to mature
a pipeline of renewable hydrogen and e-
fuels projects, primarily building on a
foundation of project opportunities in
Northern Europe and North America.
Source: BNEF Global Hydrogen Strategy Tracker, S&P/IHS Markit, DNV Alternative Fuels Insight
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