Hydrogen's Real Market Is Measured in Mass, Not Energy Units

Global hydrogen demand surpassed 100 million tonnes in 2025, with nearly all consumption occurring in traditional industrial sectors like refining and ammonia production. The article argues that converting hydrogen volumes to megawatt-hours obscures the fact that buyers purchase it by weight as a chemical feedstock. While exchanges like EEX convert prices to €/MWh for comparison with electricity and gas, that framing does not change the underlying market dynamics.