Equinor, RWE Partner On Hydrogen Supply Chain To Help Germany Ease Out Coal Dependency

Equinor ASA EQNR has partnered with the German energy company RWE AG RWEOY to jointly develop large-scale value chains for low carbon hydrogen.
The partners aim to replace coal fired power plants with hydrogen-ready gas fired power plants in Germany.
They will also build production of low carbon and renewable hydrogen in Norway to be exported to Germany through pipelines.
The construction of new gas power plants (CCGTs) will contribute to Germany's phase-out roadmap for coal.
Equinor and RWE will jointly own the CCGTs, which initially will be fueled with natural gas and then gradually use hydrogen as fuel.
The parties will jointly develop offshore wind farms that will enable production of renewable hydrogen as fuel for power and other industrial customers in the future.
"Through this collaboration we will strengthen the long-term energy security for Europe's leading industrial country while at the same time offer a viable route to a necessary energy transition for hard to abate industries," said Equinor CEO Anders Opedal.
Price Action: EQNR shares are trading lower by 0.31% at $31.76 in premarket on the last check Thursday.
Photo Via Company

Overview Rating:

Good

0100