Decahydron Hydrogen Index · DHI

What hydrogen from natural gas costs today

–$/kg
 
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How it is calculated: the gas and the carbon it takes to make one kilogram of hydrogen by steam-methane reforming, at today’s European market prices: (0.08 × TTF gas + 0.0095 × EU carbon allowance) × EUR/USD. Updated every business day after the European market close. Natural hydrogen from the ground needs neither.

What is your hydrogen really worth?

Do you know how much carbon-free hydrogen is worth?At least what it replaces. Every kilogram of clean hydrogen displaces a kilogram of grey hydrogen, and with it the gas it burns and the carbon it emits. The DHI puts a daily number on that.
And what does your dirty hydrogen really cost?Grey hydrogen looks cheap until the carbon is counted. Made from natural gas, every kilogram releases around 9.5 kg of CO₂. In Europe that carbon has a price, and your hydrogen carries it whether you see it on the invoice or not.

How the DHI is calculated

The DHI is the cost of the two things that go into one kilogram of hydrogen made from natural gas by steam-methane reforming, at today’s European market prices. No margin, no discount, no assumptions about who buys it.

The gas
0.08 MWh × TTF

The natural gas burned and reformed per kilogram of hydrogen, priced at the Dutch TTF hub, Europe’s benchmark.

The carbon
0.0095 t CO₂ × EUA

The CO₂ released per kilogram of hydrogen, priced at the EU Emissions Trading System allowance.

In dollars
× EUR/USD

Converted at the day’s exchange rate, so it compares directly with hydrogen prices quoted in $/kg.

DHI ($/kg) = (0.08 × TTF + 0.0095 × EUA) × EUR/USD

Updated every business day after the European market close, from the day’s settlement prices.

Natural hydrogen: what it costs to produce

The cost of natural hydrogen falls steeply with the rate a well can deliver, and it depends on how pure the gas is when it reaches the surface. Lower purity means less hydrogen per unit of gas, and more to separate out.

Independent studies put well-sited natural and geologic hydrogen at around half a dollar per kilogram, a fraction of today’s grey hydrogen.

Natural hydrogen production cost against production rate, by hydrogen purity Cost falls steeply as the well's production rate rises, and is higher at lower hydrogen purity. Reference lines show the Stanford estimate, the Wood-validated cost, the green hydrogen range and today's grey hydrogen price from the DHI.
100% H₂ at the wellhead90% H₂80% H₂Grey H₂ today (DHI)

Illustrative cost curves: the same well and processing cost per unit of gas, divided over less hydrogen as purity falls, plus the cost of purification. Shale gas well rates are shown for scale. The grey hydrogen line is today’s DHI.

The evidence

Stanford University · International Journal of Hydrogen Energy, 2025Techno-economic analysis of natural and stimulated geological hydrogen
$0.54/kg

Mathur, Moise, Aydin and Mukerji estimate natural geological hydrogen in the United States at $0.54/kg, and stimulated hydrogen at $0.92/kg. Wellhead purity and flow rate are the main cost drivers.

doi.org/10.1016/j.ijhydene.2025.150872
Wood · press release, 22 September 2026Wood validates hydrogen at $0.56/kg from depleted oil reservoirs
$0.56/kg

An independent techno-economic assessment by Wood for Eclipse Energy’s RenovaStrata H₂ found a levelised cost as low as $0.56/kg, with a carbon intensity of 0.076 kg CO₂e per kg of hydrogen.

Read the press release

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Talk to us about hydrogen from the ground, priced against the DHI rather than against the gas market.

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