Quite sadly, the gap keeps narrowing and the energy bills—for those of us who have family in Europe—are quite high right now.
It's not only the war in Russia. It's also climate events and, in general, the possibility of other events that we in Canada cannot control, globally speaking. It's about diversifying the energy supply and the energy mix. I just wanted to make that point, very quickly.
I'm not able to give you a number in terms of how many cents per kilogram cheaper green hydrogen is becoming. Many elements are contributing to hydrogen getting cheaper. A gigafactory was announced in the U.S. by Plug Power, which will be operating next year. France invested $1.2 billion in a gigafactory in their territories. There are many factors influencing it. Now, there's going to be a hydrogen pipeline. It was just announced today in The Financial Times. It will be between Spain and France. Then there's the gas pipe that is not going to be built.
I don't have a number in terms of how many cents this is making green hydrogen more viable, but the gap is narrowing. When you think about it, the biggest factors that influence the price of green hydrogen are the costs of electricity and the costs of electrolyzers.
The capital costs of the electrolyzers and all of these things will go lower as the economies of scale increase. The price of electricity is also a matter of thinking about which jurisdictions you want to start producing the highest volumes first and where you have the best deal—if you will—on the price of electricity. Those are the two big indicators. Also, when the price of natural gas goes up, obviously the economics gets better.