There's a lot of excitement and news about green hydrogen becoming cost-competitive with blue hydrogen in the near term. I think there is some nuance and some context there that causes me to be somewhat more reserved in my excitement.
The first one is that we have to think about the context. For making green hydrogen from solar power, the costs are truly plummeting for solar power. Canada has a good solar resource, but not nearly as good as what the U.S. southwest has, for example. The cost of solar power here will never be as low as it is in the U.S. southwest.
The other cause for excitement is the fact that you can make green hydrogen from electricity at hours of the day or times of the year when that electricity has a relatively low value. The problem is, as soon as you enter into that market, you suddenly have use for that electricity, and people will enter into that market until that electricity becomes expensive again. What's more is that hydrogen is not the only use for that electricity. We're also seeing costs of battery energy storage plummeting so that energy utilities or other players in the energy market could use that electricity, store it, and deliver it at a time when it's much more valuable. This idea of an off-peak resource for hydrogen is real, but it's by no means unlimited. It's always going to exist at the margin.