November 19, 2025

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Using natural gas via steam methane reforming (SMR) results in carbon emissions as hydrogen is released from CH4 molecules.

• Grey Hydrogen – hydrogen created via SMR with carbon released into the atmosphere.
• Blue Hydrogen – hydrogen created via SMR with carbon captured and stored (CCS).

Natural gas is a major cost input into SMR Hydrogen production.

SMR Hydrogen cost is very sensitive to natural gas pricing.

Incorrys has assumed natural gas is used for SMR and carbon capture and storage (CCS) power inputs.

• 75% natural gas input energy is converted to Hydrogen output.

US$3/MMBtu natural gas input price results in a US$9.35/MMBtu (US$1.15/Kg) Hydrogen equivalent at the plant gate.

See also:
Hydrogen Transportation
Cost of Hydrogen in Western Canada
Transportation Pathways to Hydrogen Export
Marine Transportation Competitiveness to Asia