A hydrogen market for decarbonising the economy

    Functioning markets constitute the precondition for the successful development of a hydrogen industry: They will give consumers access to hydrogen and hydrogen derivatives, such as ammonia and methanol, which they can then trade directly with the relevant producer. Non-discriminatory trading markets create confidence in hydrogen as an increasingly important energy source. This is based on transparency in pricing, the publication of trading volumes as well as the number of trading participants and transactions.

    EEX already supports the ramping-up of the hydrogen market with the following hydrogen and hydrogen derivatives initiatives today:

    Price transparency

    HYDRIX – the first market-based hydrogen price index worldwide 


    Hydrogen working group

    Participants build their knowledge of hydrogen markets, support their ramp-up and expand their network


    Support for the market partners

    Support for the industry in infrastructure and trading projects 



    Support for the industry in designing, building and operating trading markets


    Public affairs

    Support for the political sector, regulators and associations during market ramp-up


    Guarantees of origin and certificates

    Support for the industry in standardisation as well as the creation of and trading in guarantees of origin and certificates


    Our vision for the hydrogen market

    Price transparency in hydrogen – HYDRIX

    We are going ahead!

    Since May 2023, European Energy Exchange (EEX) has been publishing the first global market-based hydrogen index every week to accelerate the hydrogen market ramp-up. As a result, EEX has created the much needed price transparency for hydrogen as a trading platform. The HYDRIX Green for Germany is established from the supply and demand prices for green hydrogen on the German market and gives market participants, regulators and political decision-makers the following advantages:

    • Price signals to assess existing and new investment and trading transactions on a market basis
    • Price signals which come directly from the hydrogen market rather than deriving these indirectly and exclusively via H2 substitutes (e.g. power and natural gas)
    • Direct comparability of the hydrogen prices in €/MWh with the listed gas and power prices
    • Transparency on current and historical hydrogen price developments


    The first real hydrogen price index

    The HYDRIX is based on actual price indications which were offered or concluded and come from renowned and established market participants from the industry. On this basis, EEX calculates the HYDRIX as the average of supply and demand every week. The HYDRIX is published with current and historical data on the EEX Transparency website (eex-transparency.com) at 16:00 every Wednesday.

    HYDRIX in brief

    Find out more about how HYDRIX works, which advantages it involves and how you can support the index. 



    Do you have further questions on the HYDRIX? Find out more in our FAQ on the EEX Transparency Platform.


    HYDRIX values

    to the information

    “HYDRIX closes a crucial pricing signal gap, which is foundational for a market ramp-up and further investment in the hydrogen economy. With a market-based Index based on actual trade prices for hydrogen we are providing a benchmark that can be used for investment decisions. We are thus paving the path for the energy industry’s zero-carbon future and demonstrate our leadership in enabling the energy transition.” – Peter Reitz, Chief Executive Officer at EEX

    Support for the market partners

    Today, EEX already provides comprehensive and competent support to a multitude of well-established hydrogen industry companies in infrastructure and trading projects. With EEX as a partner in these projects, access to national and international funding programs for the ramp-up of the hydrogen industry and hydrogen trading is facilitated and accelerated.

    Example: Support for the H2Global-Foundation

    H2Global-Foundation was established as a foundation to support the market ramp-up of green hydrogen in Germany and Europe. Alongside many renowned companies, EEX also contributes its expertise in developing sustainable markets – and, in particular, a trading market for hydrogen. 

    H2Global Foundation

    The purpose of H2Global is to accelerate the development of supply and demand markets for green hydrogen and Power-to-X (PtX) production in Europe and worldwide.

    Find out more about the H2Gobal Foundation.


    Trading platform for hydrogen

    EEX develops trading platform for hydrogen markets and signs Letter of Intent with first customer Hintco, a subsidiary of the H2Global Foundation

    Read the press release

    Hydrogen working group – Cooperation for the market ramp-up

    Since 2020, more than 100 companies along the entire value chain of the global hydrogen industry have collaborated in the EEX hydrogen working group with the aim of establishing transparent, sustainable and non-discriminatory trading markets for hydrogen as fast as possible. Participation in the EEX hydrogen working group enables the companies concerned to contribute their ideas on the ramp-up of the hydrogen trading market, discuss proposals and issue recommendations to accelerate the development and trading of hydrogen on the exchange. In addition, this hydrogen working group permits the exchange of experience and networking among companies along the entire value chain.

    Our events in the autumn of 2020 and in March 2021 produced the following results and projects which EEX is now pursuing with the support of the working group:

    • Price transparency in H2: Introduction of a market-based hydrogen index
    • Standardisation of products and processes in trading of H2 and derivatives
    • Trading of H2, H2 derivatives and guarantees of origin: Establishment of a trading platform
    • Support for market participants in infrastructure and trading projects: Undertaking to provide market competence, experience and networks to develop trading via supporting letters, e.g. letters of intent (LOI) or letters of support (LOS)

    Simply contact one of our experts:

    We are pleased to invite you, as an advocate of a hydrogen trading market, to the hydrogen working group.

    Let´s build a hydrogen-market together!

    Help supporting the hydrogen revolution in Germany and give the energy transition a new impetus. As part of HYDRIX, you and your company can help shape HYDRIX. After successful registration, you can immediately submit your price estimates.


    > 100 companies

    in the working group


    > 10 countries

    represented on the working group

    Join the hydrogen working group

    We are pleased to welcome you, as an advocate of a hydrogen trading market, to the hydrogen working group.

    Get in touch.

    “We believe that, in the interest of the federal government, the German economy and, last not least, society in general, establishing a strong and internationally diversified supply chain for green hydrogen is our most urgent task – and trading on an exchange is an integral part of this - as an allocation and coordination mechanism. We welcome EEX’s expertise in developing and operating energy trading markets not only for us as a foundation. In addition, it is also a valuable contribution to the energy transition.” – Markus Exenberger, H2Global Executive Director

    How can EEX support me quickly and easily in my hydrogen clusters and markets?

    EEX is pleased to support the development of trading structures in the hydrogen clusters and markets to be developed - right from the outset. Formally, this is done through supporting letters (e.g. letters of intent (LOI) and letters of support (LOS)) in which the project manager and EEX explain the project and outline which contribution can be made.

    Our mission: Hydrogen and hydrogen derivatives trading

    Transparent trading markets are key instruments for the successful development of the hydrogen industry: They will provide non-discriminatory access to hydrogen and its derivatives for a large number of hydrogen consumers and connect them with the producers. Moreover, markets create transparency by publishing prices and information on the traded hydrogen and hydrogen derivatives.

    With the market participants’ support and depending on the regulatory design and progress, EEX will create trading opportunities for hydrogen and hydrogen derivatives.

    At present, the market participants are focusing on building the necessary supply chains from the producers to the consumers and on the relevant hydrogen infrastructure for production, transport, storage and use. As soon as the first local, regional and global supply chains (which are not exclusively based on long-term contracts between two or very few market participants) have emerged, the market can be opened to new participants and can, hence, evolve.

    The state- and EU-funded PCI and IPCEI infrastructure projects or import projects (e.g. H2Global), in particular, offer good preconditions for this, as they give established, as well as new market participants, market-based and, hence, non-discriminatory access to hydrogen and hydrogen derivatives as well as its infrastructure.

    Because there is still a lack of border-crossing infrastructure for gaseous hydrogen (European hydrogen backbone) and this is not expected to be remedied until, at least, 2026, green hydrogen derivatives, such as ammonia, methanol and kerosene, which are transportable using existing infrastructures (ship, train and lorries) will become freely tradable first.

    In future, EEX will have separate offers for trading of hydrogen as a gaseous standard product, trading of guarantees of origin of hydrogen and a combination of hydrogen and the green characteristic - provided the corresponding regulatory framework conditions are clearly defined and the infrastructural preconditions (e.g. transport and storage) have been created.


    EEX will enable trading in hydrogen products and its derivatives via a browser-based trading system in line with the demands of the market. The trading participants registered for hydrogen and hydrogen derivatives at EEX will be cleared for trading in these clusters or market areas in line with the respective applicable cluster- and market area-specific requirements.

    Guarantees of origin and certificates for hydrogen

    Supporting the industry in the standardisation as well as the creation and negotiation of guarantees of origin and other hydrogen-related certificates.

    Guarantees of origin (GO) and other hydrogen certificates enable the tracking of quality-specific hydrogen. Together with Grexel, an EEX Group company and expert in the operation of registries for traceability certificates, we enable the industry to ensure reliable documentation from production until consumption.


    Grexel and EEX will support market participants for the market-based implementation of delegated act pursuant to the RED II directive.


    A guarantee of origin is an electronic document, which guarantees full transparency and traceability of the energy consumed by end consumers.

    GOs primarily exist for network-based energy sources such as renewable power, natural gas or hydrogen. They are traded through a book & claim system where the sustainability claim of the energy is separate from thephysical flow. This allows renewable or decarbonized hydrogen to be tracked when fed into a network or blended with other types of gas.

    The system allows for trading in hydrogen or hydrogen derivatives as standardised products, independent of the origin and transport route, in particular, on cross-border grid hydrogen markets.

    Trading in low-emission or emission-free hydrogen can be connected with a mass balance system. In this case, the emission reduction certificate is traded together with the hydrogen or hydrogen derivative along the transport route, from production to consumption.

    Until the “European Hydrogen Backbone” grid hydrogen transport infrastructure is established, the hydrogen molecule or derivatives can be traced from production to alternative transport on sea, rail, road to the consumer. In principle, this is still possible via mass balance.

    EEX Group is already an important stakeholder in guarantees of origin today. Grexel and EEX already offer registries for power, biogas and hydrogen in 15 European countries.

    Grexel is member of the CertifHy consortium, the first European registry for hydrogen certificates, and provides services to the Finnish biogas & hydrogen GO registry and the Latvian biogas & hydrogen registry. EEX also organises primary auctions of guarantees of origin on behalf of the French state, while EPEX Spot operates the first European multilateral power GO spot auction.

    Grexel and EEX will support market participants at the market-based implementation of the delegated act on the RED II directive.

    Support from associations, societies, regulators and the political sector

    The European and global hydrogen ramp-up is a community task. With our network and expertise, we actively approach different interest groups and, together, are trying to find solutions for the different challenges early on.

    What are the main topics EEX is currently discussing with its partners?

    • Building a hydrogen and hydrogen derivatives import structure and corresponding supply chains
    • Developing regional, national and European trading markets as well as the infrastructure
    • Standardisation of the purity of gaseous hydrogen for transport via pipelines
    • Standardisation of contractual access to the hydrogen infrastructure
    • Designing and providing system services for hydrogen and hydrogen derivatives, transportation and storage
    • Definition of low-emission and emission-free hydrogen
    • Creditability of low-emission and emission-free hydrogen and hydrogen derivatives
    • Transparency regarding hydrogen prices and infrastructure

    EEX joins HYPOS

    EEX has joined Hypos, a network for all those interested in the hydrogen economy. Sirko Beidatsch, Expert Gas Markets, talks on their blog about how the hydrogen market is to be promoted together with players in the region.

    read more [only in german]

    EEX @ Energiefunk-Podcast

    EEX has discussed along with several experts the market ramp-up of green hydrogen. You can listen to extracts of it in the podcast of E&M.

    Listen Now [only in German]

    EEX @ Insiders Guide to Energy

    Daniel Wragge, Director of Policital & Regulatory Affairs at EEX, talks in this episode of the "Insiders Guide to Energy" podcast about the rapidly evolving green hydrogen market. 

    Listen Now

    Further information

    Publishing date Title File
    2023-10-20 Summary of the #EEXpert-Talk in Berlin pdf (270 KB)
    2023-08-01 EEX Opinion & Expert Report - The Market Ramp-Up of Renewable Hydrogen and its Derivatives - the Role of H2Global pdf (630 KB)
    2023-06-26 EEX Press Release - EEX develops trading platform for hydrogen markets and signs Letter of Intent with first customer Hintco, a subsidiary of the H2Global Foundation pdf (162 KB)
    2023-05-22 EEX Press Release - Transparency for Hydrogen Market with HYDRIX: EEX publishes first market-based hydrogen index pdf (91 KB)
    2022-08-29 EEX Opinion & Expert Report - H2Global Consultation tender pdf (98 KB)
    2022-07-05 EEX Press Release - EEX to develop Hydrogen market transparency together with TYCHO Solutions pdf (139 KB)
    2022-03-31 EEX Press Release - Towards a green hydrogen market: EEX becomes foundation member of H2Global pdf (141 KB)
    2022-02-09 EEX Group Press Release - Grexel to offer new Hydrogen and Biogas registry services in Finland pdf (134 KB)
    2020-06-23 EEX Consultation Response: EU climate ambition for 2030 and the design of certain climate and energy policies of the Green Deal pdf (150 KB)


    We would be happy to answer your questions and exchange ideas with you about hydrogen and hydrogen derivatives. Contact us!

    For questions about EEX’s initiatives on hydrogen, please contact:

    Sirko Beidatsch

    Expert Gas Markets

    +49 341 2156-223 sirko.beidatsch@eex.com

    Daniel Wragge

    Director Political & Regulatory Affairs

    +49 341 2156-204 daniel.wragge@eex.com

    For more information on Guarantees of Origin & Registry Services, please contact:

    Aude Filippi

    Director Gas & Registries

    +33 173 03 76 87 a.filippi@powernext.com

    Markus Klimscheffskij

    CEO Grexel

    +358 9 4241 3161 markus.klimscheffskij@grexel.com

    For further questions on transparency & the hydrogen index, please contact our experts:

    Peter Mock

    Specialist Index Solutions

    +49 341 2156-322 peter.mock@eex.com

    Sebastian Wykowski

    Head of Transparency Services

    +49 341 2156-286 sebastian.wykowski@eex.com