Hintco is currently running six auction windows (lots) under the H2Global mechanism. The procedures cover different geographical and product scopes and are at various procedurally defined stages. The current position across all six is set out below.
Four are now in final bid phase
- Four regional, product-open lots, in which qualified bidders may offer RFNBO ammonia, RFNBO methanol or RFNBO hydrogen
- The negotiation phase has concluded; bidders are now invited to prepare and submit their final, binding bids
- Up to EUR 587 million per lot is allocated to secure the Minimum Contract Quantity (MCQ) guaranteed under the Hydrogen Purchase Agreement (HPA)
One is in an advanced negotiation stage
- Global Methanol Lot, targeting the purchase of RFNBO methanol; approximately EUR 440 million allocated to secure the MCQ
- Expected to follow the regional lots chronologically
One is in an earlier negotiation stage
- Joint German-Dutch bilateral lot, a product-open window conducted in cooperation between the Federal Republic of Germany and the Netherlands; approximately EUR 600 million allocated to secure the MCQ
- Targeting physical hydrogen deliveries from 2031 (Netherlands) and 2032 (Germany)
Topics under negotiation
At the core of the negotiations is the continuous development of the standardised HPA applicable to all bidders within a given lot, providing a bankable and operationally viable contractual framework while preserving the principle of equal treatment. Areas addressed include:
- Production conditions abroad and European import infrastructure, including reconversion capacity such as ammonia crackers
- Project structuring and financing, including the integration of debt financiers and standardised key terms for Direct Agreements
- Regulatory grandfathering and investment protection under the European Commission's announced review of the Delegated Acts (RED DAs)
- RED III sector quotas for industry and transport, and the implications of CBAM and the EU ETS for RFNBO supply chains
Outlook
Reliable, empirical conclusions on the supply side and on price discovery can only be drawn once final, binding bids have been evaluated. As in past rounds, Hintco will publish aggregated, anonymised market data and intelligence once tenders have closed and winners are announced. Further auction windows currently in preparation will be reported as their launch dates are confirmed.