The russia-Ukraine conflict has made green hydrogen cheaper than natural gas.

The Russia-Ukraine conflict has driven gas prices in Europe to levels so high that green hydrogen prices in the UK and seven European countries are competitive with natural gas on an energy-equivalent basis, according to bloomberg New Energy Finance.  

European gas prices have risen above $30 per million British thermal units (MMBtu), compared with about $6 last year.  This is well within the current range of possible green hydrogen levelling costs in Europe, especially if cheap Chinese cells are used.