Hydrogen Consumption for Mobility Up 59% in One Year... Supply and Demand Remain Stable

Hydrogen Supply and Demand Council Meeting for Mobility

Hyundai Motor Company's hydrogen electric bus, Elec City.

It has been revealed that hydrogen consumption for mobility is significantly increasing due to the expanded supply of hydrogen buses and other vehicles. The government considers the hydrogen supply and demand to be stable.

On the 6th, the Ministry of Trade, Industry and Energy held the 3rd Hydrogen Supply and Demand Consultative Body meeting for mobility in 2024 in Seoul, where related ministries, local governments, and industry shared the progress made so far and the hydrogen supply and demand outlook for the 4th quarter, and discussed measures to strengthen supply and demand management in response to the increased hydrogen consumption.

According to the Ministry of Trade, Industry and Energy, hydrogen consumption for mobility until the 3rd quarter of this year was 6,389 tons, a 59% increase compared to the same period last year (4,016 tons). Considering the hydrogen vehicle supply targets and the production capacity of hydrogen production facilities, the government forecasts that the 4th quarter demand will be up to approximately 4,900 tons, and supply up to 6,500 tons, indicating a stable hydrogen supply and demand.

At the meeting, the Ministry of Environment presented plans for the supply of hydrogen buses and other hydrogen vehicles and the construction of charging stations in the 4th quarter, while the Ministry of Land, Infrastructure and Transport announced plans to review institutional improvements to promote hydrogen buses. Local governments shared regional plans for hydrogen bus and charging station supply and hydrogen supply and demand management measures. The Korea Petroleum Management Service, the dedicated hydrogen distribution agency, announced that as part of preventive supply and demand management, it will conduct on-site inspections of hydrogen production facilities and key charging stations in November.

Lee Ho-hyun, Director of the Energy Policy Office at the Ministry of Trade, Industry and Energy, said, "As the supply of hydrogen buses is gaining momentum, opportunities for the public to experience hydrogen products in daily life are increasing. Since stable hydrogen supply and demand is essential for expanding hydrogen mobility such as hydrogen buses, the government will closely monitor the supply and demand situation to prevent instability and maintain close communication with related ministries, local governments, and industry."

The Hydrogen Supply and Demand Consultative Body for mobility was launched in February last year to ensure stable hydrogen supply and demand for mobility. It includes the Ministry of Trade, Industry and Energy, the dedicated distribution agency, the Ministry of Environment, the Ministry of Land, Infrastructure and Transport, local governments, charging operators, hydrogen vehicle manufacturers, bus operators, gaseous and liquefied hydrogen producers, and hydrogen distributors.