Renewable hydrogen exchange market trial in Tokyo

The Tokyo Commodity Exchange (Tocom), on behalf of the Tokyo Metropolitan Government, launched hydrogen tenders in December 2024. On the supply side, one winner offered JPY 300/Nm³ (USD 21.2/kg). On the demand side, two winners bid JPY 89/Nm³ (USD 6.3/kg) and JPY 230/Nm³ (USD 16.3/kg). The government will subsidize the price gap. Deliveries ran from January to March 2025. A second trial is planned for July–September 2025. Supplier and buyer tenders were scheduled for May, with results expected in early June and contracts signed the same month. In June 2025, bids were split into two categories: - Cargo trailers: Demand-side winner bid JPY 100/Nm³ (USD 7.7/kg); supply-side JPY 280/Nm³ (USD 21.6/kg). - Cylinders: Demand-side winner bid JPY 280/Nm³ (USD 21.6/kg); supply-side JPY 355/Nm³ (USD 27.4/kg).

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