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Note: Based on a levelized cost of electricity from a standalone PV generator of $16/MWh in Algeria and Spain, $26/MWh from onshore wind and $41/MWh from offshore wind in Germany, natural gas price of $1.5/MMbtu MMbtu in Russia, $8.7/MMbtu
The cost range reflects the abundance of renewable potential, such as solar and wind power, in many African and Latin American countries, which can generate the electricity needed in the production of hydrogen fuels at much lower cost.
As Sheikh Zaki Yamani, a former Saudi oil minister, once said, “The stone age came to an end not for a lack of stones, and the oil age will end, but not for a lack of oil.” But some oil will still be being pumped at the end, and it won't be heavy, sour, far from water crude.
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