Germany’s gas and hydrogen gamble
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This two-part report series examines the risks at the core of Germany’s energy transition, focusing on its continued reliance on natural gas and its planned shift to hydrogen. The analysis highlights implications for energy security, infrastructure costs and long-term system reliability.
The first report, “Germany’s gas dependence: An energy security risk”, analyses the country’s exposure to volatile gas markets and import dependence. It evaluates the technical and financial challenges of converting gas-fired power plants to hydrogen, the limitations of carbon capture and the potential impact on utilities’ credit profiles.
The second study (to be published in April 2026) reveals why Germany should downsize its hydrogen ambitions to avoid jeopardising its energy security and overspending on infrastructure.
