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  • By The Financial District

France, Spain And Portugal To Build Hydrogen Pipeline By 2030

Spain, France, and Portugal agreed Friday to build by 2030 a major undersea pipeline to transport hydrogen from the Iberian Peninsula to France and eventually to the rest of Europe, Iain Sullivan reported for the Associated Press (AP).


Photo Insert: The announcement came after a meeting between Sánchez, his French and Portuguese counterparts and European Commission President Ursula von der Leyen in the eastern Spanish city of Alicante.



The pipeline is aimed at making the European Union’s energy supply more independent, a goal expedited by the Russian invasion of Ukraine last February that precipitated an energy crisis.


Spanish Prime Minister Pedro Sánchez said the pipeline, dubbed H2Med, will be able to convey some 2 million metric tons of hydrogen to France annually — 10% of the EU's estimated hydrogen needs.



The project is expected to cost 2.5 billion euros ($2.6 billion).


The announcement came after a meeting between Sánchez, his French, and Portuguese counterparts, and European Commission President Ursula von der Leyen in the eastern Spanish city of Alicante.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

“Today, the Iberian Peninsula is becoming a major European energy gateway to the world,” Von der Leyen said at a joint press briefing, Raquel Redondo, Sylvie Corbet and Lorne Cook also reported for AP.


“Hydrogen is a game-changer for Europe,” she added. She said the EU planned to produce 10 million metric tons of renewable hydrogen by 2030 and to import another 10 million tons.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

French President Emmanuel Macron said H2Med, which replaces an earlier proposal to transport gas across the Pyrenees Mountains, will “take a new path through the Mediterranean and rely on a technology of the future, which is hydrogen.” He added:


“It will also probably allow later other European interconnections toward some other countries which will want to get that hydrogen.” Portugal, Spain, and France struck a broad deal on the plan in October.


They hope to present it to the European Commission by Dec. 15 so it will be eligible for EU financing, which could represent as much as 50% of the cost.



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