This piece explains the thinking. Hydrogen produced by steam reformation costs approximately three times the cost of natural gas per unit of energy produced. This means that if natural gas costs $6/million BTU, then hydrogen will be $18/million BTU. Also, producing hydrogen from electrolysis with electricity at 5 cents/kWh will cost $28/million BTU — slightly less than two times the cost of hydrogen from natural gas. Whichever way you look at it, it means that the energy is going to be much more expensive and we are going to pay for it including the new engines. I expect this means that more people will use their cars, though no doubt the cost of driving will also have to go up as we are forced to buy new electric vehicles and pay for all the new charging points.
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