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Highlights
- Energy regulator Ofgem has said that the energy market requires quick reforms.
- The move came after it faced criticism after more than 20 energy suppliers went bust.
- The UK had earlier unveiled a hydrogen strategy to help decarbonise heating and other areas.
UK’s energy regulator Ofgem stated today that the energy market requires quick reforms. It plans to announce what reform measures it intends to undertake in the coming weeks. The regulator’s statement came as it faced criticism after about 26 energy suppliers went bust amid soaring gas and electricity prices.
A report by consumer rights organisation Citizens Advice said that Ofgem failed to act over suppliers who broke the rules, which led to the steep rise in energy bills for UK households.
The UK government published a notice for its Hydrogen Skills and Standards for Heat programme on Wednesday. The UK government’s efforts into boosting the renewable energy sector accelerated soon after the COP 26 climate talks last month.
The programme aims to develop technical standards for hydrogen gas installations in order to repurpose existing natural gas equipment for hydrogen, train the workforce and more.
UK had earlier unveiled a hydrogen strategy in order to help decarbonise heating, industry and other areas as part of the country’s goals to be net zero by 2050.
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Given this context, let us take a look at 2 FTSE listed hydrogen stocks and their investment prospects:
- Hydrogenone Capital Growth PLC (LON:HGEN)
Hydrogenone Capital Growth is an investment company, which presents investors with a unique opportunity of investment in clean hydrogen and energy storage.
The company signed a definitive agreement with a hydrogen refuelling equipment company called NanoSUN Limited for a PE investment of £9 million into NanoSUN.
Hydrogenone’s investment is part of NanoSUN’s £12 million fundraising round, which will introduce some other first-time investors, such as Germany-based investor Westfalen Group.
The company’s shares closed at GBX 116.40, down by 0.68 per cent on 8 December. Its market cap stood at £125.81 million as of Wednesday. The company was admitted into the LSE main market on 30 July 2021.
- AFC Energy plc (LON:AFC)
AIM-listed firm AFC Energy is an alkaline fuel cell developer. The company’s S Series hydrogen fuel cell and ammonia cracker technology were selected to help power green bulk cargo ship design under the ZeroCoaster programme.
The program is sponsored by Norway’s government and led by the global shipping group Vard. The programme aims to help meet the shipping industry’s decarbonisation goals set for 2030
The company’s shares closed at GBX 49.50, down by 6.78 per cent on 8 December, while the FTSE AIM UK 50 index ended at 6,505.89, down by 0.59 per cent.
AFC Energy’s market cap stood at £390.01 million, and its one-year return was at 25.32 as of Wednesday.
