EU to launch joint hydrogen procurement - New platform will secure better deals for critical minerals
The European Union will start operating the joint purchasing platform for critical resources with the purchase of hydrogen in September this year.
Critical minerals will come next, probably in the third quarter, while gas will be last, according to sources within the bloc.
The bloc wants to pool purchase orders to give participants more opportunities to strike better deals for critical minerals, essential for the green transition, that are traded in closed markets dominated by China.
The EU chose PriceWaterhouseCoopers and a Slovak software company to develop its joint purchasing platform.
The idea arose from an existing mechanism for the joint purchase of natural gas, AgregateEU, which was launched during the energy crisis in 2022. The mechanism will close at the end of March and the new platform will take its place, the sources added.
According to AgregateEU, member states were obliged to bring certain volumes of gas demand to the platform. The new joint purchasing platform will be voluntary, the sources said.
Some industry sources have criticized the plans, saying that just bringing buyers and sellers together is not very useful.
Sources noted, however, that EU legislation only allows for matching supply and demand, not purchases or deals.
It is unclear how much gas has been purchased under AgregateEU, as companies are not required to report this to the European Commission.
One of the sources said the goal of the new platform was to provide all the information needed to facilitate a deal.
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