03/04/2025

MIBGAS, the Iberian Gas Market, has partnered with Pexapark, Europe’s leading provider of benchmark renewable energy power purchase agreement (PPA) pricing data, to power Iberia’s first renewable hydrogen price index, MIBGAS IBHYX. This collaboration marks a significant early milestone in the development of a transparent and sustainable market for green hydrogen in Spain and Portugal.

The cost of ‘green electrons’ – whether generated on-site or purchased via a PPA – is a core component of the price of green hydrogen and its derivatives to the end user. By selecting Pexapark as its trusted source of market-based benchmark prices for Iberian solar and wind PPAs for use in the index, MIBGAS is reinforcing the critical role of renewable energy pricing in determining fair and competitive hydrogen prices.

This partnership highlights the growing importance of renewable energy PPAs in enabling the European green hydrogen economy, with the number of PPA deals linked to hydrogen production rising significantly in recent years, as tracked by Pexapark’s market analyst team. 

The Iberian Peninsula in particular has emerged as a key growth market for green hydrogen, underscored by the strong performance of Iberian projects. It is a technology that can help Spain manage its abundant solar resources, making the country a prime location for cost-effective hydrogen production. 

However, to unlock its full potential, the market increasingly requires transparent price signals that allow both developers and offtakers to make informed decisions. The new index by MIBGAS, underpinned by Pexapark’s renewable energy price data, aims to address this need. Pexapark’s market-based data is informed by over 1,000 pricing data points, collected monthly in PPA price polls from utilities, trading houses and corporates.

MIBGAS IBHYX is updated weekly and published on www.greenenergy.mibgas.es. It reflects the levelized production cost of renewable hydrogen, or the minimum price at which a producer is willing to sell to achieve the expected profitability in a model electrolysis plant in the Iberian Peninsula. IBHYX is compliant with the criteria established in the European Union’s delegated acts for the production of RFNBO (Renewable Fuel of Non Biological Origin) hydrogen.

“While offtake deals for green hydrogen, methanol, and other derivatives remain rare across Europe, these fuels will ultimately need to compete for renewable power in an already active PPA market. By launching its new price index, MIBGAS is taking an important step toward increasing price transparency for green hydrogen as the company responsible for the Gas Market in Iberia, reinforcing its position as a market leader,” said Jacob Roberts, Director of Business Development & Partnerships at Pexapark.

“At Pexapark, we understand the critical role of transparency in valuing renewable electricity. We are proud to support MIBGAS with reliable market-based solar and wind PPA price data, helping to drive transparency and accelerate the energy transition.”

Raúl Santamaría, Managing Director at MIBGAS, highlighted that MIBGAS is firmly committed to advancing the development of the renewable gas market and, specifically, renewable hydrogen: “MIBGAS IBHYX is a reference price for renewable hydrogen that reflects a reliable, robust, non-manipulable and representative cost-based signal”.

Spain’s push for green hydrogen is also closely tied to its broader renewable energy strategy. The Spanish National Integrated Energy and Climate Plan (PNIEC) has increased its electrolyser capacity target to 12 GW, with the aim of expanding the use of green hydrogen across industrial sectors to 74%. Additionally, initiatives such as the H2MED pipeline, connecting Iberia to France by 2030, are expected to boost the region’s role as a key supplier of affordable green hydrogen to mainland Europe.

Pexapark has been supporting both developers and offtakers in the emerging European Power-to-X market for over 5 years, through a combination of benchmark prices, market intelligence, and advisory services. 

About Pexapark

Pexapark is the trusted provider of PPA benchmark prices, market intelligence, and advisory services for renewable energy.

Offering a comprehensive suite of solutions, Pexapark empowers energy market participants to build strong investment business cases, execute successful transactions, and optimize portfolio revenues and risk management strategies.

With daily benchmark prices for Power Purchase Agreements (PPAs) covering solar, onshore and offshore wind, and energy storage. Pexapark delivers unparalleled market insights. By combining unmatched market-based data with expert analysis, Pexapark provides deeper context on the factors driving renewable energy prices.

Founded in 2017 by seasoned energy traders, Pexapark has grown into a leading authority in renewable energy pricing and market insights. Leveraging deep industry expertise, Pexapark’s advisory team brings together diverse backgrounds in energy trading, investment, and development.

Pexapark’s mission is to accelerate the transition to net zero by fostering an efficient and transparent renewable energy market.

For more information, visit www.pexapark.com or contact hello@pexapark.com.

About MIBGAS

MIBGAS is the organized gas market operator (Spain and Portugal), responsible for its operational functions and the financial administration of its services according to the principles of efficiency, transparency, objectivity, and independence. With 250 agents, it is also the Guarantee Manager in the Spanish gas system, and the Benchmark Administrator of gas price reference indexes for the CNMV.

Committed to sustainability and decarbonization, MIBGAS promotes the use of renewable gases and hydrogen through Green Energy MIBGAS (www.greenenergy.mibgas.es), where it publishes MIBGAS IBHYX weekly, the first Iberian renewable hydrogen price index.

For more information, visit: www.greenenergy.mibgas.es | www.mibgas.es