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  "documentTitle": "Lazard LCOE+",
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      "text": "The analysis within includes storage costs paid to a third party but does not include any expenditures related to the transport, construction of pipeline or construction of storage\nThis analysis does not include electrolyzers produced in China, which are currently priced at one third of the price of incumbent electrolyzers, as they struggle to penetrate the U.S. market due to lack of thorough testing and uncertainty around potential tariffs or other trade disruptions with China",
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      "text": "Comparative and illustrative LCOH analysis for various green and pink hydrogen production systems on a $/kg basis\nComparative and illustrative LCOE analysis for natural gas peaking generation, a potential use case in the U.S. power sector, utilizing a 25% hydrogen blend on a $/MWh basis, including sensitivities for U.S. federal tax subsidies\nAppendix materials, including: An overview of the methodology utilized to prepare Lazard's LCOH analysis; A summary of the assumptions utilized in Lazard's LCOH analysis",
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      "text": "As a result of the developing nature of hydrogen production and its applications, it is important to have in mind the somewhat limited nature of the LCOH (and related limited historical market experience and current market depth). In that regard, we are aware that, as a result of our data collection methodology, some will have a view that electrolyzer cost and efficiency, plus electricity costs, suggest a different LCOH than what is presented herein. The sensitivities presented in our study are intended to address, in part, such views",
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      "kind": "paragraph",
      "text": "Lazard's Levelized Cost of Hydrogen analysis addresses the following topics:",
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      "text": "Other factors would also have a potentially significant effect on the results contained herein, but have not been examined in the scope of this current analysis. These additional factors, among others, could include: implementation and interpretation of the full scope of the IRA; development costs of the electrolyzer and associated renewable energy generation facility; conversion, storage and transportation costs of the hydrogen once produced; additional costs to produce alternate products (e.g., ammonia); costs to upgrade existing infrastructure to facilitate the transportation of hydrogen (e.g., natural gas pipelines); electrical grid upgrades; costs associated with modifying end-use infrastructure/equipment to use hydrogen as a fuel source; potential value associated with carbon-free fuel production (e.g., carbon credits, incentives, etc.). This analysis also does not address potential environmental and social externalities, including, for example, water consumption and the societal consequences of displacing the various conventional fuels with hydrogen that are difficult to measure",
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      "kind": "title",
      "text": "Introduction",
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      "text": "Note on Methodology:",
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