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I agree - I see this as DT "sell the news" day. Which is a good thing. No day trader hype trading and a spike - instead will see funds, PIs, etc. start to buy-in more from early next week most likely.

Give it time, imo.

This is a positive:

https://www.gov.uk/government/consultations/hydrogen-economic-regulatory-framework-developing-an-effective-framework-for-pipeline-networks

Detail of outcome

The government response confirms that we intend to establish an effective economic regulatory framework for hydrogen pipeline networks through legislation, licences, and a new hydrogen network code.

This framework will aim to provide regulatory clarity, support investment, and ensure the safe and efficient operation of early hydrogen pipeline networks through:

maintaining existing licence structures for primary and residual balancing

assigning the role of System Operator to hydrogen transporters

exempting hydrogen supply to premises from supplier licence requirements, keeping this under review as networks develop

the development of a new hydrogen network code

Exempting Hydrogen from needing a supply license is a huge boost - allows for Hydropulse solutions in GB really quickly

Massive difference between Transmission and Distribution Fahrenheit451 - and dispatchable H2 CCGT plants build where there is existing transmission infrastructure and no constraints makes a massive difference to environmental pillaging and consumer cost of curtailment

Speaking of related "I told you so"s -

https://www.investing.com/news/general-news/ofgem-approves-28-billion-investment-to-upgrade-britains-energy-grid-4390007

Imagine investing that £28 Bn in Electrolysers for storable re-dispatchable power like Stablegrid are in Germany? Instead of ripping up the countryside to build massive pylons and damaging the environment even more

I could have told them that....

Ooh wait... I did.

Cash Cow Uber Subsidy

Would seem reasonable to think so.

The EU Hydrogen Mechanism has started today too.

https://www.hsfkramer.com/notes/energy/2025-posts/european-commission-launches-the-hydrogen-mechanism

Timeline at a glance and next steps

As set out by the European Commission, the timeline is expected to run as follows:

12 November 2025 – 2 January 2026: Suppliers can submit hydrogen supply offers.

19 January 2026: Publication of anonymised supply offer summaries.

19 January – 20 March 2026: Buyers (offtakers) submit expressions of interest.

31 March 2026: Results are shared with participants.

The mechanism will run until 2029, providing a structured environment for early-stage offtake agreements.

@kitersurfer - to be fair, has a point on that basket case that is AFC.

The only thing that comes to mind every time someone mentions AFC is - "it's Friday" "it's CRACKERjack"

"ooh, I could crush a grape"

But that is economists for you...

I agree wookie - the problem is the economists who complain about the under-utilisation of the electrolyser rather than the waste of the surplus wind...

In that particular case, not sure how that works. There's ample off-shore wind there to directly power the data centre. The issue would be dispatchable power during periods of low-wind. Batteries won't be able to provide it as they'll discharge and there won't be any wind to recharge. So it will need grid fed power during low-wind - reversing the grid flow and causing stability issues in the local network. So Hydrogen would be an answer but would need to produce from surplus wind and store - possible with the infrastructure but going to need foresight. And then the question is, will it be a Hydrogen gas turbine or SOFC...hmmm

Well, regardless of what happens for ITM, the demise of one of the Cash Cow Uber Subsidies can only be a good thing as far as I'm concerned. Not quite an early Christmas present, considering it is being replaced by a mega fat centre - eating up more energy to provide something that is not required and is only a solution to the problems it introduces.

Would you care for an imaginary £1 a la Trading Places bet on that? Bragging rights only to the winner?

The DESNZ published this yesterday:

https://www.gov.uk/government/consultations/gas-system-in-transition-security-of-supply

In it they stated:

"Low carbon hydrogen will be an important future source of dispatchable power generation and an important fuel for decarbonising hard to electrify sectors like industry, refineries, and heavy transport. As a potential low carbon alternative to natural gas, the pace and extent of hydrogen’s use across these different sectors will have a direct impact on the future demand for natural gas. Government aims to publish a new forthcoming UK Hydrogen Strategy in due course, setting out our vision and objectives for hydrogen. The direction set through this strategy will be taken into account when considering the outcomes of this consultation."

and

"Gas storage sites in GB are privately owned - filling storage sites when gas prices are lower (generally in the summer) and selling onto the market in winter when the price is generally higher.

However, we understand that the changing gas market and the narrowing of price spreads 54 may affect the commercial viability of storage operation, reducing the incentive to invest in storage or worse leaving some sites to face difficulties in the short-to-medium term.

Notwithstanding these potential pressures, we know that natural gas storage will continue to play an important role in the gas system as we transition to Clean Power 2030 and Net Zero 2050, whilst there is also a potential option for gas storage to convert to hydrogen storage. We are aware that natural gas storage, in salt caverns especially, could be converted for use as hydrogen storage and that the feasibility of conversion of depleted reservoirs to hydrogen storage is under close investigation. The Department is separately developing the hydrogen storage business model (HSBM) to incentivise investment in and the development of hydrogen storage, and we understand that current gas storage operators may be considering storing hydrogen in their facilities in the future."

So the civil servants are slowly being dragged to giving it more consideration

IKFA - don't be censored by anybody. Post what you like, it is (allegedly) a free country with freedom of speech *cough*

Directors only buy shares when they don't have anything to announce - it is insider trading otherwise - only times not is on joining a company (even then need to be able to prove no foreknowledge) or through a share incentive scheme, remuneration award (which isn't really buying anyway).

So the only thing you can be sure of when a director buy shares is that there is nothing positive for about 6 months on the horizon (maybe less but you get the point).

AFC is a basket case - not worth being in the same conversation as ITM

Been pretty sustained selling today too, will they have added a bit more? Seems mad to me.

Lol as good a "back in your box" as I've seen for awhile

And even worse than that Bilbo - if one does manage to attend from a smaller player who sees the value in participation - then one's opinion is given less weight by the civil servants than that of someone from the "big" players (despite the fact that, as a rule, the people they send don't know anything).

I've been at too many of those meetings to count and it is utterly infuriating

As I see it, Proper-job, the issue would be how to ensure such a body retained an objective, advisory role, free from the current influence of lobbyists and vested interests. While ensuring it doesn't become entrenched in a purist viewpoint and group-think?

Much of the problems the UK faces now can be traced to economic purism and orthodoxy - it is "cheaper" to import than to self-produce because the true environmental cost is not correctly calculated and nor is the social cohesion cost valued or security. Ephemerals always lose out in economist cost stack analysis because they are hard to quantify versus commodity costs.

That blinkered group-think has led to massive de-industrialisation, massively reduced agriculture, de-fishing and a massive ramp-up in perceived high value areas (service sector and data) which actually add nothing, But that is heresy to today's economist.

As to the share price fall - search me, it should be flying.

Thanks Eastwood - it is nice to be able to see a picture of what you all saw on the retail investor day visit. Is that the extra large container that was mentioned?