LONDON (ShareCast) - (Sharecast News) - Analysts at Citi sounded a bullish note on shares of ITM Power in the wake of the European Union's just announced plans to make the bloc independent from Russian gas "well before 2030" with 'green hydrogen' given a central role.

In their opinion, the European Commission's "REPowerEU" plan had two clear implications.

First, it would accelerate the promotion of green hydrogen and not just for decarbonisation purposes "but now as a tool towards enhanced energy security".

Second, the 'economics' of green hydrogen in comparison to its so-called 'grey' and 'blue' competitors were improving on the back of the spike in fossil fuel prices, which had led renewable power generation to be encouraged.

"Significance of acceleration of hydrogen policy momentum is that we also likely see acceleration of industrial-scale orders for electrolyser and fuel cell players.

"We see significant benefit for Buy-rated ITM Power, Nel and Ceres Power."

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