The margin that closes first on most days is gas quality at low load. Hydrogen production falls with current while permeation through the separator or membrane does not fall proportionally, so the hydrogen fraction in the oxygen stream rises as the plant turns down. As baseline permeation increases with age, the load at which that fraction reaches its safety margin moves upward, and the plant quietly loses low-load hours before anything is reported as a fault.
It is not the only limit. Thermal management, electrolyte or water circulation, gas separation, the rectifier's own turndown and the manufacturer's stated operating window can each bind before crossover does, and which one binds is a property of the design and its condition rather than a rule. The useful question is which limit is closest today, and whether it has moved.
Water quality sits upstream of most of it. Feedwater conductivity history is one of the few records that separates a contamination event from ordinary ageing, because contamination can move a stack in days while ageing takes thousands of hours. Not every contaminant shows in bulk conductivity, so it is a starting point rather than a complete answer.