Biden Loosens Rules for Hydrogen Subsidies Worth Billions
- Final rules provide carve-out for existing nuclear power
- Subsidy has been the subject of intense Washington lobbying
Hydrogen is loaded into a truck at a liquid green hydrogen plant in Woodbine, Georgia.
Photographer: Agnes Lopez/BloombergThis article is for subscribers only.
The Biden administration loosened some stringent safeguards on a tax credit worth billions of dollars for hydrogen production, after companies argued the rules would stifle domestic manufacturing of the fuel.
The tax credit created by President Joe Biden’s signature climate law now includes a carve-out, sought by companies including Constellation Energy Corp., that will benefit some existing nuclear power plants, according to final rules released by the Treasury Department Friday.