Plug Power CEO Confident in Changes to US Hydrogen Production Tax Credit Rules
Key Ideas
- CEO Andy Marsh believes the US hydrogen production tax credit rules will undergo modifications to align with legislative intent.
- Proposed guidance under Section 45V of the Inflation Reduction Act outlines criteria for clean hydrogen producers to obtain up to $3/kg in PTCs.
- The current text of the regulations is expected to change as it is not perceived to be in line with the intended legislative objectives.
- The article was published in late December 2023, indicating recent developments in the US hydrogen industry.
In a recent interview with H2 View, Andy Marsh, the CEO of Plug Power, expressed confidence that the proposed hydrogen production tax credit (PTC) rules in the United States would be revised. Marsh stated that the regulations surrounding Section 45V of the Inflation Reduction Act (IRA) would be subject to modifications to better reflect the legislative intent. The guidelines introduced in late December 2023 outlined specific criteria that clean hydrogen producers must adhere to in order to qualify for PTCs, which could amount to as much as $3 per kilogram of hydrogen produced. It is anticipated that revisions to the existing text will be made, as Marsh emphasized that the current regulations do not align with the initial goals of the legislation. This development highlights the evolving landscape of the US hydrogen industry and the ongoing efforts to support clean energy initiatives through government incentives and regulatory frameworks.