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Bloomberg Talks
Plug Power CEO Andy Marsh Talks New Hydrogen Tax Rules
Dec 26, 2023
Andy Marsh, CEO of Plug Power, discusses the disappointing new US tax rules for hydrogen projects. They explore the impact of the Biden administration's additions and potential consequences. The podcast also covers the potential of hydrogen as a clean energy source and Plug Power's financial standing in the industry.
06:54
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Quick takeaways
- Plug Power CEO Andy Marsh is disappointed with the new US tax rules for hydrogen projects, which he believes do not follow the law and could potentially put hydrogen hubs at risk.
- The new rules and regulations regarding hydrogen production in the US are estimated to reduce hydrogen output by 70% by 2030, hindering the development of green hydrogen and the scalability of electrolyzers.
Deep dives
Impact of Treasury Department's guidance on hydrogen industry in the US
The Treasury Department recently issued guidance on the Inflation Reduction Act, specifically the hydrogen production tax credit. Andy Marsh, the president and CEO of Plug Power, expressed disappointment with the guidance and stated that it did not follow the law. The guidance includes additions that limit the regions and sources used to generate hydrogen, potentially putting hydrogen hubs at risk. Marsh believes that while these limitations may not be favorable for the whole hydrogen industry, Plug Power can work around them. Marsh expects that there will be changes to the regulations during the comment period, as many voices from senators, governors, and companies have expressed concerns about the impact of the rules on the hydrogen industry.
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