According to The Australian Financial Review, hydrogen projects backed by large companies like Fortescue and Woodside are set to be early beneficiaries of the federal budget’s $6.7 billion production tax credit, but one developer says the measure will attract a lot of international investment and could blow past its allocation.
Michael Myer, a member of Melbourne’s wealthy Myer family and chairman of Sunshine Hydro, said two projects the developer is pursuing in Gladstone and northern NSW could yield enough hydrogen to earn $730 million in production tax credits at the $2 per kilogram rate. “I think they’ve been conservative on what [it] will cost them, but I think the benefit to the national economy will far outweigh what might be a cost in the forward estimates – massively outweigh it in terms of jobs, export earnings, bringing down the wholesale price of energy and green fuels,” Mr Myer said. “It’ll pay for itself many times over.” https://www.afr.com/policy/energy-and-climate/hydrogen-credit-could-blow-its-6-7b-budget-20240515-p5jdqg
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