Plug Power slumps 9% as Senate’s tax bill guts green energy credits
Senate Republicans unveiled their tax bill, ending green energy tax credits earlier than the House version.
The proposal would gut clean energy industries like solar and sent shares of beaten-down hydrogen fuel cell company Plug Power tumbling. The stock was down about 9% on Tuesday.
The Senate’s bill would end the green hydrogen production credit at the end of this year. That incentive program, established under the Biden administration’s Inflation Reduction Act, provided up to $3 per kilogram of clean hydrogen produced. According to Plug filings, the credit allowed hydrogen power to be cost competitive with fossil fuel tech.
“We don’t expect that Congress — and Congress, remember, is who decides this — is going to make any changes to the 45V,” Plug Power CEO Andy Marsh told Sherwood News in late February.
It’s been a downhill slide for Plug in the years following the IRA. Since the act was passed in August 2022, Plug is down more than 95%.
