The Plug Power stock jumps on new rules for clean Hydrogen tax credits

What you need to know

• Plug Power’s shares surged a second time in a row on the back of new rules for tax credits for production of clean hydrogen.
• The Treasury Department published the final tax credit rules in accordance with the Inflation Reduction Act (2022) last week.
• The Treasury’s decision is expected to be beneficial for other producers as well, such as Constellation Energy.

Plug Power shares (PLUG), which are listed on the New York Stock Exchange, surged for a 2nd straight session following an announcement by Treasury Department regarding final tax credit rules relating to clean hydrogen.

Tax credits are available under the Inflation Reduction Act 2022. Treasury Department said in its Friday statement that the regulations underwent “significant changes and flexibilities that address several key issues to help grow the industry and move projects forward,” While adhering the emission requirements of the Act.

Officials explained that the changes "clarify how producers of hydrogen, including those using electricity from various sources, natural gas with carbon capture, renewable natural gas (RNG), and coal mine methane can determine eligibility for the credit."

Deputy Energy Secretary David Turk said the rules "set us on a path to accelerate deployment of clean hydrogen," and will lead to new economic opportunities. The definition of clean hydrogen includes the methods and processes used to create hydrogen with no or minimal fossil fuel emissions or greenhouse gases.

Constellation energy stock rises on News

Constellation Energy’s (CEG), shares were also up as new rules clarified the way nuclear generators could get tax credits on clean hydrogen production. After a Friday gain of 4%, its stock rose by nearly 3%.

Despite their 11% gains Monday morning—which followed a 13% jump Friday—shares of Plug Power remain about 30% lower over the past year.

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