Green hydrogen hype fades as high costs force project retreat
In recent months, some of the biggest would-be developers of the fuel have canceled projects, axed orders and scaled back investment plans. The low-carbon fuel is simply too expensive to stimulate demand in many sectors of the economy.
On Thursday, Origin Energy Ltd. canceled a project to produce the clean-burning fuel in an industrial area of eastern Australia.
«It has become clear that the hydrogen market is developing more slowly than anticipated, and there remain risks and both input cost and technology advancements to overcome,» Origin's Chief Executive Officer Frank Calabria said in a statement. «The combination of these factors mean we are unable to see a current pathway to take a final investment decision on the project.»
So-called green hydrogen is made by using renewable electricity to separate the hydrogen and oxygen atoms in water. The resulting product can replace fossil fuel-derived hydrogen currently used in the chemicals and oil refining industries and potentially for new applications like power storage, steel production and shipping fuel.
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