CNX Resources (CNX) late Friday said it does not think new federal tax incentives will be enough to encourage it or other energy companies to move forward with capture of so-called greenhouse gases emitted by their operations to be made into hydrogen.
Describing the final rules as "overly restrictive," CNX said the new tax credit lacks "sufficient economic incentives for the company to expand its (coal mine methane) capture operations for hydrogen end use."
CNX shares dropped over 11% on Friday after the Treasury Department disclosed its new tax rules for the program authorized through the Inflation Reduction Act. To qualify for the incentives, the agency said hydrogen producers can not emit more than four kilograms of carbon dioxide for each kilogram of hydrogen they make.
The US Department of Energy is expected to updated models for companies to calculate their tax credit through the program.
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