Biden’s Hydrogen Tax Credit Rules Deal Nuclear Industry a Blow

The nation’s fleet of nuclear reactors won’t be able to tap into a climate law tax credit poised to provide billions of dollars to spur the production of clean hydrogen, dealing a blow to operators struggling in the face of competition from cheap natural gas and renewables.

While a carve-out for the nuclear industry could be added in the future, the initial proposed rules made public by the US Treasury Department on Friday only allow hydrogen projects powered by clean energy sources brought online in the last three years to qualify for a tax credit of as much as $3-per-kilogram. ...