This is wonderful news!
A 10-year $6.7 billion package of tax production credits for the renewable hydrogen sector! And as you highlighted JB...the government will gift a $2 subsidy per kilogram of renewable hydrogen produced between from FY2027 to FY2041, also for up to 10 years per project.
This is going to speed things right up is my thinking.
Fortescue's capital investment for their decarbonisation plan will be US$6.2bn.As I've highlighted previously, that expenditure will be between FY24-28 and that maximum annual expenditure will be US$1.5bn.That expenditure has already started this year.FY25, FY26, and FY27 will be where the higher amounts will be spent (refer to reference below).
So what tax benefits can we expect?
Their biggest expenditure is going to go towards their green mining fleet (26%) followed by stationary power at (25%). In FY23, gas and diesel cost Fortescue over US$560 million, while voluntary offsets cost US$6.2 million.
Reference:
https://cdn.fortescue.com/docs/default-source/announcements-and-reports/2439388.pdf?sfvrsn=72c11d06_16
Tony
This is wonderful news!A 10-year $6.7 billion package of tax...
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