STO Well positioned, page-616

Andrew Forrest is scaling down his green hydrogen ambitions. He has, indirectly, admitted yesterday there are very few customers willing to pay for green hydrogen, as it is much more expensive than fossil fuels, & solar & wind power.

Cheap, reliable baseload power from fossil fuel power ain't going anywhere, IMO, for the next few decades. Bodes well for very profitable STO.
Even Tony Wood, from left-wing Think Tank Australia Institute, said hydrogen power is too expensive.

AFR 17.7.24 P. Ker & A. Mc Donald said

"Fortescue will cut 700 jobs and slow its push into green hydrogen in a blow to the Albanese government’s plan to make Australia a hydrogen superpower supported by more than $8 billion of taxpayer-funded incentives.

Fortescue chairman Andrew Forrest said low carbon “green” hydrogen still had a bright future, but his immediate focus would shift to renewable electricity as he jettisoned a target for Fortescue to produce 15 million tonnes of green hydrogen by 2030.

The concession comes after a six-year period in which Dr Forrest was one of the world’s leading advocates for hydrogen and as Fortescue works to break down a corporate structure that had previously treated its energy and iron ore mining divisions as separate companies....".

(In link, google "AFR Ker" then words in URL link below, to open it)
FMG ASX: Andrew Forrest’s Fortescue puts hydrogen on backburner, 700 jobs cutfuture (copyright link)