STO Well positioned, page-624

The severe downgrading yesterday, by Fortesque of its green Hydrogen energy ambitions (simply too expensive- the public would revolt at such high energy costs!), has also, obviously, highlighted:-
. the continuing need for fossil fuels for several more decades.
. when, if ever, will solar & wind power be able to achieve cheap, reliable, baseload power?

This link is just the start, IMO, of more articles highlighting this dilemma of the need for cheap, reliable baseload power ... & bodes well for STO.

abc.net.au K. Bourke et al 18.4.24 said

"...Scrapped target sparks question
The cuts had raised questions about whether Fortescue was slowing its push into green hydrogen, which is produced from clean energy sources, after the company also flagged it was abandoning its target to produce 15 million tonnes of green hydrogen a year...

[A. Forrest said] "We just have to work out now how to produce it cheaply enough."

Roy Green from the University of Technology Sydney said he was not surprised by Fortescue's decision to scrap the target.

"While hydrogen as a technology … ultimately will have commercial application, it will certainly be part of our energy mix, it may have been hyped up too much in the beginning in the sense that its costs were underestimated," he said.

Renewable energy expert and founder of clean technology news website Renew Economy, Giles Parkinson, said those factors could lead to shareholder pressure ! (my exclamation, & emphases).

"This is one of the problems about the whole sort of green energy transition is that [shareholders] say, 'OK great, you're a leader but don't go so far out in front that we can't see you anymore, because then we kind of get worried about returns,'" he said.

"Investors and institutional shareholders unfortunately are so obsessed with returns and profits over the short timeframe."...

[M. Myer Green Hydrogen proponent said] "But what you need to do is you need to be able to produce 24/7 ( & cheap & baseload- my words, & emphasis) carbon free energy.

Labor's energy plan attacked

Liberal MPs have used Fortescue's decision to attack the federal government's support for green hydrogen, with the opposition's spokesperson for climate change and energy, Ted O'Brien, declaring it blew "a massive hole in Labor's energy plan".

"Labor isn't interested in hydrogen. They want only green hydrogen … which basically means all eggs in one basket," he said.

"We cannot as a nation put all our eggs in one basket. We need to have a balanced energy mix.

"Today's decision also points to the need for more gas. Labor says 'green hydrogen it will do everything'. Well, we now know today that the biggest investor in it is saying it's not going to do everything, and in fact he's pulling back.

"Labor has to stop its anti-gas crusade. We need more gas. We need it immediately."

Mr O'Brien said the government had been "picking winners", and that "some of those winners are turning out to be losers".

Andrew Forrest downplays hit from Fortescue job cuts, saying 'Twiggy is not walking back from hydrogen' - ABC News