Fortescue Energy CEO Mark Hutchinson says hydrogen hopes rest on a halving of power prices

says Australia must get power prices down to about $US30 a megawatt hour if it wants to be a hydrogen superpower, under a goal that would effectively require a halving of power prices across much of the eastern states.

Green ammonia can be combusted as a source of energy but is also considered the easiest way to transport hydrogen long distances.Fortescue was expected to take a final investment decision on Gibson Island in late 2023, but the project has not yet been approved and the ASX-listed company contracted to supply“But it’s tough based on the current power prices when we’re looking at competing globally. It’s a tough decision.

The company expects to approve a green hydrogen project in Norway this year which would be powered by carbon-free hydroelectricity. Average annual power prices were above $100 per megawatt hour in NSW, Queensland and South Australia in 2023, according to data published by the Australian Energy Regulator .The same AER data found average annual power prices in Tasmania were $56 per megawatt hour while Victorian prices averaged slightly higher than Tasmania.

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