Australia’s bid for hydrogen ‘superpower’ status has been dealt a new blow as the nation’s top energy utility – Origin Energy – pulls its plans for a large hydrogen hub.
Australia’s bid to become a global hydrogen superpower has been dealt a blow, with the nation’s biggest energy utility pulling out of building a large-scale green hydrogen hub despite the project being shortlisted for a share of $2 billion of funding from the Albanese government.
Green hydrogen – the name for hydrogen made using renewable energy to ensure it is emissions-free – is considered a promising fuel to curb planet-warming emissions due to its ability to displace coal, gas and oil in parts of the economy that are difficult to decarbonise, such as manufacturing or heavy transport.
ASX-listed Origin, a diversified energy supplier whose business spans fossil fuels, renewables and battery storage, said the decision to exit hydrogen was so it could prioritise other clean energy opportunities more aligned with its strategic direction.“Ultimately, we believe investments focused on renewables and storage can best support the decarbonisation of energy supply and underpin energy security over the near term,” Calabria said.
Orica chief executive Sanjeev Gandhi said the company was disappointed by Origin’s withdrawal, but respected its decision and was grateful for the progress made in advancing Australia’s hydrogen ambitions.“We remain open to discussions with interested parties who share our vision for a sustainable energy future and Australia’s hydrogen economy”.
International partners are also investing in Australia. Bowen cut a $660 million deal with Germany last month, funded equally by the two nations, to guarantee European buyers for Australia’s green hydrogen.
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