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Fortescue seeks government help to reduce power prices for stalled 500MW green hydrogen project in Australia
Australian H2 developer has already delayed final investment decision three times on landmark Gibson Island project
Leigh Collins 24 April 2024

The future of Fortescue’s landmark 500MW green hydrogen project in Queensland — which was widely expected to be Australia’s first large-scale renewable H2 facility — appears to depend on additional support from the federal government, according to new comments from CEO Mark Hutchinson.

In an analyst call following the presentation of Q1 2024 results, which mainly concerned the company’s iron-ore business, Hutchison was asked when Fortescue was planning to make a final investment decision (FID) on the 500MW Gibson Island project, which it has already delayed three times.

“We’ve made it pretty clear that really the issue we’re dealing with is around the power price and we’re encouraging the Australian government to do all it possibly can to get the power price in Australia down, particularly on the east coast [where Gibson Island is].

“We’re working very closely with the government on Gibson Island. Otherwise, it’s a good project and we’ll let you know once we’ve made a final decision on that one, but we’re working closely on getting the price down of the power.”
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https://www.hydrogeninsight.com/production/fortescue-seeks-government-help-to-reduce-power-prices-for-stalled-500mw-green-hydrogen-project-in-australia/2-1-1632513