TD Cowen 'cautious' on seeing 45V final rule as 'final'
The final rule for 45V Clean Hydrogen Production Tax Credit was released, with the Treasury Department providing a $3.00/kg tax credit for the production of hydrogen factored by the lifecycle carbon intensity of the delivered molecule, TD Cowen tells investors in a research note. The firm says the updates pursue "flexibility" while maintaining the constrictive "Three Pillar" framework and believes the legacy nuclear and hydro companies are Green/Pink second half winners. TD Cowen is "cautious" on seeing the rule as "final," and expects "root-and-branch" level changes to 45V guidance in 2025, as Republicans have multiple tools to get this done. Companies in the sector include Constellation Energy (CEG), PSEG (PEG), Vistra (VST), Plug Power (PLUG), Air Liquide (AIQUY), Linde (LIN), and CNX Resources (CNX). Constellation Energy +9.3 (+3.83%) Plug Power +0.17 (+7.30%) Linde +0.96 (+0.23%) Air Liquide -0.42 (-1.30%) PSEG +1.09 (+1.28%) Vistra +10.85 (+7.25%) CNX Resources -1.68 (-4.50%)
Evercore says final 45V rule positive for Constellation, PSEG, and Vistra
Evercore ISI notes that the Department of Treasury released its final rules for the section 45V Clean Hydrogen Production Tax Credit, which included some "favorable accommodations" for the hydrogen industry broadly and nuclear generation assets. The final rules differ from the proposed rules in several respects and "arguably the two most meaningful changes relate to incrementality and time-matching," the analyst tells investors. The final rules announced provide incremental clarity and flexibility that should help facilitate investments within clean hydrogen that have been largely put on pause, contends the analyst, who believes the updated final ruling is a positive for Constellation Energy (CEG), PSEG (PEG) and Vistra (VST). Constellation Energy +9.62 (+3.97%) PSEG +1.36 (+1.60%) Vistra +11.13 (+7.43%)
The Big 3: CEG, NVDA, GOOGL
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2025 will be a 'show-me' year for nuclear: Expert
Nuclear energy emerged as a focal point of discussion in 2024. To provide corporate insight on this growing trend, Radiant Energy Group managing director Mark Nelson joined Brad Smith and Josh Lipton on Morning Brief.
