CNX says 45V tax credit overly restrictive, doesn’t create sufficient incentives

In response to the issuance of final rules regarding the Inflation Reduction Act’s Section 45V Hydrogen Production Tax Credit, CNX Resources (CNX) Corporation released the following statement: “The Department of Treasury’s recognition of captured waste coal mine methane (CMM) as a feedstock for hydrogen production is validation of its inherent environmental and economic benefits and an important step in continuing to monetize the value of this unique asset. However, we believe that the final 45V implementation rules are overly restrictive across a range of feedstocks and do not currently appear to create sufficient economic incentives for the company to expand its CMM capture operations for hydrogen end use. Notwithstanding the specifics of the 45V rule, the company intends to utilize this important validation of the product to pursue other incentive pathways for CMM volumes including voluntary markets, other tax incentives, and compliance program commercial opportunities that recognize waste mine methane capture.”