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Some Newfoundland hydrogen companies behind in bills as industry hype ‘boils off’
- In December 2022, the provincial government opened a bidding process for companies interested in leasing about 3,944 square kilometres of publicly owned land in Newfoundland and Labrador for wind energy and hydrogen development projects.
- This initiative arose amid high interest in hydrogen as an energy source, but by 2024 growing doubts emerged about whether promised megaprojects and multibillion-dollar investments would materialize.
- Six companies have set aside land for their projects and collectively owe approximately $22.1 million in fees related to Crown land reservations for the year 2024; however, only half of these companies confirmed that their payments were up to date at a recent energy conference.
- Experts urged the public to maintain a cautious view of these large-scale projects, noting challenges executives face in securing international buyers. A spokesperson remarked that the initial excitement has diminished, which is beneficial for the industry’s long-term credibility.
- The provincial government insists on collecting all outstanding fees, but critics worry the public interest in royalties and revenues remains inadequately served unless conditions change.
17 Articles
17 Articles
Some Newfoundland Hydrogen Companies Behind in Bills as Industry Hype ‘Boils Off’
Newfoundland and Labrador is owed millions of dollars in fees from green energy companies, underlining growing doubts about whether promises of major projects and multi-billion dollar investments will pan out. Six companies are vying to create new operations in the province that would use wind energy to produce hydrogen for exports overseas. Figures obtained by The Canadian Press reveal some owe a collective total of $13.7 million in fees due in…
Some Newfoundland hydrogen companies fall behind in bills as industry hype 'boils off'
Newfoundland and Labrador is owed millions of dollars in fees from green energy companies, underlining growing doubts about whether promises of major projects and multi-billion dollar investments will pan out.
Prince George Citizen
Some Newfoundland hydrogen companies behind in bills as industry hype 'boils off'
ST. JOHN'S — Newfoundland and Labrador is owed millions of dollars in fees from green energy companies, underlining growing doubts about whether promises of major projects and multi-billion dollar investments will pan out.
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