A number of new energy stocks, including S&P 500 nuclear stocks Constellation Energy and Vistra along with Amazon.com supplier Plug Power, moved higher following the the Treasury Department and Internal Revenue Service revising its rules for hydrogen production tax credits.

The tax credit created by President Joe Biden’s signature ... a global leader in truly green hydrogen,” John Podesta, senior climate adviser to Biden, said in a statement.

Green hydrogen has been touted by politicians and business leaders alike as a key fuel for a carbon-free future. But it will remain far more expensive than previously thought for decades to come, according to a new estimate from BloombergNEF.

Local proponents of the green fuel have been encouraged by the US government’s billions of dollars in tax credits which now come with fewer conditions attached.

Energy & Environment Energy & Environment   The Big Story Biden loosens rules for hydrogen credits The Biden administration on Friday finalized fairly strict climate

The Biden administration on Friday finalized fairly strict climate rules for the nascent hydrogen energy industry — but the rules contain new flexibilities that are expected to make them less

President Joe Biden is moving to ban new offshore oil and gas drilling in most U.S. coastal waters, a last-minute effort to block possible action by the incoming Trump administration to expand offshore drilling.

Last year, the administration selected seven hydrogen hubs to receive up to $7 billion from the 2021 bipartisan infrastructure law. In mid-December, the Department of Energy launched environmental reviews for three of the hubs.

The guidance, which notably leans toward a less restrictive temporal matching approach for emissions accounting, faces an uncertain future with a looming Trump presidency.

Investing.com -- Shares in Constellation Energy (NASDAQ: CEG) and other nuclear power-focused companies experienced a rise following the Biden administration's decision to ease tax-credit rules for hydrogen production.

Green hydrogen has been touted by politicians and business leaders alike as a key fuel for a carbon-free future, but it will remain far more expensive than previously thought for decades to come, according to an estimate from BloombergNEF.