Oct 3 (Reuters) - Australia's Origin Energy said on Thursday it intends to exit its potential hydrogen development project in the A$207.6 million ($142.60 million) Hunter Valley Hydrogen Hub (HVHH), located in New South Wales.
The country's second-largest power producer said it also plans to cease work on all hydrogen development opportunities, while remaining open to exploring other commercial options for the HVHH.
The decision to exit the Hunter Valley Hydrogen Hub reflects uncertainty around the pace and timing of development of the hydrogen market, and the risks associated with developing capital-intensive projects of this nature, Origin said in a statement.
"The combination of these factors mean we are unable to see a current pathway to take a final investment decision on the project," said Origin CEO Frank Calabria.
Origin had announced plans for the potential hydrogen hub on Kooragang Island in early 2022 and had entered into a joint development agreement with Orica in July 2023 to progress the hub. A final investment decision on HVHH was still pending.
The New South Wales government had given planning approval to the HVHH project in May, with first production from the site being targeted in 2026.
($1 = 1.4558 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Rashmi Aich)
((Shivangi.Lahiri@thomsonreuters.com;))
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