The Biden administration finalized rules meant to boost domestic production of hydrogen fuel through a new tax credit, a move that might also keep struggling nuclear power plants on line for longer.

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.

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

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 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

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.

The Biden administration said on Friday nuclear power plants will be able to secure lucrative tax credits for production of what it calls clean hydrogen if the credits help prevent reactors from retiring.

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.

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.

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