Why Plug Power Stock Fell 5% Today
Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) were down about 5.5% as of 1:30 p.m. ET on Monday, presumably responding to a report from Euronews that suggested the prospects for building a hydrogen economy may no longer be as bright as once thought.
Citing data from non-governmental organization Global Witness, Euronews noted today that converting Europe's economy alone to run on hydrogen gas would cost 240 billion euros -- and double the cost of electricity for consumers.
Over the past few years, predictions for the growth rate of the hydrogen economy have been ... optimistic, shall we say. Investment bank Goldman Sachs, for example, predicted in 2020 that the total addressable global market for green hydrogen could approach $12 trillion by 2050. That same year, a separate report from Barron's noted that the European Union plans to spend "hundreds of billions of euros in technologies enabling it to get a substantial share of its energy from hydrogen by 2050."
Source Fool.com
