Competitive Power Ventures To Build $3 Billion Carbon Capture Plant in West Virginia

Competitive Power Ventures To Build $3 Billion Carbon Capture Plant in West Virginia - Carbon Herald
West Virginia State Capitol on the Kanawha River in Charleston, West Virginia, USA. Image: Sean Pavone/Shutterstock

Energy company Competitive Power Ventures (CPV) will build a 1,800-megawatt natural gas power plant that has carbon capture and storage (CCS) capabilities in West Virginia. The project – partially financed from the Inflation Reduction Act – costs $3 billion and the exact location in the state is not yet determined, according to a press release from Sept. 16. 

The new plant will allow for the creation of 1,000 local jobs for tradesworkers, the company stated. 

The power station will generate electricity for the biggest electric grid in the U.S. – PJM Interconnection – which serves Washington D.C. and 13 states. The plant is expected to become operational within this decade. 

Releasing the project was possible thanks to the Inflation Reduction Act, which expanded the 45Q federal tax credit for carbon capture and sequestration for power generation projects, the company said in the release. 

In addition, this year West Virginia set a legal framework and pilot program to help accelerate CCS tech in the state. 

Relevant: Green Energy Stocks Soar On Manchin Backing $370B Climate Change Spending

“The Inflation Reduction Act is already having a positive impact for the people of West Virginia and carbon capture utilization efforts here in the United States,” said Senator Joe Manchin in a press release. “I’m pleased Competitive Power Ventures is investing in the Mountain State and look forward to seeing the benefits of this investment — including long-term, good-paying jobs and supporting our regional economies — for years to come.”

CPV said the regulatory approval for the plant has already started, and a commercial operations timeline will be announced once it is complete. According to West Virginia Public Broadcasting, The plant has the capacity to remove 90 to 95% of the carbon dioxide from its waste stream.

Power plants that use carbon sequestration are still few across the globe, but demand for the technology is increasing. 

Read more: Manchin Suddenly Agrees To Back Biden’s Climate Change Agenda

Total
8
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts