• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 19 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry

The U.S. Spent $1.1B On Failed Carbon Capture Projects In A Decade

The U.S. Department of Energy has spent $1.1 billion on 11 carbon capture projects at coal-fired power plants and industrial facilities since 2009, most of which turned out to be failures and were never built, the U.S. Government Accountability Office (GAO) said in a recent report.

The Department of Energy provided almost $684 million to eight projects for carbon capture at coal plants, only one of which resulted in an operational facility, the GAO found. Three projects, including two prior to receiving funding, were withdrawn, and one was built and entered operations, but halted operations in 2020 due to changing economic conditions. The DOE terminated funding agreements with the other four projects prior to construction.

“Project documentation indicated and DOE officials and project representatives told GAO that economic factors—including decreased natural gas prices and uncertainty regarding carbon markets—negatively affected the economic viability of coal power plants and thus these projects,” the GAO said in its report.

For the three industrial projects, the DOE has provided around $438 million since 2009. Two of the projects were constructed and entered operations. The third project was withdrawn when the facility onto which the project was to be incorporated was canceled.

In its recommendations, GAO said that “absent a congressional mechanism to provide greater oversight and accountability—such as requiring regular DOE reporting on project status and funding—DOE may risk expending significant taxpayer funds on CCS demonstrations that have little likelihood of success.”  

DOE neither agreed nor disagreed with the recommendations, the GAO said in its report.

The only operational large-scale U.S. carbon capture project at a coal plant, the Petra Nova project, was idled in 2020 due to low oil prices that year, which made it uneconomical. In early 2021, the operator of the project said it would shut indefinitely the gas plant that was the power source for the CCS project.

Carbon capture and storage at industrial sites are key technologies on which the U.S. oil supermajors, ExxonMobil and Chevron, are focused, both to cut their own carbon footprint and to develop in partnership regional CCS hubs at heavily industrialized areas.  

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Lee James on January 13 2022 said:
    Looks to me like the jury is very much OUT, on the efficacy of carbon capture.

    We really need to look hard at our total response to a rapidly changing climate.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News