Apr 23, 2018

Parsing new carbon capture tax credits

A coal-fired plant in Baltimore, Maryland. Photo: Mark Wilson/Getty Images

University of Texas electricity expert Joshua Rhodes looked at how many power plants are poised to benefit from expanded carbon capture tax credits, per Forbes.

Why it matters: The credits in the February federal spending deal represented a rare bipartisan effort on climate policy, but whether they're attractive enough for use in the power sector (as opposed to other industrial facilities) remains a question.

The bottom line: In his report, he finds 27 coal-fired and natural gas combined cycle power plants within 10 miles of existing CO2 pipelines, which is important for cost purposes.

  • "Of the 27 power plants we examined, it appears the economics might work for at least 22," he writes.
  • "In fact, all nine coal plants now operating likely could make a profit by sequestering the CO2, or selling it off for [enhanced oil recovery]," he writes, adding that some plants could make as much as $3.7 billion over the 12-year life of the credit.
  • Of the 21 gas plants on the list, he sees profits from using the credit for 12 of them, though only 5 of them would see profits via direct sequestration.

Go deeper

Fauci: Social distancing could reduce coronavirus death toll to 60,000

Photo: Chip Somodevilla/Getty Images

Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told NBC's "Today" on Thursday that he's hopeful that social-distancing measures in place across the U.S. will reduce the total number of coronavirus deaths.

Why it matters: Fauci said that while early models projected between 100,000 and 200,000 U.S. deaths from the pandemic, he now believes that number could come down to 60,000 — but he emphasized the importance of keeping social distancing in place to ensure that trend holds.

OPEC+ and G20 energy meetings mark zero hour for oil diplomacy

Illustration: Aïda Amer/Axios

The next two days will be pivotal for determining whether large oil-producing countries can partially stabilize an industry reeling from very low prices and the historic, coronavirus-fueled collapse in demand.

Driving the news: The OPEC+ group led by Saudi Arabia and Russia begin meeting remotely later Thursday morning to discuss production cuts, to be followed by a virtual Friday meeting among G20 energy ministers that includes the U.S.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 a.m. ET: 1,498,833 — Total deaths: 89,733 — Total recoveries: 337,074Map.
  2. U.S.: Total confirmed cases as of 9:30 a.m. ET: 432,438 — Total deaths: 14,808 — Total recoveries: 24,125Map.
  3. Business: Fed will lend up to $2.3 trillion amid coronavirus crisis — Another 6.6 million jobless claims filed last week
  4. Public health latest: The federal government is in the process of deploying 90% of its stockpiled medical equipment to fight the pandemic.
  5. States latest: New York has reported more cases than the most-affected countries in Europe — Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  6. Poll: 1 in 10 Americans believe economy will never return to normal from coronavirus.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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