Tuesday, December 15, 2009

Secretary Chu Announces $3 Billion Investment for Carbon Capture and Sequestration

U.S. Energy Secretary Steven Chu announced on December 4, 2009, the selection of three new projects with a value of $3.18 billion to accelerate the development of advanced coal technologies with carbon capture and storage at commercial-scale. Secretary Chu made the announcement on a conference call with West Virginia Governor Joe Manchin, Senator Jay Rockefeller, and President of American Electric Power Company, Inc., Mike Morris. These projects will help to enable commercial deployment to ensure the United States has clean, reliable, and affordable electricity and power. An investment of up to $979 million, including funds from the American Recovery and Reinvestment Act, will be leveraged by more than $2.2 billion in private capital cost share as part of the third round of the Department’s Clean Coal Power Initiative (CCPI).

"By harnessing the power of science and technology, we can reduce carbon emissions and create new clean energy jobs. This investment is part of our commitment to advancing carbon capture and storage technologies to the point that widespread, affordable deployment can begin in eight to ten years," said Secretary Chu.

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