Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.
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CARBON CAPTURE
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The Biden administration has proposed a plan to reduce greenhouse gas emissions from power plants in the United States.
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The proposal aims to limit carbon dioxide emissions from power plants, which account for over a quarter of U.S. emissions.
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Power companies will be required to install carbon capture equipment or use low-emissions hydrogen as a fuel to meet the new standards.
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The plan is projected to reduce carbon emissions from coal and gas plants by 617 million tonnes between 2028 and 2042.
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The proposal aligns with President Biden’s goal of achieving net-zero power sector emissions by 2035.
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The EPA, under Administrator Michael Regan, believes the plan relies on proven technologies and supports a cleaner future.
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The proposal has faced criticism from fossil-fuel-producing states, who argue it represents government overreach and could destabilize the electric grid.
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The EPA’s authority to regulate power plants was constrained by a Supreme Court ruling, which prevents a system-wide shift from fossil fuels to renewables.
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The proposal will undergo a regulatory rule-making process and a public comment period before being finalized.
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The EPA estimates the proposal will cost the power industry over $10 billion but yield health and climate benefits of around $85 billion.
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The plan relies on tax incentives and credits from President Biden’s climate bill to lower costs for deploying carbon capture and hydrogen technologies.
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The proposal sets different standards for new and existing natural gas and coal plants, with more stringent requirements for older coal plants.
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Environmental groups have welcomed the proposal, stating that it has been carefully crafted to withstand legal challenges.
CARBON CAPTURE
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BP plans to make a final investment decision in 2024 on a cluster of carbon capture projects in northern England, including a gas-fired power plant in Teesside
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The British government chose BP’s Net Zero Teesside power plant among other projects in March for the next phase of a government support program to decarbonize industrial processes
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The Department for Energy Security and NZT said it would take until mid-September to make a decision on whether to grant permission for the gas-fired power station
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The carbon captured from the NZT power plant would be pumped through pipes and fed into the Endurance carbon storage site in the North Sea
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BP expects its spending to be equally divided between oil and gas and energy transition businesses by 2030, with a total budget of up to $18 billion a year
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BP’s partners for the NEP project include Equinor and TotalEnergies, while Shell pulled out of the project this year.
RNG
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Renewable natural gas (RNG) developer Casey Holsapple launches RNG platform Redtail Renewables
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Redtail Renewables will develop and operate RNG facilities in the US
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Redtail will dispense RNG fuel downstream to logistics, industrial, and utility customers
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Holsapple previously helped build a leading RNG platform for Kinetrex Energy, which was acquired by Kinder Morgan in 2021
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Redtail co-founder and CFO is Corey Holsapple, a finance executive with prior experience at Fortis Financial and Boston Consulting Group
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Redtail has secured an equity commitment from Boston-based Inyarek Partners
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Redtail plans to add more industry professionals to the team in the coming months
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Redtail is seeking landfills and other partners to complement its existing opportunities and plans to grow significantly over the next 12 months.
FUSION
Source: The Verge / Helion
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Microsoft has signed an agreement to purchase electricity from a nuclear fusion generator developed by Helion Energy.
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Nuclear fusion is seen as a potentially limitless source of clean energy, but its commercialization has been challenging.
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Helion Energy, backed by investors including Sam Altman, aims to connect the world’s first commercial fusion generator to a power grid in Washington by 2028.
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The goal is to generate at least 50 megawatts of power, surpassing the capacity of existing offshore wind farms.
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Helion uses a plasma accelerator that heats fuel to extreme temperatures and uses magnetic fields to compress the plasma until fusion occurs.
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Achieving commercial fusion at scale and at an affordable cost remains a significant challenge.
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Altman’s involvement as a funder and his close relationship with Microsoft highlight the interest of tech leaders in nuclear fusion as a potential solution for clean and sustainable energy.
LOW-CARBON FUELS
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Honeywell International announces a new technology to produce lower-carbon aviation fuel from green hydrogen and carbon dioxide captured from industry
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The technology combines green hydrogen and carbon dioxide to create lower-carbon methanol, which can be turned into sustainable aviation fuel (SAF)
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The process can reduce greenhouse gas emissions by 88% compared with traditional petroleum-based jet fuel
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The US government has targeted 3 billion gallons of SAF production per year by 2030 to combat climate change
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Honeywell’s fuel technology announcement is part of a growing number of projects focused on expanding feedstocks for SAF
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Honeywell’s technology will be used by energy producer HIF Global to recycle around 2 million tons of captured carbon dioxide to make around 11,000 barrels per day of SAF by 2030.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.