Alaska's $65 Billion Natural Gas Pipeline
With natural gas supplies booming in North America, Alaska proposes a plan to reach new markets where supplies are short and the fuel could be sold at a higher price.
The natural gas supply glut in Alaska has inspired a group of energy companies to potentially invest up to $65 billion to build an 800-mile pipeline to export the stranded natural gas to Asia. For the rest of America, however, the proposal could mean that the cheap, abundant source of domestic energy could end up costing more as it reaches the global market.
Increasing supplies in the global market could put pressure on natural gas shipped from other ports, and the industry may have to expand exports of low-priced US natural gas.
Until further analysis on the pros and cons of exporting natural gas are conducted, the US Department of Energy has delayed action on proposals from numerous gas export facilities. That report won't begin until after the election.
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Energy giants like Exxon Mobil, BP Plc, ConocoPhillips and TransCanada Corp back the mega project to transport liquefied natural gas from the state—a project that would take over 10 years to complete due to its massive size and the legal, political and financial implications. LNG exports from Australia, East Africa, the US, Gulf Coast and Canada will pose competition to the new venture as they enter the global market.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.