Congress Recognizes Importance of Alternative Fuels
Several key alternative energy provisions in the “fiscal cliff” bill, expected to be signed by the President, will directly benefit the propane industry and its customers. Richard Roldan, NPGA’s President and CEO, congratulated Congress for recognizing the importance that alternative fuels, such as propane, play in the nation’s energy and employment objectives.
“The alternative fuel tax provisions are uniquely important, not just to the propane industry, but for every American because they help us achieve our energy security goals,” Roldan said. According to a recent independent study, virtually all of the propane consumed in the United States is produced from North American resources.
Noting the specific benefit to the growing propane autogas sector, Roldan said, “The extension of the alternative fuel tax credit and the refueling infrastructure tax credit will help get more propane autogas vehicles on the road and encourage fleet managers to strongly consider alternative fuel options before making a decision.” The cost to convert a vehicle to propane autogas is substantially lower than other alternative fuels, making it an ideal option for many fleets.
Produced from natural gas, propane is clean, efficient, and used in a variety of applications in transportation, residential and commercial heating and cooking, agricultural, as well as chemical and industrial applications. Extending the alternative fuel excise tax credit and the alternative fuel vehicle refueling property credit gives all alternative fuels, like propane, more economic certainty to spur greater investments in the future.
Currently, about 10 million U.S. households use propane for heating, cooking, and many other needs. Also contained in the legislation is the Energy Efficient Existing Homes Tax Credit (for qualified appliances) and the Energy Efficient New Homes Tax Credit extending the tax benefits through the end of 2013 for using propane, and other energy efficient fuels, in homes.
Source: National Propane Gas Association
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.