Obama to expand domestic offshore drilling
Ending a decades old ban, President Obama announced this week that hes open to expand oil and gas drilling along the Atlantic coast. With this in place...
Ending a decades old ban, President Obama announced this week that he’s open to expand oil and gas drilling along the Atlantic coast. With this in place, oil and gas drilling could take place as close as 50 miles from the coast of Virginia shore. Obama called this legislation the first part in a broad strategy to reduce foreign-oil dependence.
"I want to emphasize that this announcement is part of a broader strategy that will move us from an economy that runs on fossil fuels and foreign oil to one that relies on homegrown fuels and clean energy,” he said yesterday in a speech at Joint Base Andrews Naval Air Facility Washington and said fisheries, tourism, and places off U.S. coasts that are "not appropriate" for development will be protected.
Still, predictably, the move has come with mixed reactions. Many politicians and energy business leaders in that area are excited about the opportunity. One such politician is Virginia Governor Bob McDonnell.
"I thank the President and Secretary of the Interior Ken Salazar for ensuring Virginia will be the first state on the East Coast to explore for and produce energy offshore. The President's decision to allow energy exploration off Virginia's coast will mean thousands of new jobs, hundreds of millions in new state revenue and tens of billions of dollars in economic impact for the Commonwealth. It will also help our nation take a further step towards energy independence,” stated McDonnell.
According to McDonnell, the natural gas will produce 2,600 jobs, $8 billion in capital investments, $644 million in payroll and $271 million in tax revenue over 10 years. Of course, environmental groups were decidedly against the move.
"It is truly disappointing to see this administration risk so much for so little. What we know about the minuscule amount of oil and gas in the Atlantic cannot justify the costs to our environment and our coastal economies, especially when there are better ways to meet energy needs for the long term, not just six days or even six months,” Southern Environmental Law Center attorney Marirose Pratt said to The Washington Post
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.