Obama Sets Fuel Efficiency Standards at 54.5 mpg
Last week, Energy Digital reported that American automakers were fighting President Barack Obama’s push for a fuel efficiency standard of 56 miles per gallon by 2025. Diverting untold amounts of money into campaigns claiming the fuel standard would cost people their jobs and raise the cost of vehicles, the automakers have apparently conceded to a reduction of less than 2 percent of the original proposal. Obama has officially announced a fuel efficiency standard of 54.5 mpg for vehicles manufactured in the U.S. by 2025.
The President and environmental experts claim that the new fuel efficiency standard will reduce fuel consumption by 40 percent and carbon emissions by 50 percent. This marks Obama’s second victory in his time in office at setting higher fuel efficiency standards, the first being a 28.3 mpg standard. The new standard will nearly double that. No president since Reagan has accomplished that.
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Ford, GM and Chrysler have agreed to the new standards. It seems odd that the companies were so up in arms about the 56 mpg standard, claiming it to be unrealistic. Yet, they are ok with 54.5 mpg? Who knows what kind of politics and closed-door deals are involved here, but something seems a little strange. At any rate, in about 13 years we should be breathing a little easier and feeling less pain at the pump with these new fuel efficiency standards.
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.