UK residents could wait five years for fracking compensation
UK householders affected by fracking could be paid some of proceeds of the controversial shale gas extraction method — but it may take years to see the money.
The Shale Wealth Fund, which will be formally consulted upon this week, was previously expected to distribute gas proceeds exclusively to community trusts and local authorities. This weekend, Prime Minister Theresa May announced that she wanted compensation to be extended to local residents, as well.
“As I said on my first night as prime minister: when we take the big calls, we’ll think not of the powerful but of you,” May said. “This announcement is an example of putting those principles into action. It’s about making sure people personally benefit from economic decisions that are taken – not just councils – and putting them back in control over their lives.”
However, the government admitted that payments of up to £10,000 provided to households near fracking wells would not be distributed until a site is operating and producing gas — which will take at least five years after exploration commences.
The Shale Wealth Fund will be made up of 10 percent of tax revenues from shale gas production. No two wells will provide the same amount of tax revenues, which means that some households will be given less than others under the scheme.
At present, only one shale well in the UK — located near the village of Kisby Misperton in North Yorkshire — has been approved for fracking.
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.