Read the full story from IEEFA.
The federal government’s support for carbon capture projects at coal-fired power plants may be politically necessary (see Sen. Joe Manchin, D-W.Va.), but it is environmentally and fiscally misguided. The potential for Department of Energy funding and the lure of federal tax credits are pushing plant owners and avaricious developers to push for the conversion of aging coal plants into the equivalent of carbon dioxide factories instead of moving toward cleaner, cheaper alternatives.
The carbon capture retrofit proposal touted by Enchant Energy for the coal-fired San Juan Generating Station in New Mexico is the most egregious example. The company, which entered the scene as Acme Equities under the direction of a New York hedge fund operator, promised it would round up private investors to fund a $1.5 billion effort to capture as much as 90 percent of the CO2 emitted at the power plant.