Missouri University Shifts from 69-Year Old Coal Plant to Geothermal Energy
A World War II-era power plant that supplied energy to much of the Missouri University of Science and Technology campus for almost seven decades is shutting down as the university transitions to a geothermal energy system. By the fall, Missouri S&T’s geothermal energy system will be fully operational and will provide cooling and heating to 17 buildings in campus and chilled water to the majority of the campus buildings. When completed, the new system should cut the university’s energy consumption by 50 percent and reduce its carbon footprint by 25,000 metric tons annually.
China Hopes for Own Shale Gas Boom, Seen Outspending U.S.Drillers
In an effort to catch up with the US in developing shale gas, China is reported to spend four times as much to develop some of its fields, according to Bloomberg New Energy Finance. China will spend an average of $10 million per well at its Fuling site compared with costs as low as $2.6 million per well in some parts of the U.S., adds BNEF. The price gap should narrow down going forward as drilling costs will fall as production ramps-up to meet the target of 6.4 billion cubic meters a year by 2015. Analysts say that the goal is indeed reachable especially after China’s massive investments to overcome technological hurdles.
CO2 Price to Spur Carbon Capture Will Drop From $125, Says Shell
The price of emissions needed to spur investment in carbon capture and storage (CCS) projects may drop fall from a current estimate of about $125 per metric ton, says Royal Dutch Shell Plc. Technology costs for CCS are expected to skid as more pilot projects are built, pushing down the carbon price threshold. Shell already bases plans for future fossil-fuel capital investments worldwide on the assumption it will have to pay $40 a ton for carbon emissions, says Angus Gillespie, VP of CO2 at Shell. The price needed to spur CCS projects will probably be somewhere between the two figures, added Gillespie without being specific because the information is confidential.
American Electric Sees Plant Closures on Obama Plan
American electric Power Co., the country’s top coal-fed power plant operator, expects to shut some of its largest units if the Obama administration proposes a 25 percent greenhouse gas emission cut. The rules could cost the U.S. economy $50 billion a year forcing more than a third of the coal-fed power capacity to close by 2030 and eliminate 224,000 jobs, says the U.S. Chamber of Commerce .The new rules are anticipated by environmental groups expecting the President to make good on his pledge to take bold steps to reduce risks of climate change.