American Electric holds CCS plan on ‘uncertain US climate policy'

15 July 2011 14:58  [Source: ICIS news]

HOUSTON (ICIS)--American Electric Power (AEP) is putting plans to advance carbon dioxide capture and storage (CCS) technology to a commercial scale on hold because of the “uncertain status of US climate policy” and the continued weak economy, the US utility company said on Friday.

“We are placing the project on hold until economic and policy conditions create a viable path forward,” said AEP's CEO, Michael Morris.

Morris said for AEP to proceed with CCS it would need clear rules in place to ensure it can recover its costs.

The company is also terminating an agreement with the US Department of Energy to work jointly on CCS, it said.

Chemical companies have been looking to CCS as an option to deal with CO2 emissions from their plants. At the same time, Linde, Air Products and others in the industry are looking to CCS technologies as a business opportunity.

In Canada, Shell has won government support for a CCS project at an oil sands upgrader site in Alberta.

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index