Thread by @CarbonWrangler

1/5 a thread of mothballing the PetraNova CCS facility.

Last week @cleanaircatf wrote a short piece on the topic, including links to key reports & documents that provide support my points below 👇

Photo: @TrishBadger @Reuters

https://twitter.com/cleanaircatf/status/1291812166224375814

2/5 First order of business: PetraNova came in on time, on budget, and has successfully wrangled 4 million tons CO2 since commissioning in 2017. It did exactly what is was supposed to do and well.

Thanks @NRGgg & @fossilenergygov

3/5 The mothballed status of PetroNova was due to the loss of revenues from EOR sales.

NOTE: the facility has NOT claimed 45Q tax credits (which would improve the economics) and relied on oil sale revenues to remain profitable.

4/5 If we wish to rapidly drop US power sector emissions, #CCS can do a lot. If so, we must create incentives comparable to those for wind & solar (which received support >$120/ton CO2 for over 15 years in the ITC & PTC).

@iammexxxx & I explain here:

energypolicy.columbia.edu/research/repor…

5/5 Punchline:

- Maximizing CO2 reductions is the work. #CCS can help a lot.
- PetaNova shows CCS can work well and economically.
- The current shutdown shows #WeNeedMore to value CO2 reduction as a public good.

Plenty of work for everyone