CHARLESTON, WV, Sept. 16, 2022 (GLOBE NEWSWIRE) — Competitive Power Ventures (CPV) announced today that it has selected West Virginia for a ~1,800 MW CCGT power plant utilizing carbon capture and storage. Once approved and built, the project will be operational within this decade. The project was made possible by the advancement of recently passed federal law known as the Inflation Mitigation Act, which expands the 45Q federal carbon capture tax credit.
“CPV looks forward to working closely with West Virginia to bring this project to fruition in the years to come. This project and technology represents a significant step forward for our nation in deploying low-carbon, ready-to-use power generation, which is critical to maintaining reliability as we address our shared concerns about climate change,” said Gary Lambert, CEO of Competitive Power Ventures, “West Virginia has been extremely forward thinking at the local, state and national levels, and we cannot thank Senator Manchin enough for his leadership in making this opportunity possible.”
The 45Q federal tax credit was recently expanded to incentivize carbon capture and sequestration for power generation. Earlier this year, the state of West Virginia passed legislation, signed into law by Gov. Jim Justice, establishing state rules on carbon sequestration. Together, these two measures make West Virginia an ideal location for this investment.
“The Inflation Mitigation Act is already having a positive impact on the people of West Virginia and efforts to leverage carbon capture here in the United States,” said US Senator Joe Manchin, chair of the Senate Committee on Energy and Natural Resources. “I am pleased that Competitive Power Ventures is investing in the Mountain State and look forward to seeing the benefits of this investment — including long-term, well-paying jobs and the support of our regional economy — for years to come.”
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