Released November 11, 2010 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The European Commission (EC) has called on energy companies to begin bidding for a 4.5 billion-euro ($6.2 billion) fund for carbon capture and storage (CCS) and renewable energy projects.
The money represents the largest global fund for 'clean coal' and renewable projects, and the EC expects that this figure will rise to 9 billion euros ($12.3 billion) when the contributions from member states and project sponsors are added. At least eight CCS projects will be supported, along with 34 projects in the renewable energy sector. The E.U. estimates that the funding will cover up to 50% of the construction and operational costs for the winning renewable and carbon capture and storage projects.
The New Entrants Reserve 300 (NER300) funding programme will raise the 4.5 billion euros through the sale of 300 million emission allowances on the E.U. Emissions Trading System (ETS). Companies interested in winning funding have three months to submit their bids.
"The NER300 is a good example that together, E.U. 27 can do more than we can individually," said Climate Action Commissioner Connie Hedegaard at the fund's launch. "Through using revenues from the selling of CO2 allowances, around 4.5 billion euros will be available for innovative renewable energy technologies and CCS. With project sponsors and member states contributions, this will sum up to 9 billion euros. This can give a needed boost for keeping the E.U. in the frontrunner position when it comes to climate-friendly technologies."
She added: "Europe has the know-how, the ability and the ambition to lead the world in developing the technologies required to tackle climate change. The NER300 initiative will act as a catalyst for the demonstration of new low-carbon technologies on a commercial scale. These and other green technologies are an increasingly important source of future economic growth and jobs. They will also help us meet our ambitious climate targets for 2020 and beyond."
At the end of last year, the EC awarded more than 1 billion euros ($1.37 billion) to six CCS projects, while 565 million euros ($775 million) was earmarked for the rapid development of nine offshore wind energy projects.
The six winning CCS projects were:
As part of the new NER300 funding, at least three of the eight CCS projects to be selected for co-funding must involve carbon storage in hydrocarbon reservoirs, and at least three must store carbon in saline aquifers. Power stations taking part in CCS projects must have a generation capacity of at least 250 megawatts and be designed to capture at least 85% of their CO2 emissions. There also must be a minimum of one project, and a maximum of three, in each of the following categories:
View Project Report - 200002120 74000164 73000293 77000057 75000121
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The money represents the largest global fund for 'clean coal' and renewable projects, and the EC expects that this figure will rise to 9 billion euros ($12.3 billion) when the contributions from member states and project sponsors are added. At least eight CCS projects will be supported, along with 34 projects in the renewable energy sector. The E.U. estimates that the funding will cover up to 50% of the construction and operational costs for the winning renewable and carbon capture and storage projects.
The New Entrants Reserve 300 (NER300) funding programme will raise the 4.5 billion euros through the sale of 300 million emission allowances on the E.U. Emissions Trading System (ETS). Companies interested in winning funding have three months to submit their bids.
"The NER300 is a good example that together, E.U. 27 can do more than we can individually," said Climate Action Commissioner Connie Hedegaard at the fund's launch. "Through using revenues from the selling of CO2 allowances, around 4.5 billion euros will be available for innovative renewable energy technologies and CCS. With project sponsors and member states contributions, this will sum up to 9 billion euros. This can give a needed boost for keeping the E.U. in the frontrunner position when it comes to climate-friendly technologies."
She added: "Europe has the know-how, the ability and the ambition to lead the world in developing the technologies required to tackle climate change. The NER300 initiative will act as a catalyst for the demonstration of new low-carbon technologies on a commercial scale. These and other green technologies are an increasingly important source of future economic growth and jobs. They will also help us meet our ambitious climate targets for 2020 and beyond."
At the end of last year, the EC awarded more than 1 billion euros ($1.37 billion) to six CCS projects, while 565 million euros ($775 million) was earmarked for the rapid development of nine offshore wind energy projects.
The six winning CCS projects were:
- the Hatfield coal-fired integrated gas combined-cycle plant in Hatfield from Powerfuel Power Limited (Doncaster, England)
- Endesa SA's (MCE:ELE) (Madrid, Spain) Compostilla plant in Spain
- Vattenfall AB's (Stockholm, Sweden) Jaenschwalde plant in Germany
- PGE Elektrownia's Belchatow plant in Poland
- the Maasvlakte power plant in Rotterdam, Netherlands, owned by E.ON Benelux (Rotterdam)
- the Italian Porto Tolle plant near Venice, owned by Enel SpA (BIT:ENEL) (Rome)
As part of the new NER300 funding, at least three of the eight CCS projects to be selected for co-funding must involve carbon storage in hydrocarbon reservoirs, and at least three must store carbon in saline aquifers. Power stations taking part in CCS projects must have a generation capacity of at least 250 megawatts and be designed to capture at least 85% of their CO2 emissions. There also must be a minimum of one project, and a maximum of three, in each of the following categories:
- Pre-combustion
- Post-combustion
- Oxy-fuel
- Bio-energy: 9
- Concentrated solar power: 5
- Solar photovoltaic: 3
- Wind: 6
- Geothermal: 4
- Ocean (wave and tidal power, ocean thermal energy conversion): 3
- Hydroelectric: 1
- Distributed renewables management (Smart Grids): 3
View Project Report - 200002120 74000164 73000293 77000057 75000121
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
