WASHINGTON – The expansion and reform of an existing federal tax incentive could help produce an additional 8 billion barrels of American oil over the next 40 years while safely storing 4 billion tons of carbon dioxide underground, according to analysis by the National Enhanced Oil Recovery Initiative (NEORI).
Cambridge, MA, February 5, 2014. Working with Minnesota-based Great River Energy, Brattle Group economists developed a regional market-based approach to implement EPA’s forthcoming rule under Section 111(d) of the Clean Air Act to regulate greenhouse gas emissions from existing power generating sources (“Existing Source Rule”). The approach uses existing energy market infrastructure to achieve emission reduction targets while ensuring reliability and minimizing cost impacts. Continue reading »
BISMARCK – A diverse group of North Dakota public, private, community and nonprofit leaders and citizens are taking part in a Legacy Fund project aimed at developing a consensus vision and recommendations for future use of the state’s growing Legacy Fund.
Convened by the Great Plains Institute, the 25-‐member group will meet over the next several months to form their recommendations in advance of the 2015 legislative session. Community forums will be held around the state to gather input on the group’s ideas.
“The principal of the Legacy Fund could reach tens of billions of dollars by 2030 and we have the opportunity now to have a serious policy dialogue about how best to position the Legacy Fund to create the framework for leaving a lasting legacy for generations to come,” said GPI policy director Brad Crabtree.
Established in 2010 by North Dakota voters through a legislatively-‐referred constitutional initiated measure, North Dakota’s Legacy Fund currently stands at $1.5 billion and has been projected to reach $6 billion by 2017, when Fund returns first become available for expenditure. Thirty-‐percent of oil and gas tax revenue is deposited into the Fund.
“Through this project, North Dakota citizens will have both the opportunity and the means to chart a compelling vision for their future,” said GPI consultant and project co-‐director Patrice Lahlum.
The group will produce a consensus white paper as a work product prior to the next legislative session that will encompass principles, strategies and priorities for the Legacy Fund.
The Northwest Area Foundation provided grant funding to support the project. A full listing of project participants can be found on the Great Plains Institute website at www.betterenergy.org.
FARGO – A Norwegian delegation including Jostein Mykletun, Consul General of Norway at the Royal Norwegian Consulate General in Houston, Texas, will travel to North Dakota this week to visit the state’s booming oil patch and meet with state and local leaders and higher education officials. The visit will focus on the exchange of information and ideas on energy policy and technology best practices in areas of mutual importance to Norway and North Dakota. Continue reading »
A new mapping tool, called the EISPC EZ Mapping Tool, is assisting planners, policymakers, project developers and others in identifying clean energy resources, policies, and project screening factors that can be used for planning transmission infrastructure in the Eastern Interconnect. Continue reading »
The Great Plains Institute commends Conrad-Enzi-Rockefeller bill to increase American oil production and reduce carbon emissions MINNEAPOLIS, MN – Today, Sens. Kent Conrad (D-ND), Mike Enzi (R-WY), and Jay Rockefeller (D-WV) introduced a bipartisan bill to advance the use of carbon dioxide (CO2) for enhanced oil recovery (EOR), an important opportunity to strengthen our national security by reducing dependence on imported oil through increased American oil production; create new jobs and increase investment across the country; and reduce CO2 emissions from a range of industrial sources—all at the same time.
The Great Plains Institute applauds Senators Conrad, Enzi and Rockefeller for introducing legislation that improves the existing Section 45Q Tax Credit for Carbon Dioxide Sequestration in order to secure private sector investment in critical, near-term projects to capture CO2 from power plants and industrial sources for use in EOR projects that increase oil production and reduce emissions through geologic carbon storage.
The bill reflects recommendations from the National Enhanced Oil Recovery Initiative (NEORI), which brings together a broad coalition of leaders from industry, labor, state government, and environmental groups. NEORI is convened by the Great Plains Institute and the Center for Climate and Energy Solutions (C2ES).
