U.S. Department of Energy (DOE) Samuel W. Bodman and Secretary of the Treasury Henry Paulson announced Thursday the awarding of $1 billion in federal tax incentives to nine companies for rapid deployment of advanced coal-based power generation and gasification technologies.
Secretary Bodman made the announcement in remarks at the National Coal Council’s Annual Fall meeting in Washington, DC.
The Energy Policy Act of 2005 (EPAct) authorized the Department of Treasury to provide tax credits as incentives to move advanced technologies to the marketplace. The EPAct focuses on clean energy, efficient energy use, energy conservation, and advanced technologies.
The coal technologies fall under two different tax credit programs; one for Qualifying Advanced Coal Projects and another for Qualifying Gasification Projects.
Congressional authorizations included a total of $1.65 billion in tax credits to spur investment in the advanced clean coal facilities, including $350 million in tax credits for advanced gasification projects.
Initially, a total of 49 applications were received and seven companies have been publicly acknowledged to receive the first round of tax incentives.
The companies selected include:
Duke Energy – Edwardsport IGCC Project, Edwardsport, Ind.
Tampa Electric Co., Polk County, Fla.
Southern Co. – Mississippi Power Co., Kemper County, Miss.
Duke Energy Cliffside Modernization Projects, Cleveland and Rutherford County, N.C.
E.ON U.S., Louisville Gas and Electric and Kentucky Utilities Co., Bedford, Ky.
Carson Hydrogen Power, LLC: Carson Hydrogen Power Project, Carson, Calif.
TX Energy, LLC: Longview Gasification and Refueling Project, Longview, Texas