California Resources Corporation (CRC), its carbon management business, Carbon TerraVault (CTV), and the energy technology company Net Power have a Memorandum of Understanding (MOU) with Net Power to develop ultra-low emission gas-fired power plants in California (United States). The parties plan to develop up to 1 GW of power capacity from Net Power’s modular gas-fired power plants (up to 250 MW) in Northern California, and to capture up to 3.6 MtCO2/year of emissions for permanent sequestration in CTV’s nearby reservoirs.
Including this agreement, CTV has approximatively 7.8 Mt/year of carbon capture and sequestration (CCS) projects under consideration, which could enable up to 2.1 GW of new gas-fired power capacity in California.
California aims to reduce its total GHG emissions by 40% compared to 1990 by 2030 and to achieve carbon neutrality by 2045. The US state has adopted a target of 100% of renewables in the power mix by 2050.
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