CALGARY — Enbridge Inc.'s proposal to build a major carbon storage hub in Alberta remains on the table, the company said Friday, in spite of Capital Power's recent decision to shelve its own $2.4-billion project associated with the plan.
Pipeline company Enbridge and electricity generator Capital Power agreed in 2021 to jointly evaluate CCUS solutions in Alberta. Capital Power had proposed to build a carbon capture facility at its Genesee plant, while Enbridge would build the storage hub. It aims to capture one million tonnes of carbon emissions annually, making the Edmonton-area plant the world's first net-zero cement facility.
But Enbridge CEO Greg Ebel said only the most competitive CCUS projects will go ahead, and tax incentives in the U.S. remain more attractive than what is on offer for carbon capture proponents in Canada."I think, that like a lot of other things, there'll probably be fewer of these than obviously the number of proposals that are out there. We're going to do this really disciplined, and it sounds like they are as well.
But most companies proposing CCUS projects in Canada have not yet successfully negotiated a satisfactory contract for difference with the Canada Growth Fund. In a note to clients, TD Cowen analyst Linda Ezergailis said Enbridge's strong results demonstrate the company is solidly positioned to deliver energy in a growing market.
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