Daily on Energy: How proponents are defending the EPA power plant rules

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Daily on Energy ⚡ — How proponents are defending the EPA power plant rules

THE CASE FOR THE EPA POWER PLANT RULES BASED ON THE IRA: Proponents of the Environmental Protection Agency’s draft greenhouse gas regulations for power plants are hanging their hat on the Inflation Reduction Act, saying that the law shores up the economic and legal foundation on which the proposed rules are based.

EPA, in justifying its reliance on CCS as a basis for developing its guidelines and standards in the proposed rule, cited these IRA’s enhancements to the 45Q tax credit: “These changes support the EPA's proposed conclusion that CCS is the [best system of emissions reduction] for a number of subcategories in these proposals.”

LATEST ON NORD STREAM BLASTS – US RECEIVED INTEL OF UKRAINIAN PLOT: The latest, and perhaps most definitive, update on the Nord Stream pipelines explosions is that the U.S. was told by a European Intelligence agency, three months before the blasts, that the Ukrainian military planned to covertly attack them.

The announcement would be a major accomplishment for Italy, which has struggled to find new suppliers to replace lost Russian gas supplies. After Moscow throttled its gas deliveries last year, Italy was forced to increase its coal production—which accounted for 7.5% of its energy mix in 2022, compared to just 4.6% the previous year.

But Republicans and some witnesses, including fishing and marine manufacturing association leaders, said NOAA’s proposed rule was not the correct fix for the species—and also said the proposed changes restrict access to the Atlantic Ocean, making fishing nearly impossible. Others said that it also increases the dangers faced by pilots and pilot boat crews looking to navigate through Federal Navigation Channels.

Their prediction is more conservative than those of other analysts who forecast Brent prices to rise toward $100 per barrel by the year’s end as supply tightens. ANZ analysts Daniel Hynes and Soni Kumari said the potential for a strong increase in crude prices had increased “significantly” following yesterday’s announcement, putting their year-end targets for Brent at $100 per barrel.

 

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