American Electric Power (AEP) is shelving plans for the largest Carbon Capture and Sequestration (CCS) project in the country due to the uncertain status of U.S. climate policy and the continued weak economy. "We are placing the project on hold until economic and policy conditions create a viable path forward," said Michael G. Morris, AEP's Chairman and Chief Executive Officer.
A significant part of the problem is the federal government's failure to require all power generators to lower their carbon emissions. With such a requirement, AEP and its partners would have a competitive advantage by developing cutting edge technology to reduce carbon emissions from existing coal-fired power plants. That competitive advantage would inspire others to invest in competing CCS and related technologies to lower their carbon emissions as well. Click here to read more . . . .
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