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4 December 2006 -- U.S. Department of Energy (DOE) Samuel W. Bodman and Secretary of the Treasury Henry Paulson announced the awarding of $1 billion in federal tax incentives to nine companies to bring about rapid deployment of advanced coal-based power generation and gasification technologies.
The first round of tax incentive winners, who chose to have their selection acknowledged publicly, are: - Duke Energy -- Edwardsport IGCC Project, Edwardsport, Ind.
- Tampa Electric Company, Polk County, Fla.
- Southern Company -- Mississippi Power Company, 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
"There is more energy available in U.S. coal than in nearly all of the oil in the world, and these tax credits will help us find ways to use coal in an environmentally sensitive way," Secretary Bodman said. "The combination of government incentives and private sector innovation will harness America's technological strength to ensure clean, secure, affordable, and reliable energy."
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. 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. DOE analyzed the proposed projects for technical and economic feasibility and for consistency with energy policy goals. DOE then passed along this data to the Internal Revenue Service, who made the tax credit certifications.
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