NET Power announced on 7 November its plan to develop and build what is believed to be the world’s first utility-scale natural gas-fired power plant with near-zero atmospheric emissions. It is to be located near Odessa, Texas.
The project integrates power production with transportation and underground sequestration of carbon dioxide. The new plant will be built near Occidental’s Permian Basin operations, and is expected to be online in 2026.
NET Power’s technology produces power while inherently capturing nearly all emissions with its patented oxy-fuel combustion and supercritical CO2 cycle. The technology, based on the Allam-Fetvedt cycle, is expected to produce clean, on-demand power at low cost and address critical issues of air quality and land use, virtually eliminating air emissions including nitrogen oxides (NOx), sulphur oxides (SOx), and carbon dioxide (CO2). This development follows proving of the NET Power technology at its La Porte, Indiana, demonstration site, culminating with synchronisation to the Texas electric grid in the autumn of 2021. NET Power announced a partnership with energy technology company Baker Hughes in February this year to develop and market a suite of integrated equipment and technologies, including supercritical CO2 turboexpanders.
“Having demonstrated the capability of the technology, and having partnered with Baker Hughes to commercialise the NET Power system, we are excited to accelerate the deployment of this game changing technology,” commented Ron DeGregorio, CEO of NET Power.
NET Power’s, located at an Occidental-hosted site, will aim at producing approximately 300 MW of carbon-free power and will transport captured CO2 to a permanent underground sequestration location through Occidental’s existing Permian CO2 handling infrastructure and operations.
The project will be financed through a combination of NET Power’s current capitalisation program, investments from existing shareholders, and new project financing. NET Power is also pursuing government support available at the federal, state, and local level, while the long-term opportunity for its projects is further improved with the Inflation Reduction Act and its enhancements to the 45Q carbon capture tax credit available to capturing facilities. To qualify for these credits, electric generation units must be designed to capture at least 75 % of carbon dioxide emissions, a number which NET Power facilities easily exceed.