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Capturing and Utilizing CO2 from Ethanol: Adding Economic Value and Jobs to Rural Economies and Communities While Reducing Emissions • Increase the incentive value of the credit from $10 to $35 per MT for EOR storage, and from $20 to $35 per MT for saline storage in the House bill and to $50 in the Senate; • Eliminate the $75 million MT cap, making credits available to any project that commences construction within seven years and providing much needed investment certainty; • Lowers the eligibility threshold from 500,000 to 100,000 MT of CO2 captured annually, expanding participation to ethanol plants and many other industrial facilities; Figure 9: Annual Ethanol CO2 Capture Potential Top Ethanol • Enhances flexibility by allowing different participants in a project to claim the credit, thus accommodating multiple business models and investors; and • Provides eligibility for other beneficial commodity uses of captured CO2 beyond EOR and saline storage that reduce carbon emissions. Based on analyses of the financial feasibility of carbon capture projects, the Work Group identified the extension and reform of 45Q as its highest legislative priority in its major 2016 report recommending federal and state incentives. Much as the federal wind production tax credit and solar investment tax credit have helped to accelerate commercial deployment of those technologies, congressional action to revamp 45Q would make the tax credit a primary driver for carbon capture projects. This would in turn reduce the risk to private capital of investing in pipelines by giving greater assurance of an affordable and growing supply of anthropogenic CO2 from ethanol production, electric power generation and other industries. For the biofuels industry, passage of 45Q tax credit legislation will help bridge the current gap between the cost of carbon capture, compression and dehydration from ethanol fermentation and potential revenues from selling commodity CO2 to the EOR industry. Changing the eligibility threshold to 100,000 MT of annual CO2 capture will make most of the nation’s ethanol facilities eligible for the credit. In addition, by making the tax credit available to any eligible ethanol plant that commences construction within seven years, project developers and investors will have ample time to execute, finance and construct (See Figure 9). Finally, the legislation’s flexibility in allowing any entity involved in managing the CO2 to claim the credit will enable negotiations between ethanol producers, investors, pipeline owners, EOR operators and technology vendors to identify the party best positioned to take advantage of the tax credit and benefit the project economics. Federal Incentives to Complement 45Q: Private Activity Bonds and Master Limited Partnerships While the extension and reform of 45Q is essential, other bipartisan legislation would provide additional incentives for carbon capture projects could play a valuable complementary role. Producing States Million Metric Tons CO2 0 02 04 06 08 10 12 14 Iowa Nebraska Illinois Minnesota Indiana South Dakota Kansas Ohio Wisconsin North Dakota 12.23 6.68 5.36 3.21 3.65 3.52 1.66 1.65 1.64 1.44 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Ethanol Capacity (MGY) CO2 Potential (million metric tons) Ethanol Capacity (MGY) Page 22 Prepared by the State CO2-EOR Deployment Work GroupPDF Image | Capturing and Utilizing CO2 from Ethanol
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