The pace at which carbon capture and storage technology is developing is not adequate given its importance in battling climate change, David Crane, former CEO of NRG Energy, said during The Wall Street Journal’s ECO:nomics conference in Santa Barbara, Calif., last week. “The world needs post-combustion carbon capture, and what I would tell you [is] if we’re going to win the fight against climate change … it must succeed,” Crane said.
Crane went on to note Southern Co.’s carbon capture and storage project, the Kemper County Energy Facility, which is billions over budget and more than two years behind schedule. Southern Co. is also developing nuclear power. “[Southern Company has] essentially demonstrated that those two technologies are not cost-effective. We cannot afford for post-combustion carbon capture not to be cost effective,” Crane said.
Crane served as president and CEO of NRG Energy for 12 years before stepping down in early December 2015. Crane’s departure from the energy company was likely due to a stock tumble and the investors’ resulting dissatisfaction, The New York Times reported.
NRG is also developing a carbon capture and storage project. The Petra Nova project, a retrofit post-combustion CCS system located in Thompsons, Texas, is expected to come online later this year.
