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ClearPath Action Rundown

March 1st, 2024

Happy Friday!



1. Accelerating nuclear energy

On Wednesday, the House passed legislation, the Atomic Energy Advancement Act (H.R. 6544

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), which will modernize the Nuclear Regulatory Commission (NRC) and strengthen the U.S. nuclear energy industry. The bill led by Reps. Jeff Duncan (R-SC) and Diana DeGette (D-CO) combines 11 House bills to:

Modernize the licensing and environmental review processes,

Address NRC fees,

Support international deployments, and

Create needed nuclear pilot programs

“We know our allies are eager for American leadership and technology, and our nuclear industry is ready to lead,” said House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA).

What’s clear: “There are dozens of advanced reactor designs expected to go through the NRC licensing process by the end of this decade, and they need a modern approach to keep up with our country’s energy needs,” said Jeremy Harrell

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, Chief Strategy Officer, ClearPath Action.



2. ClearPath recommends 45V guidance changes

ClearPath made recommendations

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to the Dept. of Treasury’s proposed rule regarding the 45V clean hydrogen credit, suggesting the guidance does not follow Congressional intent of the bipartisan Infrastructure Investment and Jobs Act (IIJA) and DOE’s Hydrogen Shot Program.

ClearPath offered specific recommendations including to:

Include existing nuclear, new hydropower and CCUS assets for production.

Include upstream methane loss rates as data in the Argonne National Lab’s 45VH2- GREET

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model and stay consistent.

Ensure hourly matching is not implemented in 2028.

What’s clear: “If 45V guidance is improved, we could see a rapid acceleration of clean hydrogen production and move us toward a low-carbon future — especially as it is produced utilizing clean assets like nuclear and hydropower,” said Colleen Moss, Managing Director – Industrial Policy & Advocacy, ClearPath.



3. Geothermal heating up the grid

DOE made its first three awards

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for enhanced geothermal systems (EGS), cutting-edge new generation technologies measuring about $60 million in funds, for the bipartisan demonstration program envisioned to catalyze their commercialization:

These awards include:

Chevron New Energies — use innovative drilling and stimulation techniques to access geothermal energy in Sonoma County, California.

Fervo Energy — Adjacent to the DOE’s Frontier Observatory for Research in Geothermal Energy

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(FORGE) to produce at least 8 megawatts of power from each of three wells at a site with no existing commercial production.

Mazama Energy — This project will demonstrate a first-of-its-kind, super-hot EGS (temperatures above 375°C) on the western flank of Newberry Volcano in Oregon.

What’s clear: ClearPath’s Jeremy Harrell published a blog

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this week explaining how geothermal currently produces more than four gigawatts of power to the U.S. grid, and a recent DOE analysis shows it has the potential to provide upwards of 90 gigawatts by 2050 – enough to power the equivalent of more than 65 million U.S. homes.



4. Funding for Fervo



In addition to the DOE award, Houston-based geothermal company Fervo has raised

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$244 million in new private funding. Fervo utilizes drilling techniques from the oil and gas sectors to create electricity from the heat within the Earth.

What’s clear: Fervo’s 400 MWe Cape Station

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project in southwest Utah, which aims to be online in 2026, has already shown both drilling times and cost reductions.



5. ICYMI

The Clean Economy Tracker (CET)

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tracks investments and jobs from clean energy technology

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manufacturing and DOE demonstration projects.

EEI president and former DOE Secretary under Trump, Dan Brouillette, recently spoke about clean energy tax incentives

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.

DOE announced

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funding to advance CCUS at industrial and power facilities, and the conversion of CO2 into valuable products.

That's all from us. Thanks for reading and have a great weekend!

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