ClearPath Action Rundown
January 10th, 2025
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Happy New Year and
Happy Friday! |
1. Tech-neutral tax
credits benefit advanced nuclear and
geothermal |
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The U.S. Department of the Treasury
published final
guidance on
Technology-Neutral Clean Electricity Credits Final Rule (Sections 45Y
and 48E).
ClearPath Action supports energy
tax incentives that accelerate American innovation and reduce global
emissions. Early-stage support for new technologies can spur private
investment as part of a comprehensive strategy to unlock domestic
energy resources and retain America’s position as a global energy
leader.
What’s clear: “President-elect Trump's first administration set in motion an
agenda to make American energy dominant in all forms of energy,
including clean energy innovation. We want them to have all tools
available to them for America to not only meet rapidly increasing
electricity demand but to have America lead in new technologies,”
said Jeremy Harrell, CEO of ClearPath
Action. “The U.S. is
experiencing unprecedented energy demand, which means deploying new
24/7 technologies like advanced nuclear and geothermal to help meet
demand.”
ICYMI: The
final
rule for the
Hydrogen Production Tax Credit (45V) was released last Friday with a
pathway for existing nuclear power to qualify.
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2. Making American
Nuclear Great Again |
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ClearPath CEO Jeremy Harrell joined
Jane Nakano, Quill Robinson, and fellow guest Brad Plumer of the New
York Times on the CSIS podcast, ‘The Transition’ for an episode on
‘Making American Nuclear Great Again.’ In this episode, Jeremy and
Brad explore growing demand for nuclear energy at home and abroad, and
how the incoming Trump administration will shape the future of this
critical technology.
What’s clear: The
first Trump Administration made historic efforts to secure U.S. energy
independence by prioritizing the nuclear energy industry. His second
Administration can build on this groundwork.
“If you
look at the [first Trump Administration] from 2017 to 2020, it made
nuclear a significant focus. Their DOE (Department of Energy) launched
the Advanced Reactor Demonstration Program to commercialize the
first–of-a-kind Terrapower and X-energy project, and the partnership
with Kairos as well. LPO helped get Vogtle to the finish line.
President Trump signed into law a tax incentive reform to 45J, the
advanced nuclear tax credit, to make it available to new nuclear,”
said Jeremy Harrell.
Plug in: Listen to
the entire podcast here.
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3. Rare earths
production grows in U.S. |
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Phoenix Tailings, a startup
processing rare
earth metals from
mining waste, announced it finalized a $43 million Series B funding
round led by BMW and Yamaha's venture capital investment
divisions.
The funding round:
- Will enable the company to build a
new processing facility to be located in Exeter, New
Hampshire;
- Will
allow Phoenix Tailings to produce 200 metric tons of rare earth
elements annually;
- Also
included financial support from Envisioning Partners, MPower and
Escape Velocity.
What’s clear: Rare
earths are a group of 17 metals used to make magnets that turn power
into motion for electric vehicles, cell phones and other electronics.
These domestically produced critical minerals will help reduce
America's reliance on China.
Plug in: The
Export-Import Bank of the United States (EXIM) approved the Supply
Chain Resilience Initiative, a financing tool that partners U.S.
manufacturers with critical minerals suppliers in trusted countries.
This initiative aims to reduce supply chain reliance on China while
producing American jobs and advancing innovation in industries related
to economic, energy and national security.
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4. Historic GSA
electricity contract includes nuclear power |
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The U.S. General Services Administration (GSA) announced the
largest
energy procurement
in its history. The historic long-term purchase of electricity
includes low-carbon electricity from Constellation New Energy,
Inc.
This procurement is estimated
to:
- Comprise
over 10 million megawatt-hours (MWhs) over the contract’s 10-year
term, which is the equivalent to powering over one million homes
annually; and
- Deliver
electricity to federal facilities throughout the PJM Interconnection,
which covers portions of eleven mid-Atlantic and Midwest states and
the District of Columbia.
What’s clear:
“It’s not just industry that is recognizing the importance of clean,
reliable and affordable nuclear energy,” said Jeremy
Harrell, CEO of ClearPath.
“The federal government’s commitment to use nuclear energy to power 14
government agencies from Constellation’s nuclear fleet demonstrates
how the public and private sectors can work together.”
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5. Innovation continues
to drive down natural gas prices… |
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New data from the Energy
Information Administration (EIA) showed that spot Henry Hub natural
gas prices hit a historic low in 2024. The Henry Hub, located in
Erath, Louisiana, is a national benchmark for the price of natural
gas.
The new
report
showed:
- Last
year, the Henry Hub natural gas spot price averaged the lowest annual
price in inflation-adjusted dollars ever reported at $2.21 per million
British thermal units (MMBtu).
- A 16%
decrease from the 2023 average and a 68% decrease from the 2022
benchmark, representing the largest two-year decline on
record.
- Relatively full storage also contributed to lower natural gas
prices in the first quarter of 2024. At the end of withdrawal season
on March 31, inventories totaled 2,306 billion cubic feet, 25% more
than at the same time in 2023 and 39% more than the five-year
average.
Plug in: The U.S.
shale revolution has unleashed more American energy and reduced costs
for consumers. Read
more about the
history of the natural gas innovation success story.
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FECM announced it is re-opening a funding opportunity under the Carbon Dioxide Transportation
Infrastructure Finance and Innovation (CIFIA) program, which will make
up to $500 million available for projects that will help expand
carbon dioxide (CO2) transportation infrastructure in the
U.S.
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The Bezos Earth Fund released its
latest GHG
removal roadmap
with a few ClearPath recommendations included.
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DOE released $8.7 million in Phase 1 funding for
low-carbon cement producer Brimstone's first commercial demonstration
plan, which will increase the domestic supply of alumina.
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That's all from us. Thanks for reading and have a great
weekend!
View this Rundown online
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